With the job market continuously changing, we no longer belong in a one-size-fits-all world when it comes to workforce management. Now, more than ever, agile and flexible solutions went from nice-to-have to a necessity. Managed Service Providers (MSP) now need to focus on offering more holistic approaches and custom-made solutions for each organization's unique workforce challenges. But to make that dream a reality, it takes partnering with an MSP that has the right experience, expertise, and, most importantly, collaboration.
Successful strategic partners collaborate closely together which is what makes it possible for workforce solutions to tick together, providing tremendous value to organizations. When choosing an MSP, their technology partnerships and how they integrate them should be top of mind for any organization. In the case of building a Total Talent Solution, this includes innovative direct sourcing software solutions. When implementing the right Direct Sourcing Solution, organizations can transform their talent ecosystem.
What is a Direct Sourcing Solution?
A Direct Sourcing Solution automates the talent acquisition process to enable organizations to leverage their world-class brand to attract and engage with great talent, without the drawbacks of trying to do it all on your own. With the constant and rapid changes in sourcing strategies and technology, businesses are struggling to compete for top talent. Along with an MSP, the right Direct Sourcing Solution can transform the way you manage your talent.
The 5 Benefits of an MSP/Direct Sourcing Solution Partnership
Let's get to the most critical part first: how it can save you money. Instead of looking at it as an extra expense to have your provider partner with another organization, think of it as ensuring the most bang for your buck. The MSP is the engine behind your talent acquisition program and a Direct Sourcing Solution is your fuel. For starters, Aberdeen Group found that organizations that outsourced to an MSP realized savings 40% greater than those that managed the process internally. Combining that with a Direct Sourcing Solution that utilizes unique strategies to feed talent to that program, will make your program become a faster, more productive, well-oiled machine.
Some organizations view direct sourcing as challenging and perhaps overwhelming, yet you'll see the benefits far outweigh those concerns, especially when you have partners working together. Let the combined program do the heavy lifting. A Direct Sourcing Solution makes processes more efficient and scalable so you and your team can focus on being more strategic. Rather than spending time on the mechanics of sourcing and managing suppliers, let your direct sourcing program automatically widen your net to find and engage talent where they are, online. Combining that efficiency with the white-glove approach of an MSP provides the soft skills that your contingent labor program needs to bring a human connection to your talent. This will enhance your employer branding and therefore attract the high-quality talent you need to achieve your talent goals.
3. Better Data
Enhancing your technology stack to get the cleanest and up-to-date data on your combined program is the key to a successful program. The right technology should be plug-and-play, ready to be up and running without much effort. The combined programs will do the prep work, so when an organization is ready to go, the right technology will be set up and available to use with minimal effort from the customer. The combined program can automate critical processes, enlist analytics, and provide data that will help your organization make informed decisions.
If letting go of the control you have over your internal program is holding you back, know that with an MSP/Direct Sourcing Solution, you will still have as much of a hand in the program. You're still managing what you choose to, but specific processes like compliance checks, onboarding, and payrolling can be managed by your MSP to improve efficiency and compliance. This speeds up processes that would have taken much longer to complete by an internal team. By adding a Direct Sourcing Solution, you'll find better talent faster from the time of determining the need to the time the candidate is working. These providers can reduce time-to-fill, often times over 30%, and when you combine this with the other critical areas that the MSP manages, you'll quickly see better results within your organization.
5. Continuous Innovation
It can be complicated and time-consuming to keep up with the many advances in sourcing strategies. Between job boards, social media, and the various other technologies, consistent candidate engagement can be challenging. With a combined program, you have the best of both worlds - constantly updated plug-and-play technology to connect and attract the candidates you need, with the soft skills necessary to engage and motivate that top candidate to accept the position. The dedicated combined teams can take best practices from their years of experience working with organizations like yours to optimize your program.
As you can see, the compliance and consistency that comes with an MSP, combined with the savings and added efficiency that come with a Direct Sourcing Solution, really can provide the best of both worlds. This partnership will grow and evolve together with your organization, helping you achieve your talent goals with ease.
About the Author: Kevin Poll is the Strategic Growth Advisor for Willhire, a Direct Sourcing Platform that can service, attract, curate & engage your contingent workforce by leveraging your employer brand with direct sourcing, building a pathway to total talent management.