Jim McCoy, GM & CRO
While technology has streamlined many HR processes, anyone who has tried to hire someone will tell you that recruiting is still more difficult and time consuming than it should be. This is especially true in the area of third party search. Long-standing pain points in finding and successfully utilizing recruiting services persist on both ends. Rogue contracts and a lack of visibility into performance make it difficult for employers to optimize. Entrenched vendors on retainer and burdensome procurement processes make it impossible for new agencies to compete for business. Overcoming these challenges requires a different approach — one enabled by modern technology that’s being taken head on by Scout Exchange.
By combining intelligent software with the proven efficiencies from B2B marketplaces, Scout is pushing the limits of what’s possible to create a new category of recruiting that’s much more efficient and effective than traditional approaches. In just a few short years, Scout’s recruitment marketplace is now home to hundreds of employers— including 50 of the Fortune 500—and thousands of specialty recruiters.
One of many happy customer examples is a global health insurance company, who recently turned to Scout during the midst of a complex maze of time and cost challenges in hiring the right candidates. In less than one year, the company reduced its contingent search spend by two-thirds, saving a total of $2.5 million, while also reducing average time to hire by 30 percent.
“Scout is fundamentally transforming the way businesses think about and secure top talent,” says Jim McCoy, Chief Revenue Officer and General Manager at Scout Exchange. “The recruiting industry is in the midst of a much needed transformation and Scout has the people, the platform, and technology needed to dramatically improve the experience and results for both employers and search providers.”
How it Works
Based on the notion that recruiters who work on the same job type over and over again will deliver the most successful results in their specialty, Scout uses machine learning technology to match job requirements with the track record of specialty recruiters in filling relevant roles.
Scout is fundamentally transforming the way businesses think about and secure top talent
Analyzing millions of data points from thousands of specialty recruiters and job postings in its marketplace, Scout determines which search firm recruiters are most likely to successfully fill each requisition, based on their past performance by job type.
By curating the best recruiters for each job, Scout ensures higher quality candidates, faster time to fill and reduced cost. The platform benefits both employers and search providers. With the right external recruiters in place, internal TA professionals can spend more time focusing on high value activities such as interviewing candidates and ensuring a great hire for each position. Likewise, search providers increase their income with access to new jobs and the opportunity to place more candidates in their specialty.
Having partnered with 90 percent of enterprise Applicant Tracking Systems (ATS), including Taleo, Workday, and SuccessFactors, the user experience is truly seamless, featuring automatic real-time data syncing and candidate duplication detection to prevent redundancy and maximize efficiency. And because Scout is pre-integrated within the ATS, there is no additional software or effort required to implement. Users also benefit from world class security, comprehensive analytics, reporting and benchmarking, as well as consolidated contracting, invoicing and payment.
Today, 85 percent of the providers in Scout’s marketplace service multiple categories for talent acquisition including contingent search, retained search, bulk hiring and temporary staffing. With double-digit growth since its inception, Scout is fast becoming at total talent management platform of the future.