How HR Can Maximize Sourcewell (Formally NJPA) Benefits
Sourcewell is an organization whose aim is to help nonprofit, educational, and government agencies save time and money with contract purchasing solutions in order to support their employees. The organization has been operational for more than 40 years, allowing agencies to buy goods and services without an RFP, with more than $300 billion in annual cooperative purchasing power. This makes them a leading independent government service cooperative.
What Makes Sourcewell Different?
To ensure the organization brings extreme value, the organization uses a rigorous RFP process that vets and establishes partnerships with hundreds of service industries and manufacturers throughout the U.S. based on core performance criteria. This enables Sourcewell members, such as schools, nonprofits, and government agencies, to purchase products and services from these approved partners, saving them valuable time and money.
Additionally, Sourcewell members cut costs because by being part of the cooperative, they can take advantage of the increased purchasing scale. No matter whether Sourcewell members are purchasing buses or meals through U.S. school districts or making the most of snow removal services in Minnesota, they can always benefit from a wide range of services and support.
Sourcewell advantages include:
- Free membership
- No need to bid: Sourcewell has already completed the process
- Minimum procurement time
- Annual cooperative purchasing of $3 billion
- Largest government purchasing coop in the U.S.
- Available through all U.S. states
- 40 years of experience
- Reputation of excellence
Who are Sourcewell members?
Sourcewell has more than 50,000 members including:
- State and local government bodies such as counties, cities and Native American tribes
- Private and public schools such as charter schools, K-12, special educations districts, and higher education facilities
- Nonprofit organizations such as housing authorities, rural power cooperatives, churches, and hospitals
What are the Advantages for Sourcewell Members?
Sourcewell members receive not only the same benefits of NJPA members but more:
Save time: There is no need for members to complete the RFP process. The impact on organizational budget and agency staff is reduced.
Save money: Joining the cooperative gives members a big purchasing scale advantage.
Drive reinvestment: Sourcewell’s proven business model will encourage companies to reinvest in community projects.
Increase options: Members have the opportunity to choose between different services and products to find the one that suits them best.
Build relationships: By selecting vendors they really want to work with, members build trust and lasting relationships.
Avoid unpleasantness: Members do not have to deal with low-bid, poor-quality awards.
Enjoy discount pricing: National volume pricing means cutting costs, not quality.
Becoming a Sourcewell Vendor
Unlike the process of becoming a Sourcewell member, vendors who wish to join Sourcewell cannot simply submit an application. They must follow the regulated solicitation procedure which commences with replying to a Sourcewell invitation to bid or request for proposal.
When a vendor’s reply has been evaluated, the Sourcewell board of directors will choose the most suitable vendor to fulfill the contract. Once the contract has been awarded, members may purchase products and services from that vendor.
Prospective vendors should know that when bidding for a Sourcewell contract, they are offering a national solution rather than a one-time spec-based bid. This means they must submit all their relevant products and services when responding to a request for proposal and should clarify their ability to distribute these products and services throughout all North American states. Sourcewell vendors are recognized as a world-class product and service providers.
How can you benefit from TrueConnect through Sourcewell?
As a vendor through Sourcewell, TrueConnect provides services that are beneficial to organizations that are members. Our TrueConnect team wants to make sure that members who need a loan product for their employees are able to get one in a timely manner instead of having to go through the year-long process.
Benefits of TrueConnect combined with Sourcewell:
- No cost or financial risk to the employer
- Employee loans between $1,000-$3,000 from Nationally Chartered Banks
- Free credit counseling
- No credit score is needed to qualify
- Automated administration
What Should HR Reps Look for Regarding Employee Benefits and How to Maximize Them?
Every year, HR representatives throughout the U.S. look for ways in which they can make their employee benefits more attractive so that they can acquire and retain high-quality employees. This has become essential in a time when the workforce has the freedom to make employment choices based on benefits offered within the open marketplace, particularly within the millennial generation.
How Are Benefit Packages Attracting Employees?
Here are seven workplace benefits that you can give your employees to help meet their needs, keep them happy and make your business thrive.
- Learning and career promotion: If you have workers who are just getting their foot on the career ladder and want to increase their advancement potential as much as possible, or long-term employees who have years of experience and would like a new challenge, training and career development is a desirable benefit. By offering training programs, team-building sessions, and mentorships, you can make your company more attractive to ambitious employees.
- Flexible work hours: These days, employees want to retain control over their personal and family life while maintaining a career. A 9 to 5 workday does not resonate with everyone. Many workers prefer to keep their hours flexible, so they can balance work and family life. And thanks to technological advances, you can now facilitate flexible hours and telecommuting.
- Student loan repayment assistance: Many workers are burdened with student debt, so repayment assistance is a popular benefit for them. According to the Society for Human Resource Management, only 4% of U.S. companies offer such as scheme, yet 76% of millennials claim this is a deciding factor when considering employers.
- Support for health and well-being: Regardless of your employees’ ages, healthy employees are happy and productive employees. Employees value preventative health measures. Benefits can include anything from free gym membership and health wearables like Fitbit to paid fitness classes or health insurance options.
- More vacation time: Employees like to make the most of their free time. They are happy to work hard to earn their time off work. Extra vacation time keeps them motivated to be more productive while they are in the workplace.
- Retirement savings: Help your staff save for the future with a retirement savings plan. Providing a 401(k) plan is a great way to ensure that your employees are preparing for retirement. Their contributions will also reduce their taxable income. You can help their savings accumulate faster by matching a percentage of their contributions.
When you’re choosing employee benefits for your company, it’s important to make sure that they fit in with your company culture. You’ll need to conduct a solicitation process that attracts the best in class vendors. If you’re not confident about attracting the best, then have your company investigate cooperative purchasing contracts for employee benefits like Sourcewell.
As an HR representative, you can maximize Sourcewell benefits and make them available to your workforce through TrueConnect. Learn more about how TrueConnect and Sourcewell work together. Contact us today.