My recently-published Contingent Labor Management report detailed the modern complexities within the typical contingent workforce and unveiled specific strategies for driving value out of temporary workers.
In this three-part blog series, I will tackle the technology enablers and consultative solutions that have assisted companies in effectively-managing the various subsets within contingent labor, such as SOW-based projects and services and independent contractors. Today’s post will focus on Managed Service Providers, a solution that Aberdeen research has linked to various performance and process benefits.
MSPs streamline and manage all facets of modern contingent workforce management, and provide a programmatic link to driving efficiencies in acquiring contract talent, managing that talent, and offering robust analytics in which to improve intelligence on spending on contract talent. Aberdeen research has found that companies currently utilizing MSP solutions to manage their contingent workforce have experienced the following efficiency benefits as compared to companies that are not currently leveraging this solution:
- 30% higher likelihood of having contingent workforce analytics linked to the objectives of the greater organization (and C-level executives)
- 31% higher increase in organizational efficiency due to direct improvements within contingent workforce management, and;
- Nearly 40% higher likelihood of having robust measures and metrics to track, monitor and forecast use of contingent labor, SOW-based projects and services, and independent contractors.
Stay tuned for Part II, which will highlight Vendor Management System (VMS) solutions.