Jake Ellis - 4 min read
3 Ways Analytics Drive Results in Contingent MSP Programs
Juggling a growing contingent workforce? Struggling to balance cost control with attracting top talent? You’re not alone. Many MSP programs turn ‘underwhelming’ after an encouraging honeymoon period. The latest generation of data analytics tools can help you to maximize your MSP partnership to get the best talent, control costs, boost compliance safeguarding, and maximize performance. Read this article to find out how.
The answer lies in data
Your future success starts with empowered decisions, fuelled by insights. Embracing data-driven insight allows you to unlock untapped potential from your MSP, turning it into a competitive advantage with three powerful tactics, powered by insights, to achieve real results:
- Smart Pricing: Discover the sweet spot for labor rates, attracting the perfect talent without breaking the bank. No more guesswork, just data-backed decisions that secure the right skills at the right cost.
- Real-Time Feedback: Ditch the clunky scorecards and embrace instant feedback loops. Get continuous insights into your MSP’s performance, allowing for course correction and improved collaboration in real-time.
- Forecasting the Future: Predict talent needs and resource gaps before they become roadblocks. Anticipate the market, plan your workforce strategically, and ensure seamless project execution with cost-effective precision.
Are you ready to transform your MSP partnership into a talent acquisition powerhouse?
Dive into these data-driven strategies and gain the knowledge and tools to navigate the contingent workforce landscape with confidence.
Smart Pricing with Labor Rate Optimization
The Achilles’ heel of many MSP programs? Labor rates. It’s a balancing act – pay too much and your budget groans, pay too little and you risk not being able to attract the top talent you need for your business. But fear not, data is your secret weapon.
Market benchmark data paints a clear picture of competitive rates for specific skill sets and locations. No more overpaying for common roles or undervaluing niche expertise. Every project has its own needs. Analyzing project requirements and historical data allows you to tailor rates for optimal cost-effectiveness. Think of it as crafting a bespoke suit for each engagement, ensuring you get the perfect fit without unnecessary fabric.
86% of CEOs believe AI will have a significant positive impact on their talent management strategies within the next 3 years. (PwC, 2023 Global Artificial Intelligence Study)
A labor marketing pricing index equips you with the knowledge to ditch guesswork and sculpt a pricing strategy as unique as your project needs. Market benchmarks paint a clear picture of competitive rates—comparing your local talent pool with those further afield—while project-specific analysis of your own data ensures you pay the ideal price for the skills you demand.
Real-Time Performance Feedback
Remember those clunky quarterly scorecards for your MSP? Delayed insights, limited impact – about as useful as a compass in a fog. Thankfully, modernizing data analytics platforms bring data-driven transparency is here, and your MSP performance is no longer shrouded in mystery.
Organizations with data-driven MSP partnerships achieve project goals 80% of the time compared to 55% with traditional scorecards. (McKinsey, 2022 Digital Infrastructure Survey)
Traditional supplier performance scorecards are like rear-view mirrors – they tell you how you did, but only after the fact. This can leave suppliers in the dark about their performance and hinder their ability to improve. However, new platforms like WRAP are changing the game.
- WRAP is a workplace scorecarding and supplier analytics platform that provides real-time feedback to suppliers, allowing them to course-correct and improve their performance.
- It acts as your personal price comparison tool, showcasing competitive labor rates across regions, job types, and experience levels.
- No more wondering if you’re overpaying, WRAP empowers you to negotiate with confidence.
- But it’s not just about costs. WRAP delves deeper, providing real-time performance feedback through workplace scorecarding and revealing exactly where your supplier and resourcing spend is going.
Businesses using real-time talent assessment tools within their MSP partnerships experience a 20% reduction in talent mismatch issues and a 12% increase in employee satisfaction. (Deloitte, 2023 Human Capital Trends Report)
This shift from post-mortem analysis to proactive guidance empowers suppliers to deliver better results for their clients, fostering stronger, more collaborative partnerships. Adopting a modern workforce insights platform like WRAP can transform your MSP relationship into a more dynamic and effective system, delivering the talent you need, the way you need it.
Forecasting the future with Predictive Analytics
Imagine a crystal ball for your talent needs. Analyze years of historical data from past projects, talent pool trends, and market fluctuations. AI models process all this information to provide clear insights about the future. This includes forecasting your talent needs well in advance, which means no more last-minute scrambling. You’ll be able to proactively source and secure top talent through your MSP.
Companies leveraging AI-powered collaborative planning with their MSPs report a 12% increase in overall satisfaction with their MSP partnerships. (Accenture, 2023 Future of Outsourcing Report)
AI-powered predictive analytics also helps you identify potential bottlenecks before they turn into major roadblocks. You can predict possible resource shortages and project issues, allowing you to adjust your MSP program, optimize resource allocation, and manage your talent more efficiently.
Organizations leveraging AI for workforce planning in collaboration with their MSPs experience a 30% reduction in talent mismatch issues. (Forrester, 2023 Predictions: Workforce Management)
With these insights, your contingent workforce planning becomes more effective. You can align your MSP partnership with your strategic talent goals, moving from reactive problem-solving to proactive precision.
Data-Driven Decisions, Talent-Powered Success
Investing in data analytics isn’t simply about numbers, it’s about priming your MSP partnership to deliver the talent you need, exactly when you need it. It’s about building a program that’s resilient, efficient, and future-ready.
- A data-driven strategy will transform your MSP partnership into a realizable asset for your business.
- Implementing smart pricing ensures you attract quality talent at sustainable costs. Real-time feedback allows for agile adjustments and fosters a culture of continuous improvement.
- Forecasting enables proactive planning, ensuring your workforce strategy aligns with future demands. The path to elevated performance and strategic talent acquisition is clear: informed decisions, guided by insights, are your key to success. Let data lead the way.
How to Leverage Analytics to Manage your Contingent Workforce Program
Feb 15, 2024 | Virtual Event
How Workspend’s WRAP Analytics Platform Drives Better MSP Outcomes
Feb 22, 2024 | Webinar
ProcureCon Contingent Staffing
April 03 – 05, 2024 | Live Event
More Events Coming Soon!
It's time to future-proof your talent management strategy. Join us on February 15, 2024 for an eye-opening virtual panel discussion on how to leverage analytics to manage your contingent workforce program.
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