Staffing agencies today have numerous choices on how to run their business. Two of these options involve relying on a managed service provider to oversee the contingent workforce, or leveraging a vendor management system.
Using a VMS enables a staffing agency to become its own MSP, which brings an array of impactful benefits for the agency, its employees and the candidates it places. Let's take a look at five reasons to consider using a VMS to become your own MSP:
1. Improved visibility over the workforce
A robust VMS offers anywhere, anytime online access to a range of critical workforce details and metrics. This platform enables the staffing agency to run its own contingent workforce program, and in this way, offers more visibility and more granular management over contingent workers and the roles in which they are placed.
2. Greater relationships with clients
This increased level of management and visibility also means that the staffing agency can better ensure that the requisitions and needs of clients with open employment positions can be met in the best way possible.
With a VMS in place, staffing agency leaders can provide more individualized support for their clients, and ensure with greater accuracy that workers selected to fill clients' requests will be a good fit. This bolsters the overall relationship between the agency and its clients, supports customer loyalty and can even provide more of a competitive edge within the staffing industry.
3. Ability to support new working styles
As noted in this blog, an influx of new technologies has enabled companies to shift their business models, providing different opportunities, particularly for the Millennial generation.
Support from a VMS aligns with this technological shift, and can help staffing agencies better keep up with these changing working styles, providing robust capabilities to manage workers in nearly any setting.
4. Access to important metrics
An advanced VMS, like that provided by BlueSky Staffing Software, provides access to a laundry list of important metrics that would otherwise be captured by the outsourced MSP. The VMS can track and archive telling data including:
- Fill rates and related reports.
- Workforce scheduling details.
- Candidate credentials.
- Work history reporting.
- Access to client input orders in real-time.
Greater visibility enables the staffing agency to analyze this data for critical insights that provide a complete picture of operations, capabilities and client relationships. Analysis can support key decision-making to drive improvements across the agency, including more robust fill rates and the ability to efficiently respond to client requests with highly qualified candidates.
5. More cost savings
Outsourced MSP services don't come without a considerable price tag - check out our calculator to learn more. In addition, working with an MSP could represent a barrier between the staffing agency, the overall talent pool and its clients in need of skilled workers to fill available roles.
This investment is much better placed with an innovative VMS solution that can offer expanded capabilities for the staffing agency. Besides the metrics described above, an advanced VMS also supports critical features like instant messaging for worker order requests, and the ability to access and review invoice reconciliation.
To find out more, contact us for a demo of our industry-leading VMS today.