A key element for any Staff Augmentation MSP program is to provide clients with robust, timely, and actionable reporting. This in-depth reporting gives stakeholders insight into every aspect of their MSP for Staff Augmentation program, including the KPIs program sponsors should monitor to review overall progress, spending across departments and agencies, and continuous compliance and risk mitigation efforts.
Though most clients will review similar KPIs to gauge their MSP for Staff Augmentation programs, each client, whether they are a State or Local government, university, or quasi-governmental institution, will have unique metrics critical for their operation’s success. The most client-focused MSPs will meet with their clients before the MSP program begins to outline all aspects of reporting, including the exact metrics to be included in reports, the frequency of these reports, and the format these reports will take. This early meeting between the MSP and the client is an opportunity for the MSP to explain their standard reporting and identify alongside the client any unique reporting requirements needed.
In this blog, review some of the main KPIs MSP staff augmentation clients use to gauge program progress. Plus, learn how to use this information to make data-driven decisions and to solidify enterprise-wide goals and milestones.
Common KPIs for Staff Augmentation:
KPIs enable MSPs and their clients to track, measure, and improve their performance in a highly competitive market. Although the variety of KPIs for Staff Augmentation is endless, common areas of focus in MSP staff augmentation reporting center on:
- Cost: Cost KPIs can include total hiring costs, average cost per employee, and/or training and equipment costs. These KPIs allow organizations insight into the cost-effectiveness of staff augmentation and aid in optimizing the staff augmentation strategy.
- Productivity: Productivity can be measured in a multitude of ways, allowing businesses insight into areas of improvement and determining the ROI. Some productivity KPIs include the time it takes to complete tasks, the quality of work delivered, and the efficiency of the work process.
- Client Satisfaction: Measuring client satisfaction is crucial for Staff Augmentation MSPs, as it builds credibility and a foundation for a strong partnership. This can include receiving client feedback, reviewing retention rates, and instilling strong communication. Credibility can also be built and measured through the quality of candidates received and how long it takes an MSP to fill a position.
Common Reports from Staff Augmentation MSPs
Working directly with your MSP can ensure your program has the reporting necessary to track KPIs critical to your organization. This helps to enable data-driven decision-making and identify any potential bottlenecks, allowing for timely troubleshooting. Tracking also holds the MSP accountable and provides transparency with clients. Below are some of the most common reports Knowledge Services’ MSP for staff augmentation clients use to monitor their critical KPIs.
- Accrual Report tracks all time, expense, and milestone entries by defined time periods. MSP clients can use that information to account for worker hours, necessary reimbursements, future budgeting, and project management updates.
- PO Burndown Tracking details hour and dollar spend against purchase orders and cost centers. MSP clients can use this report to audit their expenses and ensure financial continuity.
- Spend Report tracks the amount of money billed to the client by entry type and date selected. This report assists clients in monitoring and filing invoices and enables accurate accounting of their budgets and finances.
- Vendor Diversity Report is a classification breakout of participating program vendors by category and certification status. This information supports clients in ensuring that vendor procurement is equally competitive and varied, along with guaranteeing vendors’ capabilities.
- Vendor Scorecard reports vendors’ scoring based on results from their submitted bids. MSP clients can examine the scorecard to gauge vendors’ competencies by reviewing their past performances to ensure that only the most qualified vendors are being considered.
Every MSP program will have its own unique goals, concerns, and milestones that need to be addressed. Reputable MSPs are able to transform client feedback into actionable, tangible reporting to help every client monitor the KPIs that matter most. MSPs who do not own their VMS often need to negotiate new reporting needs through a third party, creating an unnecessary delay and no guarantee those KPIs can be reported on.
Knowledge Services stands apart from other MSPs by directly owning and operating the Vendor Management System (VMS) used in each of its MSP for Staff Augmentation engagements. This direct ownership gives our clients a range of benefits, including the ability to customize reporting to specifically meet their clients’ needs. Discuss your MSP for Staff Augmentation KPI needs with Knowledge Services today.