3 Ways to Maximize Your Contingent Labor Program

What are all the things you have to do on a daily basis? 👀

The list would probably look like answering emails, attending meetings, approving timecards, reconciling invoices, managing worker compliance, making sure you’re hitting your spend goals, and about a million other things. You’re probably not the only one at your company doing these either!

Utilizing a Managed Service Provider (MSP) to manage your contingent labor can help you get the most out of your workforce. 👇 Here’s how:

1. Streamlined Vendor Management

Your supply base should not be managed by your hiring managers. Partnering with an MSP gives you the ability to have access larger supplier pool without the day-to-day management. You also won't have to worry about hiring managers going outside of the program to use their favorite suppliers. Using an MSP to manage your supply base allows vendors to be evaluated on their contribution to your program not just their relationship with certain hiring managers period.

Moreover, this strategic partnership ensures a consistent and standardized approach to vendor relationships. Through centralized vendor management, not only are you expanding your supplier network, but you’re also maintaining a more transparent and fair evaluation process for all involved.

Expanding supplier options also fosters innovation and diversity within your contingent workforce, enriching your talent pool with a wider range of skills and perspectives, ultimately benefiting your organization’s bottom line.

2. Data, Data, Data

Typically, when you partner with an MSP you also are working within a Vendor Management System (VMS). This gives unprecedented access to the data behind your program to ensure workforce efficiency, cost savings, and other insight into your program that may be harder to track down outside of this system.

By harnessing the power of data-driven decision-making, you’re not just managing your contingent workforce; you’re optimizing it. The VMS empowers you to forecast needs, identify trends, and make informed decisions that drive efficiency and productivity across the board.

Additionally, the wealth of data available through the VMS can also empower proactive measures, such as anticipating workforce gaps or surpluses, ensuring timely adjustments to staffing needs, and even strategizing for future growth and expansion.

3. Relieving the Load on Hiring Managers

They should only have to worry about the work that their teams are producing, the people on their teams, and other things completely unrelated to their contingent workers. Working with an MSP allows them to regain their focus on their day-to-day work and reclaim that precious time spent elsewhere. This not only enhances their productivity but also contributes to a healthier work-life balance, ensuring they can invest their energy where it counts most.

Partnering with a managed service provider can help you get the most out of your workforce in so many ways. If you'd like to talk to someone who has years of experience managing vendors, contingent labor programs, and diversity-spend goals, hit us up!