Looking for an MSP Program? Top 5 Tips for Selecting the Best MSP | DCR Workforce Blog

Looking for an MSP Program? Top 5 Tips for Selecting the Best MSP

With the ubiquitous use of contingent workforce programs, and the Vendor Management Systems that help manage them effectively, comes the requirement to add Managed Service Providers (MSPs) to enjoy all-round benefits. Once you have an MSP on board, so many tasks related to the contingent workforce program can be delegated to the MSP. The MSP takes over the responsibility for all issues related to compliance, most of the interactions with suppliers, the timeliness of candidate submissions plus the quality of candidates, improved program processes, cost savings and a higher return on investment. All these results may be achieved by a company with an internal MSP program. But for those who wish to outsource the task, it doesn’t need a lot of effort to come to the conclusion that choosing the right MSP is an imperative.

What are the qualities one needs to look for in an MSP? All MSP programs are not the same and it’s important to select an MSP based on specific criteria and the MSP’s ability to fulfill the same. As with any vendor, the level of support provided, along with the fit and integrity of the MSP, are crucial aspects that must be verified. Apart from these, do you know what considerations would go into the selection of an MSP to ensure the success of your program?

Decisions, decisions

It pays to decide at the outset whether you’re looking for a boutique provider who caters to specific niche opportunities, or a large MSP who can provide comprehensive support but only in particular industry segments and job categories. You may also go for an MSP who operates as a go-to vendor for any client and any role.

Gain clarity on what really matters to you with regard to the capabilities of the MSP from the following list:

  • Reduce invoice errors
  • Improve supplier compliance
  • Improve rate management (but not below market rates – as low margins demotivate suppliers and dry up your talent pipeline)
  • Cost containment and savings (ask the MSP how they plan to do this)
  • Operational efficiencies
    • Precise job classification
    • Control maverick spend
    • Transparent and collaborative approach
  • Vendor neutrality
  • Supplier base
  • Spend consolidation
  • Data security
  • Ability to evolve with the changes in technology
  • 24×7 support
  • On-site SME
  • Remote management
  • Maintenance support during and after the implementation
  • Quality
  • Performance
  • Continuous improvement
  • Ability to consistently deliver superior results
  • Ease of implementation
  • Exit strategy and succession planning, as a contractual commitment

The question now is whether it’s possible for you to identify the best MSP who can deliver your services that meet the parameters most important to you.  How do you pick an MSP who can deliver results?

Top 5 tips for selecting your MSP

Make sure that you have an adequate number of MSPs in the running for the coveted job before you start evaluating them.

  1. Pick an MSP who offers most of the services you need and possibly offers a range of services, some of which may be needed by you in the near future.
  2. Talk to the MSP about their plans for your specific needs and how they plan to customize the program to suit those needs.
  3. Make sure that they thoroughly understand your industry and have a clear insight into labor regulations, employment policies, mitigation, innovation and competitiveness. Look at the experience and credentials of the members of the MSP’s team to assure yourself of their combined as well as individual abilities to meet the requirements relevant to you and your industry.
  4. Ask for case studies demonstrating how the MSP customized their services to meet existing customer needs.
  5. Ask the MSP for their strategy for tailoring the program for your company and for on-boarding new workers and engaging

Having selected your choice of MSP, get the MSP to partner with you in all aspects of your program, priorities, mission and business objectives.

Collaborate with the MSP on your hiring needs defining job requirements, desired skillsets/candidates and evaluation criteria. Help the MSP to gain awareness of your company’s unique requirements, cultural fit, location or function-specific requirements. Let the MSP know all about your employee policies such as hiring veterans, retirees or establishing alumni networks for the lifetime engagement of contingent workers.

Don’t forget to stay engaged with your MSP and keep the lines of communication open – because it’s an essential part of keeping the MSP aware of your desired goals to be able to strategize on the delivery.

Do you have any other tips to for selecting an MSP to add to these?


Disclaimer:
The content on this blog is for informational purposes only and cannot be construed as specific legal advice or as a substitute for competent legal advice. They reflect the opinions of DCR Workforce and may not reflect the opinions of any individual attorney. Do contact an attorney for advice specific to your issue or problem.
Lalita is a people/project manager with extensive experience in operations, HCM and training and development across industries like banking, education, business consulting, BPO and information technology. She believes in a dynamic approach to life and learning as change is the only constant.