- Integrated managed services programs (MSPs) are giving midsize companies a leg up in competing for talent against big employers, according to a Randstad Sourceright white paper. MSPs are carried out by third-party teams that operate in-house to help midsize companies grow. MSPs provide resources that midsize companies often have trouble accessing, such as talent analytics.
- The basis for the success of MSPs, according to the white paper, is a team of dedicated talent advisers who are charged with streamlining and carrying out hiring processes, while curbing companies' costs.
- Randstad says MSPs have the ability to deliver high-quality talent, whether employees or contingent workers; business agility that allows companies to adjust staffing according to changing business goals and markets; and efficiency, which allows companies to draw from various talent categories based on their needs and to shorten recruiting and hiring times and reduce costs.
In an era of what's being called "talent scarcity," many companies are struggling to fill positions. For small and midsize employers, the struggle can be even more acute. Smaller companies often lack the resources to really compete for talent; outside expertise could offer the ability to attract the quality of candidates that larger companies typically attract.
MSPs have expertise in handling contingent workers, predicted to be the fastest-growing category of workers in the labor force. The white paper cites a Global Human Capital Trends study by Deloitte that estimates the percentage of contingent workers to be moving toward 34% of the total workforce. But predictions of how much market space contingent work will take up have reached as high as 50%.
Employers that aren't able to maneuver within the contingent space may find themselves at a disadvantage.