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MSP series: 8 benefits beyond cost savings

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With digitalization and globalization continuing to drive business strategies, like many of your peers, you are likely challenged with finding the skills needed to complete your company's transformation. For many organizations, the solution is increasingly clear. Contingent talent can help you address key workforce gaps, support company goals and drive innovation. As a result, companies that adopt this approach are becoming more agile and effective. It's no surprise that Staffing Industry Analysts (SIA) predicts the use of contingent labor among U.S. employers will grow from 22% to 29% by 2026. But even as organizations grow their flexible workforces to become more agile, there is a cost to this approach: increased complexity. Employing a talent population that includes diverse work arrangements requires more resources and attention to considerations such as compliance, cost tracking and supplier management. In fact, SIA research shows that the percentage of time contingent workforce managers spend on contingent talent responsibilities has increased from 16% in 2004 to 74% in 2017. As a talent leader, you probably know firsthand how demand for your time has risen over the last few years. To reduce this burden, a growing number of organizations are adopting managed services programs (MSP), where an external service provider handles the management and administration of a company's contingent workforce. Although cost efficiency is often one of the first reasons that companies consider an MSP solution, those that implement this talent model realize many other benefits that drastically improve contingent workforce planning overall. For example, MSPs add visibility to the contingent workforce program, mitigate risks associated with regulatory and internal compliance, provide greater access to talent and enhance supply chain performance. All of these benefits contribute toward a common goal: helping employers deploy the right talent at the right time. Let's take a closer look at the ways in which an MSP can help your company become more agile. 2 be more agile with an MSP.

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