Top Benefits an MSP Can Bring to Your Company

The right Managed Service Provider (MSP) can help you maximize your use of contingent labor and oversee the management of a highly complex and fluid part of your organization’s workforce. The service offerings of an MSP are extensive and should always be tailored to your organization’s specific needs. With years of industry experience, the TCWGlobal MSP team has proven solutions to benefit your organization. 

The 5C’s of Contingent Workforce Management 

There are numerous benefits to utilizing a seasoned MSP provider such as TCWGlobal. In our experience, these benefits fall into five main categories, known as the 5C’s of contingent workforce management. An MSP solution should address each of these areas, though some may stand out as bigger pain points for your organization. 

#1 Centralization 

An MSP’s ability to utilize a true funnel model of communication and efficiency is crucial. On one end of the funnel is your organization—stakeholders, hiring managers, impacted departments—and on the other end are your suppliers and their services. The middle of the funnel is your TCWGlobal MSP, where all communication, workflows, and strategic management of your contingent workforce flow through. TCWGlobal uses a state-of-the-art vendor management solution, StaffingNation, to provide full visibility and transparency into your contingent workforce, as well as centralized timekeeping and invoicing processes for all your contingent suppliers. TCWGlobal becomes your one-stop shop for all contingent workforce matters, including supplier sourcing, consolidated invoicing, and reporting. 

#2 Compliance Standardization 

Without a strong MSP, an organization likely operates under different contractual terms with each supplier. This can mean varying billing rates, conversion terms, insurance coverage, or liability language for every supplier agreement, opening your organization to multiple levels of risk. A TCWGlobal MSP will work with your team to build a standardized contractual agreement for all your suppliers, providing consistency across your supplier portfolio. TCWGlobal also alleviates the supplier sourcing and contractual burden from your legal and procurement departments, further insulating your organization from risk in the contingent workforce space. 

#3 Consolidation 

Eliminate the tangled web of timekeeping and invoicing that causes friction across your organization. TCWGlobal MSP provides a consolidated timekeeping system used across your entire contingent workforce. This single, shared system is available to your contingent workers, managers, and finance departments, with robust reporting capabilities for full transparency into spending. Additionally, consolidated invoicing from a single partner replaces the dozens of invoice formats and delivery methods. A TCWGlobal MSP can turn a constant headache into a seamless process. 

#4 Customization 

Every organization is unique, and so should be the services and solutions you use. As an MSP provider, TCWGlobal tailors its service offerings and systems to meet your specific contingent workforce management requirements. We work across your organization to understand your business fully and build workflows that provide the best solutions for your success. Personalized services include robust API integrations from StaffingNation to your HRIS or provisioning systems and customized reporting, invoicing, and communications tailored specifically to your organization. 

#5 Cost Savings 

The cost impact of contingent labor is constantly evolving in today’s increasingly transient and remote business environment. Gone are the days when contingent labor was simply a cheaper option. Now more than ever, the benefit of a strong MSP like TCWGlobal to maximize your cost savings and cost avoidance in this space is paramount. TCWGlobal sets standardized billing rates across your supplier portfolio to ensure alignment with market value for the talent provided. Additionally, features like tenure, volume, and sourcing discounts help ensure the most efficient use of your contingent spend. 

Elevate Your Workforce with People-First Solutions 

Need help in understanding the contingent workforce space and how a VMS may be utilized by your organization? Reach out to our seasoned TCWGlobal Managed Service Provider (MSP) team to discuss today!