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What Are PSLs? How Preferred Supplier Lists Are A Manager's Secret Weapon

Posted by Optimize | Apr 26, 2017 3:07:00 PM

When you're hiring on a regular basis or you need to hire specialist staff, having PSLs can be a real life saver. They help you save time, reduce the cost of hiring and help you find perfect candidates to join your team. 

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 What are Preferred Supplier Lists?

Preferred Supplier Lists (also known as PSLs) are lists of your preferred suppliers (recruiters and recruitment agencies).

When it's time to hire, these suppliers will likely be the first people you speak to. They will have a track history of getting you results. 

PSLs can be adapted to benefit you. If your company requires different types of specialised employees, then you can create multiple PSLs that have particular specialised recruitment contacts.

For example, if you're regularly hiring people who have experience in software development, you will benefit working with recruiters who specialise in this industry. Having a PSL of recruiters who represent IT candidates and have a successful history working with you, will significantly reduce the time it takes for you to hire.

Your PSLs will help you save time and recruitment costs when hiring because you'll be working with trusted suppliers who will get you the best CVs. 

 

Insider Tip - managing your preferred supplier lists helps you get the most out of your lists.

 

How to create 5-Star PSLs

The best PSLs are created from experience.

When you first start hiring, record the information of recruitment agencies that you have worked with you successfully. These are agencies that give you results - they understand your company's core values, meet deadlines, they are great value for money and they will help you find the best candidates who meet your job specification

You can store your PSLs in an Excel sheet or use a PSL management system.

 

Optimize psl management

With Optimize, we offer PSL Management as part of our all-in-one talent acquisiton software.

 

Over time, as you hire more, you will build your PSLs - adding contacts that provide you with the best CVs and removing contacts who aren't worth your time.

To create 5-Star PSLs, you need to assess and report how well your contacts are performing and you can do this by:

  • Recording which candidates each agency has brought to you
  • Reporting how much each agency has cost to use them
  • Highlighting any agencies that have caused problems for you: (e.g. new employees leaving soon after employment, unsuitability of employee, etc).
Remove any recruitment agencies from your PSL who fail to deliver and are more trouble than they're worth. 

By assessing and updating your PSLs regularly, you can help ensure you're working with the best suppliers.

 

The importance of reassessing your PSLs

One of the downfalls of some hiring teams is they become too attached to their PSLs. They don't consider looking at any other recruiters and they don't question the capabilities of the suppliers on their list.

You may have your favourite agency, and this agency could have been your go-to supplier for the last three years but it's possible they've become a bit stale. On a quarterly (or even monthly) basis you should be assessing your PSLs to determine which agencies best fit your needs. By regularly updating them, you will be working with agencies who will ensure you can hire quickly, effectively and efficiently.


Now you've been helped with creating PSLs, why not save even more time and effort with these FREE email templates:

Hiring emails take time out of your day. What can you say? What will you write? Our email templates have pre-written emails to help you invite candidates to interview, send out onboarding and welcome letters, reject candidates en masse, offer a candidate the job, and much more. All you have to do is download, edit, and send.

Download your free templates now:

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Topics: HR, Reducing Costs

Written by Optimize

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