Issue link: https://insights.randstadsourceright.com/i/679236
3 ways to manage your contingent workforce. There are three options when deciding the best way to manage your contingent workforce program: insourcing, employing a broker or a comprehensive MSP implementation. 4 A broker service is unlikely to deliver such benefits. An internal program means constant investments in capabilities and tools. An end-to-end MSP program is effective for managing the entire contingent talent lifecycle, but an employer needs to be comfortable with an external approach. While each model has its benefits, it is important to consider not just current program goals, but also future needs. An insourced solution may be effective for the current volume of contingent hiring, but as demand rises and falls, you may require a level of scalability. At the same time, if your goals are to improve spend visibility or process efficiency, you will need a holistic management approach. insourcing. Relying on in-house staffing agencies is best when the company has adequate volume and continuous demand for a limited number of job profiles. An insourced solution requires significant resources and subject matter knowledge of the supplier landscape, best practices and technology. comprehensive MSP. Under a managed program, the service provider is responsible for the end-to-end solution, reducing the demands on internal team members and delivering innovation throughout the MSP journey. This is especially effective when the hiring process is complex and transparency and compliance are critical. Working with hundreds of suppliers and supported by an extensive legal and compliance network, a provider has the local market knowledge, tools and resources to make the entire acquisition process completely transparent and to be accountable for its results. employing a broker. Through the broker approach, hiring managers continue to use their own supplier networks, but contracting is administered by the broker. All talent contracts are placed with the broker, and they manage contract termination and invoicing, ensuring applicable laws are followed. This approach can be effective when a decentralized process is preferred, but because the broker plays a very limited role in managing the overall contingent workforce, the benefits are also limited. Determining which is right for your organization depends on goals, volume of hiring, availability of resources and the extent of the in-house expertise. 1 2 3