Part 2 of 3
Partnering with a Managed Service Provider (MSP) Solutions provider to assist with your contingent workforce journey has advantages.
Greater visibility
A well-managed MSP will gain visibility into contingent workforce spend by utilising technology such as a Vendor Management System (VMS) which provides insights into important metrics like spend, time to fill, candidate quality, placement turnover, and more. This level of reporting can assist in measuring the contingent worker programme against business goals.
Stronger compliance
Whilst a contingent workforce brings greater flexibility to your organisation it also brings increased risk. The most common risks include worker misclassification, co-employment issues, and unemployment and workers’ compensation claims.
Ensuring your contractors are properly vetted and screened is equally important especially if they will be dealing with sensitive data or client information. When partnering with an MSP the hiring compliance burden shifts to the MSP, together with robust governance processes in place, which ensures your organisation is protected. An MSP will provide external expertise with regard to labour law regulations providing organisations with additional benefits by implementing best practices.
Quicker access to larger Talent Pool
The MSP partners with an organisation’s preferred suppliers and ensure you have access to a greater talent pool by building strategic relationships with vendors. Furthermore, an MSP can also assist in vetting suppliers to ensure that you have the best vendors offering a diverse range of skillsets engaged for the skills required. Very often engaging with experienced contingent workers needs to be completed at very short notice, often to ensure an immediate, expert solution to an urgent project need. A structured and well-designed business process managed by your MSP partner can ensure this happens.
Access to Talent Pools
An MSP provider can set up a direct sourcing solution for greater access to talent pools and niche skills, using alternative acquisition resources and technology which also assist in increasing savings while ensuring quality talent engagement and retention.
Improved operations
When utilising and partnering with an MSP, they will assist in improving business processes to ensure mitigation of risk as well as quicker sourcing and onboarding of resources. Moreover, the MSP takes on all time-consuming administration across the entire worker lifecycle. A key success metric is ensuring suppliers are paid quickly and correctly. With the implementation of key invoicing and billing processes, the MSP will streamline the billing process and ensure a quick turnaround time on payments to approved suppliers in addition to providing accurate reporting on spend.
Better data management and predictive analytics
The MSP invests in sophisticated and powerful technology, enabling robust and transparent reporting capabilities; reports which can be sliced into highlighting skills needs, spend, vendor performance, and more, helping hiring managers to make better data-driven decisions. Through the automation of several business processes of contingent workforce management, the MSP can provide almost real-time performance data and actionable insights.
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If you missed the first article in this series, you can read it here.
