How MSPs are Harnessing Data to Enable Better Governance and Decision Making
How can you exploit the data created by your contingent workforce to drive better governance and decision making? MSPs (Managed Service Providers) might hold the answer.
Craving Data? You’re Not Alone
50% of industry experts believe data is critical to the future of hiring. That’s according to LinkedIN’s Global Recruiting Trends report. But consistent usage isn’t widespread.
It’s the BRIC nations that consider it most important: Brazil, India and China. Rapidly developing nations with vast populations and home to some of the world’s largest companies, it’s a telling insight. Germany and South East Asia follow, with the UK trailing.
According to the same report, the barriers to using data are: poor quality (42%), not sure where to get it (20%), too expensive (18%), and not sure how to use it (14%).
But with 69% of talent professionals believing data could elevate their position, how can HR leaders tap the statistical source?
MSPs: What’s Data Got to Do With It?
An MSP is a single engagement, multi-sourced model. It manages all your contractors and suppliers, taking end-to-end responsibility for your contingent workforce.
When run efficiently by experienced practitioners, a MSP reduces complexity and provides significant cost savings. It allows your staff to concentrate on their day jobs while providing you with ‘recruitment-as-a-service’ and delivering you the very best people for your roles.
Furnishing you with uniform governance structures as standard, it also introduces audits, reports and an application tracking system (ATS). It’s this combination of process, systems and dedicated resource that unlocks a company’s most powerful hiring asset. That’s data, if you’ve not been keeping up.
These instruments also remove many of the barriers to harnessing data, boosting its quality and relevance. MSPs are also notorious for cutting costs. And an experienced delivery team will demonstrate just how, where and when to use data. Let’s explore that now.
How MSPs Drive Better Governance and Decision Making
- Pinpoint Opportunities to Attract the Best Talent
Conversion rate is a data point you’ve probably got firmly under your belt. Basic and easy to track, it’s not here that an MSP delivers its magic.
But what if you’re limiting your access to talent by doing things the way they’ve always been done?
Are you hiring contractors when permanent staff would be better?
From requisition to start date, do you know where the process stalls or slows down?
What happens in the first 20 days of hiring a contractor? Can this be improved?
An MSP gives you the ability to objectively assess these situations and make recommendations based on fact, unlocking talent attraction and retention potential within your business, brand and process.
- Drive Diversity and Inclusion
Without proper insight and evidence, bias is a tricky beast to worm out. But data from your MSP can support your change journey.
Capable of monitoring aspects of diversity such as gender, ethnicity, religion, education and geography, an MSP can be the reliable gauge of change for an otherwise potentially abstract journey.
According to the 2018 Harvey Nash HR Survey, almost half of boards and HR directors are not happy with the progress of D&I within their organisations. An MSP can bring them evidence of improvement in this area or justification of spend.
- Deliver Data to the Boardroom Door
HR practitioners have well-honed gut instincts, but there’s nothing like hard evidence to cement your reputation for uncannily predicting the future.
The holistic use of data from an MSP can challenge and validate a multitude of situations. From time to hire to the impact of using technology in the interview process, it arms you with facts for every occasion. That 69% who believe data can elevate their position aren’t wrong. When this kind of data knocks on the boardroom door, it’s not long before you’ve earned HR a place at the table. For more information on how an MSP can deliver data and drive decision making within your organisation, contact Harvey Nash Recruitment Solutions.