Contingent labor is on the rise and not slowing any time soon – whether you call them freelancers, contractors or temporary workers, it seems they’re here to stay. This flexible, scalable workforce provides organizations with the agility they need to remain competitive in an unpredictable market. However, hiring more workers mean more suppliers, more contracts, more invoices and more reports. Organizations need to be prepared to manage these employees and this is why employers are choosing to partner with a Managed Service Provider. Here’s a little more about MSPs:
What is an MSP?
A Managed Service Provider (MSP) is an organization engaged by a client to manage all of its contingent labor processes as well as the associated vendor supply chain. MSP’s manage the talent acquisition process, contribute to on-boarding and off-boarding, and oversee vendor compliance and performance. A Vendor Management System (VMS) is simply a software system or website that the MSP uses to run the contingent worker program.
Why Use an MSP?
MSPs streamline a range of business services for clients in various industries, from retail to healthcare.
They execute functions that organizations don’t have the time — or the resources — to complete themselves. They create efficiencies, standardize processes, save money, reduce risk and improve the overall quality of the contingent workforce.
Who Can Benefit From Using an MSP?
Any company or business—large, medium or small—that needs help managing contingent labor can use an MSP to streamline efforts and optimize their workforce.
Ready to learn more? Watch a short video about DAVIS global MSP programs and how they work.