In today’s global marketplace, innovation is key to remaining competitive. Rapid technological advancements keep changing both our professional and our personal worlds. As a result, organizations are under pressure to continuously innovate their products and/or services, as well as how they communicate with customers and deliver their products or services. Additionally, with digital transformation offering many opportunities to improve efficiencies, cut costs, and reduce waste, companies can benefit tremendously from innovating their internal business processes.

One of the most important business processes for any organization is talent acquisition and management. Talent is critical to innovation; after all, it’s people, not technology, who establish creative cultures and drive the discovery needed for innovation. However, it’s interesting to note that according to recent research by Ardent Partners, 95 percent of companies believe that in addition to their fulltime workforce, contingent workers are vital to their organization’s success and growth. Contingent or external workers comprise non-employee workers such as freelancers, temporary workers, independent contractors, SOW-based (statement-of-work) talent, and other non-FTE (full-time-equivalent) categories. Since a significant portion of these workers possess highly specialized skill sets that companies don’t have in-house, employers are increasingly hiring contingent workers for critical competencies that are needed on specific projects.

That’s why forward-thinking companies are working with pioneering Managed Services Providers (MSPs) to meet their talent needs. MSPs that provide program management; program automation through a Vendor Management System (VMS); and a unified, centralized supplier engagement strategy offer significant benefits to all departments involved in talent acquisition and management. The executive sponsor can coordinate the talent strategy with the MSP and as a result, gain oversight of the workforce in regard to sourcing, categories, costs, and compliance. Using one centralized requisition process ensures hiring managers get the right type and quality talent at the right price—while saving considerable time and funds on the requisition process. The MSP manages compliance with company, industry, and government regulations, which provides oversight and peace of mind for procurement, HR, and legal—especially when it comes to matters such as worker classification and the protection of intellectual property. Further benefits include standardized contract processes; centralized payroll services; and the on- and offboarding of talent.

Finally, real-time analytics provide continuous insights into the performance of the various suppliers, as well as the talent itself. This allows companies to fine-tune their talent pipeline not only in regard to their current skill demands, but also when it comes to the skills they’ll need for future projects.

To gain and maintain a competitive edge, you need to innovate your services and/or products, as well as all business processes throughout your organization. By partnering with an experienced and innovative MSP, you can meet your talent demands in a timely and cost-effective manner while simultaneously reducing risk. And that in turn ensures your core workforce can concentrate on meeting your crucial business objectives..

“Innovating your external workforce approach: How increasing the efficiency of your external workforce solution can help you win the war for talent.”