Issue link: https://insights.randstadsourceright.com/i/679263
how to 2 select the best MSP solution to support your contingent workforce strategy They include the following: • determining the needs of the stakeholder • specifying scope of service • selecting the MSP partner • developing the contract Diligent management of each step is absolutely necessary to ensure you choose the program and supplier right for you. Quite often, programs fall short of expectations because the buyer has failed to thoroughly consider one or more parts of the vetting process, so make sure you take into account the following tasks. determining the need of the stakeholders In an earlier installment of our MSP Insights Series, "Does it pay to outsource your contingent workforce", I pointed out that building a business case for an MSP requires a four-step analysis: • define the scope • determine the spend • specify the process • perform the SWOT analysis Such an analysis will reveal the current situation and provide the baseline for progressing toward the ideal state, which will be dictated by the needs of the stakeholders. They may include hiring managers and leaders in procurement, HR, and finance. Determining how an MSP can meet their critical needs is the first step in the provider selection process. These critical needs may be cost reduction, process optimization, compliance improvement, a better quality of hire, a decrease in time to hire, etc. You should also decide when the program should be implemented and if a pilot approach should be adopted for a particular business unit or within a specific country. This decision is usually dependent on the scope and size of the program and the organization. specifying the scope of service If you don't know what you want, you won't know if you get it. Therefore, it is important to get clarity on the program's technical and functional specifications. When it comes to functional specifications, buyers will broadly specify the functional goals of the MSP solution. For instance, if hiring managers need positions filled more quickly, the buyer may ask for a solution that reduces time to hire but leave it up to the supplier to deliver the appropriate one since it has deeper market insight. When it comes to defining the technical specifications, the buyer should establish exactly which services are expected from the supplier or which functionalities the services entail. For example, the MSP provider may be required to follow a specific pre-defined hiring process as part of its service level agreement. By assessing the issues and needs of the business, the functional requirements become clear. Based on this assessment, the MSP can develop solution-oriented advice and offer a design tailored to the specific needs of the client organization, including a recommendation for the most appropriate vendor management system. selecting the MSP partner The completion of the specification phase will facilitate the next phase: choosing the provider and solution. Depending on the business demand and the locations in which the MSP will be implemented, there are a number of suitable choices. Analyst organizations such as Staffing Industry Analysts (SIA) publish supplier landscape reports that highlight the specialties and strengths of each, so it may be helpful to review these before deciding which ones to contact. what your MSP solution provider should bring to the table domain expertise: does the MSP fully understand your business? industry-specific experience: is the MSP familiar with your specific industry? client portfolio: can it provide a robust and refer- enceable portfolio of clients? deep resources: does the MSP possess access to the best people, practices, and technologies? global footprint: can it offer global governance with local support and market knowledge? compliance rigor: does the MSP possess deep regulatory knowledge?