There is no denying the significance of contingent talent in today’s labor market, and having visibility of your contingent talent is imperative to a successful contingent strategy - this is where a managed services provider (MSP) can help.
With the implementation of a MSP program, companies are able to augment their staffing levels more dynamically for special projects, work around headcount restrictions, improve coverage during peak periods and obtain top talent quickly.
Utilizing and optimizing your contingent workforce brings innovation, vital skills, agility, cost efficiencies and a fresh perspective in times of sudden labor demands. Despite all the benefits, if a contingent workforce is ill-managed it opens the possibility of risk and can become complex.
This is where the MSP comes in. A managed services provider can help you manage your whole contingent labor pool and gain the invaluable access to top quality talent. Below are some of the reasons an MSP helps you access the top talent for your skill gaps:
Working with an MSP allows your organization to be in the perfect position to quickly secure talent. MSPs are able to source and place high quality workers, finding the best-fit talent across a wide range of staffing vendors. Traditionally, companies hiring processes can be up to 90 days, where an MSP can usually requisition, onboard and fill positions in a much shorter time period.
Top Talent at Top Rates
An MSP doesn’t only have a vast pool of talent to draw from, but they also have the expertise to hire for a broad range of positions, job categories and industries; allowing them to engage in more timely, targeted, strategic and cost-effective recruiting. Therefore the benefit to your company is that the MSP can access higher quality talent faster and cheaper, thus creating higher client satisfaction.
A More Transparent Workforce
MSPs can oversee the management of the contingent workforce too, using various technologies, resources and expertise to create, monitor and report on corporate key performance indicators (KPIs). This ensures that the MSP’s clients have full visibility on their operations.
Having a successful MSP program will offer clients transparency in a range of areas, such as talent management to ensure satisfactory hiring quantity, cost and quality. The program will also offer a range of workforce reporting, data analytics, benchmarking and best practices, improving the company’s contingent labor strategy across all departments.
Additionally, transparency is offered with the review of the requisition process which ensures clarity, compliance and accuracy and also pre-screening for the most appropriate candidates, including audit of qualifications, clearances and asset tracking. Open positions, interviewing, reviews and the onboarding can also be managed by and MSP.
As the contingent workforce itself continues to evolve and become more diverse, MSPs can add innovative processes that leverage new technologies. This will add more workforce transparency and visibility. When that is done, well, it can drive further business success.
Simplify the Process
Your MSP partner is also able to be in charge of the invoicing and making vendor payments, paving the way for the MSP to take on a larger involvement with the whole talent pool.
MSPs who look after all elements of the contingent workforce save hiring managers time by acting as the single point of contact between the staffing suppliers, client managers and workers. This will result in significant savings savings for your business, and, ultimately, increased revenue.
Want to learn more about managed services providers? Contact us today.