Over the past year, organizations have had to become more adaptive and open to change, especially when it comes to talent management. With this new outlook has come a whole new swathe of opportunities for businesses to be more agile and competitive, improve cost efficiency and better manage risk. By working with a managed service provider (MSP), any enterprise can start taking steps to capitalize on the opportunities that now exist through the better handling of recruitment processes, including when it comes to costs and accessing new talent. So where, specifically, does the MSP add value?
Time saving: From working through initial resumes to carrying out interviews and creating the right paperwork; the recruitment timeline can be a long one. The longer this process takes, the more it is going to cost, both in terms of cash flow and resources. Working with an MSP solution can significantly reduce time to hire by improving efficiency at every stage, whether that’s real time reporting or streamlining previously time-consuming processes.
A consistent and reliable structure: A standardized process not only ensures fairness during the recruitment timeline, but also helps to improve efficiency. From pre-employment screening to developing training structures, it’s not unusual for every department within a business to take a different approach when it comes to procuring new talent. Working with an MSP creates a standard structure everyone can use, helping to avoid an inconsistent candidate experience and cost spikes from unexpected challenges.
A custom solution: An MSP provider can deliver a custom designed solution derived from an objective and expert assessment of what type of talent your organization needs. Implementing an MSP solution within your business’ recruitment strategy means the responsibility for avoiding overstaffing or under-resourcing passes to the provider, meaning your enterprise is no longer burdened with these responsibilities and can focus these freed up resources elsewhere.
Cost savings: If your recruitment team chooses to utilize an MSP, then there are many ways in which your business will be able to generate savings when it comes to current expenditure. This can include elements such as fixed costs, like salaries and benefits, or having access to cost saving tools such as a CV database. As a result, performance metrics are improved by implementing time and cost saving technology as well as regular reporting and insights into the current status.
Measurable ROI on recruitment spend: An MSP offers many measurable opportunities to reduce cost while improving access to talent. Overall ROI will be affected by many beneficial factors, including reduced hiring time, improved quality of candidates, a better employer value proposition and differentiated sourcing strategies.
Working with a MSP solution provides a unique opportunity to reduce the costs that are involved in the corporate recruitment process, whilst also improving overall access to talent across the business. To find out how the team here at Volt can help your company with the integration of an MSP, please email: firstname.lastname@example.org for more information.