Recruitment is always a tricky function for businesses, and that truth increases exponentially as your business grows. The more people, the tougher it is to manage new hires, contractors, suppliers, and costs. And as this juggle gets more difficult, and visibility starts to muddy, you may begin to ask yourself if it’s time to outsource your contingent workforce management to an MSP.

While the benefits when you outsource contingent workforce management to an MSP are well known, there is often a tipping point for businesses, where the inefficacy of the current process begins to warrant the transition to a better solution. You will likely start to identify the following:

1. You Need to Improve Your Supplier Management

The more suppliers and contractual agreements you have in circulation, the more you expose the organisation to excessive costs through lack of oversight on contracts. Through an MSP solution, you (your MSP) can rationalise and standardise your supplier and in-direct employment contracts to remove agreements that do not serve you and keep you safe against co-employment claims and supplier fees that are not inline with market.

2. You Want to Improve Your Candidate and Hiring Manager Experience

Smooth onboarding is critical. Quickly getting new contractors up to speed adds to your bottom line, and reducing pressure on hiring managers ensures minimal interruptions to existing workflow. With an MSP at the helm of your contingent workforce management, onboarding is streamlined, steps are tracked to ensure completion and this burden is removed from hiring managers so that worker and manager need only to concern themselves with the job at hand.

3. You Need Visibility of the Whole Contracting Workforce

Visibility is critical as the business expands; improving costs, workforce management, and efficiencies requires absolute visibility over the whole contracting workforce. With a Vendor Management System, used by MSPs, you can gain ultimate visibility to make data-driven decisions about which roles are necessary, how rates compare across contractors, and how you can reduce costs while keeping maximum productivity.

4. You’re Looking to Reduce Your Recruitment Costs

Everyone is looking to reduce their recruitment costs and when the market is as uncertain as it is during this pandemic, cutting costs is likely at the top of your to-do list. An MSP helps you do just that. On average, we help clients to save 3% of their overall contingent workforce through standardised rate cards, margin reductions for long tenure, margin management and standardised on-costs. On top of that, an MSP reduces candidate churn, increases speed to fill, increases candidate mobility, and reduces the time spent on administration or supplier management. All of which contribute to significant recruitment cost savings.

5. You Don’t Have a Single Point of Management for Your Contracting Workforce

While hiring managers and internal recruiters will likely all have their favourite (and differing) suppliers, there does reach a point where corresponding with multiple points of contact becomes unmanageable. An internal recruitment team should be finding candidates for your business, not working full-time on juggling agency communications. And your managers should be working on the job they’re employed to do, not tracking down which contingent staff member belongs to which agency.

Having a single point of contact to outsource your contingent workforce management through an MSP streamlines communications for your internal staff to ensure they can get on with the work they were hired to do, while you also get the huge benefit of complete oversight across your contingent workforce. Thanks to everything being managed in one place.

If you’re displaying these signs, get in touch with Launch Talent Solutions today to arrange your free MSP diagnosis.