Psychometric Screening & Assessment Tools Category Procurement Intelligence Report

HR Services market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Psychometric Screening & Assessment Tools procurement and the cost they have to incur. New locations and vendors are emerging as cost effective suppliers of Psychometric Screening & Assessment Tools, offering an opportunity to widen the supplier base and gain further negotiation leverage with incumbent suppliers.

With the influx of millennials in the workforce and increasing diversity at the workplace, companies are struggling to design pay and benefits processes that are uniformly relevant for the lifestyles of such diverse groups.

People analytics has emerged as a rather new branch of HR function with an aim to gain deeper insights into an employee's behavior, motivators, risk of attrition and general wellbeing. There is a high demand for suppliers who can integrated technology in traditional processes to generate insights on the buyers' talent pool.

It has become imperative for category managers to remain as agile as possible in terms of their procurement practices. However, it is not always easy to quickly spot and implement alternative practices in a category like Psychometric Screening & Assessment Tools. To help quick decision making, this report advises on several procurement best practices that have worked well for category managers.

For example, Besides shortlisting potential suppliers based on services offered and cost, they also need to be evaluated against several other critical parameters. Some examples of these parameters are compliance with laws and regulations, capability to protect personally identifiable information and technical standards adopted (e.g. user interface, user exchange standards, data exchange standards). RFPs soliciting the above information ensures competition among suppliers and facilitates efficient evaluation.

Buyers should promote competitive bidding scenarios and supplier competition to gain cost and value benefits. Bids should be invited from a substantial pool of service providers that can meet their requirements.

Buyers can achieve cost savings by bundling procurement of various personnel-related services (e.g. benefits administration, payroll, time and attendance, and HR management functions). The integration of different HR functions leads to the automation of employee data across various verticals. The integration also reduces the burden of manually entering and updating necessary information and offers consistency and accurate tracking across multiple systems.

Psychometric Screening & Assessment Tools procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Psychometric Screening & Assessment Tools procurement. Some examples include: