MSP vs. MSP
There are millions of acronyms floating around the business world and you might have stumbled across a few that have been used interchangeably without even realizing it. For instance, have you seen the term MSP thrown about when speaking about business solutions or staffing alternatives? Do you really know what it means?
The term ‘MSP’ is an acronym commonly used when referring to two different business solutions: Managed Service Provider or Managed Staffing Program. What’s the difference? Don’t be fooled, (though similar) they are two separate business offerings.
What is a Managed Service Provider (MSP)?
Managed Service Providers, on the other hand, remain vendor-neutral, ensuring all vendors receive all requisitions at the same time. MSPs assume the management of the vendor community whom will recruit for temporary staffing needs. The experienced, dedicated MSP program team will ensure candidates are qualified and screened, and compliance standards are met while working with the client to select the candidate that best fits the request.
Experts in the industry oversee the entire temporary staffing process, paying close attention to the requirements outlined by the client. Experienced, dedicated program teams become the single point-of-contact for the clients, alleviating all administrative burden employing a Vendor Management System (VMS). Utilizing a VMS allows for the MSP to oversee the entire temporary labor process which includes, initial request, approval workflows, resume submission, reverse auction with competitive bidding, and invoicing, all while providing the client with modernized dashboard reporting.
What is a Managed Staffing Program (MSP)?
A managed staffing program is commonly used when a business is wishing to outsource its staffing needs. The goal of a Managed Staffing Program is to recruit for and fill as many staffing requests as possible for the client.
Additionally, many Managed Staffing Programs act as Master Vendors. A Master Vendor attempts to fill the customer requisition first, and if they cannot, they send it to the other vendors in the network. This model inherently favors the Master Vendor, as it leaves the unfilled positions to the remaining vendor community. By competing with the overall vendor community, a Master Vendor of a Managed Staffing Program does not create an environment conducive to success for other staffing vendors.
Whether deciding between MSP or MSP, partnering with outside expertise is paramount to adopting industry best practices and gleaning high-profile savings for your organization.
Contact Knowledge Services today to learn more about how we can help with your temporary staffing needs.