Managed Service Provider (MSP)
The MSP is responsible for day-to-day management of the program. It will facilitate tasks such as requisition processing, supply chain management, transactional reporting, analytics, and market insights, and more. In conjunction with clients and using teams of talent advisors, providers are increasingly working on resource planning to optimize deployment.
For the MSP, it offers the significant benefits of relationship building with the client, being the primary point of contact for the client, and providing a streamlined way to meet the client’s needs with the best candidates.
Efficiency is imperative, especially within the staffing industry. With the MSP/VMS model, this can help to streamline the process from both the client’s perspective as well as the MSP and its vendors. The MSP/VMS model is likely to continue to gain in popularity and staffing agencies should evaluate how their business model plays into this rising trend in the staffing industry.
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An MSP delivers processes that help you
Vendor Management System (VMS)
A VMS is a web-based software application that allows you to manage your company’s entire contingent workforce hiring process in one easy-to-use solution.
This is merely the software/website that the client company purchases or licenses to enable the MSP to run the contingent worker program by allowing all transactions to happen online. This involves distribution of temp requirements (reqs) to staffing agencies, collection of candidate submissions, interview scheduling and coordination, job offers, billing and timecards, etc.
VMS role in contingent workforce management
A VMS will allow Staffing Company to collect requisitions from managers, facilitate contingent worker onboarding, automate transactions, store, and collect data from every step of your contingent worker hiring process, and collate metrics such as spend tracking, candidate information, payroll and invoice data.
It is typically used by a company directly to manage their independent talent pool, or by an MSP on behalf of a client, to better manage, and optimize their temporary workforce.