Employee Coaching And Mentoring Services Category Procurement Intelligence Report

The market for Development and Training and its sub-segments such as Employee Coaching And Mentoring Services are at an interesting intersection. Labor cost constitutes a key component of L&D providers' OPEX. Factors such as rise in the cost of living, increase in the local wage policies across geographies, and rise in wages and remuneration packages will propel service providers' OPEX and therefore use of automation and other tools will further increase to offset some of the rise in cost of operations.

Buyers that have multiple locations under management are increasingly opting for a single supplier who can deliver L&D services in a consistent manner across locations. Often global L&D suppliers are preferred in such cases.

Some suppliers are using advanced technologies such as AR/VR in their learning programs and methods. This has the potential to enhance the learning experience, but category managers need to be aware of the higher cost and technological capabilities of the vendor to properly integrate these technologies in the right context.

Trends like these and many others discussed in this report are necessitating a relook at the way Employee Coaching And Mentoring Services is procured and the procurement cost saving opportunities that exist.

Employee Coaching And Mentoring Services procurement best practices are moving towards a level of sophistication which is typically seen in traditional procurement categories. Category managers now have an attractive opportunity to adapt the best practices seen within this category as well as those being leveraged in other non-related categories. This report summarizes the best practices picked from across multiple categories that could work well for category managers involved with Employee Coaching And Mentoring Services procurement strategy.

For example, Buyers need to adopt renegotiation strategies with existing service providers to receive better quotes and discounts. Negotiation can take place based on the supplier's previous performance, performance of employees after the completion of L&D program or technology adoption by suppliers.

Category managers should evaluate the RFQ's from service providers against the industry benchmarks as this helps buyers to gain a better understanding of the market prices and save costs.

Buyers should engage with service providers that offer interactive training solutions such as gamification, VR, and interactive videos to simulate real-world applications. These solutions are known to improve the effectiveness of learning programs.

Employee Coaching And Mentoring Services procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Employee Coaching And Mentoring Services procurement. Some examples include: