PSL Rate Cards
What is a PSL rate card?
A PSL rate card is a document that outlines the agreed rates or pricing structure between a company and the suppliers listed on their Preferred Supplier List (PSL). A PSL is a list of approved suppliers or vendors that have been vetted and selected to provide goods or service regularly. A PSL rate card can give companies direct access to trusted suppliers and improve the efficiency of their processes.
In the context of recruitment agencies, a PSL rate card meaning changes slightly. Instead, it refers to a document that outlines the rates, terms, and conditions of an agreement between a recruitment agency and the companies they’re providing recruitment for. A PSL Rate card can help recruitment agencies save time, manage their clients, minimise compliance risk, and helps employment agencies operate with a competitive advantage over other organisations.
What should be on a PSL Rate Card?
A PSL rate card ends up acting as a reference document that includes all costs and terms involved when interacting with recruitment agencies. On the rate card, it should have:
Recruitment Agency Information
It should have the names, contact details, and other relevant information of agencies.
Rate Structure
The agreed upon cost of working with a recruitment agency, it should include the fees involved with recruiting services for permanent placements, temporary workers, executive searches, and any other activities related to recruiting for a business.
Placement Fees
Any fees charged by recruitment agencies for successful placements of candidates in a role. This is typically shown as a percentage of a candidate’s annual salary for permanent roles or as a markup on an hourly rate for a temporary employee.
Guarantees
Any guarantees offered by the recruitment agencies, such as replacement guarantees or refunds if a candidate leaves the job within a specified time period.
Payment Terms
The terms and conditions of payment for the recruitment services provided by the recruitment agency. Many recruitment agencies will include payment deadlines, invoicing procedures and the accepted payment methods.
Contract Duration
The amount of time that a recruitment agency will be working with a company to provide their recruitment services, including any potential renewal information and termination provisions.
Additional Services
Any additional services that recruiters can provide, such as candidate assessments, ensuring that candidates are fully compliant with local regulations, and onboarding assistance.
Terms of Services
Any specifics not outlined on the PSL rate card elsewhere, including service level agreements, confidentiality agreements, or non-compete clauses or any other benefits given.
How does Eclipse help with PSL rate cards?
Eclipse recruitment management software includes features to help manage PSL rate cards.
Creation
The Eclipse software allows you to create and store rate cards for different clients. This makes sure that all agreed upon rates are documented and accessible to your recruitment team.
Customisation
Your PSL rate cards can be customised for each client based on specific, agreed upon, terms.
Job Orders
When creating job orders for clients, Eclipse can automatically apply the correct PSL rate card. This removes the opportunity for manual error and ensures that the correct rates are being consistently used.
Integration
Your PSL rate card can be integrated into your billing and invoicing software. This helps to generate accurate invoices that are based on your agreed upon rates. This again, reduces the risk of human error.
Reporting
The software allows you to generate reports that are based on the PSL rate cards. This means that you can accurately analyse data regarding profitability and compliance using the agreed upon rates.
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These features streamline the management of PSL rate cards, ensuring consistency, accuracy, and efficiency in the recruitment process.