The right managed service provider (MSP) can help you achieve an efficient, effective contingent workforce program, but making the choice can be tricky.
Hiring organizations looking for the right MSP partner can find themselves overwhelmed and confused. So before you begin your search for a new – or replacement – solution provider, we recommend you examine their core functionality to truly understand whether they deliver on their claims.
Here are some important questions to ask.
1. Can the managed service provider help you source the right talent?
To source the right talent, you need the right suppliers. But, many MSP providers prefer vendor optimization, which often means limiting the number of suppliers you work with. While it may seem easier to build and manage relationships with a limited number of suppliers, it limits your access to the right talent pools. You may miss out on things like specific skill sets, making it more difficult to land the best candidates.
Look for managed service providers that have partnerships with a large number of reputable staffing suppliers that, in turn, have access to diverse talent pools (skills sets, geographies, certifications, etc.). This ensures you can quickly fill open jobs and plan for future hiring needs while significantly reducing your time to hire. Also, with access to wider talent pools, you’re more likely to find higher-quality candidates, ultimately improving your workforce quality.
A great example of solutions that operate using this idea are networked vendor management systems with a built-in hiring marketplace. These platforms give you access to a wide range of suppliers that cover various skill sets, geographies, niche job categories, and more. This way, you can be sure you’re not restricting your ability to tap into the best talent.
2. How important is candidate experience?
Very. Negative candidate experiences can damage your overall business reputation. Dissatisfied applicants are more likely to leave negative reviews on employer review sites like Glassdoor and Indeed, potentially deterring other candidates from applying to your organization. So, it is crucial to tend to the hiring experience for all your talent, whether full-time or contingent.
Part of delivering a positive candidate experience means including the candidate in every step of the hiring process. And this is possible only with a streamlined hiring solution. Without this, you risk creating a lengthy hiring process and communication gaps with your candidates, which can translate into decreased candidate engagement, negatively affecting the quality of your workforce down the road.
Your MSP provider should have a streamlined hiring process that is candidate-focused and includes direct interview scheduling and feedback-sharing capabilities. By having frequent and meaningful touchpoints with your candidates, you foster a positive candidate experience which equates to better overall candidate experiences.
3. How quick is the VMS implementation time?
Faster time-to-value is an important consideration in any VMS implementation process. But, no two businesses have the same set of staffing problems to solve, which makes each VMS implementation unique.
Look for solution providers willing to collaborate with your internal stakeholders to identify areas needing special attention and refinement in the VMS configuration process. They should also facilitate the data migration of your incumbent supplier base into the new VMS.
While evaluating the implementation process, consider examining the associated costs and recurring charges, as many staffing solutions on the market come with a minimum spend required to gain access to their comprehensive solution. And if they require you to use their IT teams to make all platform changes and subscribe for customer service, that can slow your processes and costs substantially more.
4. What is their pricing strategy?
Traditional staffing MSPs don’t charge businesses. Instead, they monetize their supply base. The suppliers, in turn, must pay MSPs to access their client programs. The issue with these supplier-funded MSPs is that they deter high-quality suppliers that don’t need access to an MSP’s client base. This means the top players with excellent customer service and quality outcomes normally don’t join MSP programs. Additionally, these models also discourage emerging industry players — often the pioneers of innovation.
To support the innovation you deserve for your long-term program success, look beyond the traditional pricing model.
5. Is their VMS technologically advanced?
Digital transformation is disrupting every area of business, and for a highly efficient and agile contingent workforce program, it makes sense to explore the latest technological advancements.
Cloud-based solutions tend to offer more innovation when compared to on-premise software solutions. And they come with an array of benefits — reduced implementation time, easier onboarding, lowered costs, robust upgrades and updates, and streamlined maintenance. Because these solutions are cloud-based, multiple clients can benefit from the solution’s functionalities while keeping each client’s data separate and secure.
Another advancement in the staffing arena is the use of AI to automate and boost hiring processes. For example, AI-based dynamic job distribution technology matches job requisitions at both the supplier and candidate levels, optimizing supplier performance and guaranteeing you the fastest access to the best candidates.
Modern solutions also help integrate candidate onboarding, meaning all candidate-related processes are executed on a single platform. They enable hiring managers to monitor candidates at every stage of the hiring pipeline, driving candidate visibility, increasing engagement, and equipping you with data-based insights on your suppliers’ activity.
The future of hiring and staffing vendor management
Prosperix checks all the boxes of an enterprise-grade cloud-based staffing solution and helps your business boost efficiency, compliance, and cost savings by enhancing your spend visibility.
By choosing us, you benefit from the world’s only VMS network that includes FREE access to our integrated hiring marketplace, which provides immediate access to vetted talent suppliers that can fill your talent needs with the market’s best talent. The best part — our versatile solution can act as your managed service provider or support your in-house MSP with absolutely no initiation costs.
Curious to know more about how Prosperix’s solution can revolutionize your contingent workforce program?
