Shivani Patel recruitment, Financial Services, digital...
1. Cost savings
Many organisations spend huge amounts of money on recruitment fees, advertising, internal recruitment teams, candidate database licenses and of course time. Get the right partner and there is no doubt of the huge cost savings to be had. A specialist MSP will use their expertise and market knowledge to effectively streamline your processes. They will manage your candidate sourcing and screening, reduce wastage by finding best fit talent, improve your hit ratios, and increase your candidate coverage all at a reduced fee for you but one that still guarantees them reward for their efforts.
2. Increased candidate quality
A standard client to multiple agency relationship (contingency recruitment) will often measure and evaluate the agencies’ effectiveness by monitoring CV:Interview ratios. However when you implement a successful MSP you should see a significant improvement in the CV:Acceptance ratio. As the MSP provider improves their understanding of your business and recruitment needs, it starts to live and breathe your values. This in turn allows them to target potential candidates better,
filter more effectively and ultimately significantly improve hit rates resulting in a higher calibre of candidate being secured for you.
3. Message to market
In theory the benefit of using multiple agencies should be a broad gateway to a larger candidate pool, but in reality that just isn’t the case. Candidate pools are finite and often formed of close knit networks. In a competitive hiring market, the ability to manage your company message, and to ensure that it is getting through to the right people in the right way is paramount – having an army of agencies all selling your business in their own unique way is impossible to control.
Likewise, the candidate experience throughout the hiring process is often over looked. Poor feedback, lack of information, badly constructed interviews –
any negativity will find its way back into the candidate pool and shrink future applications. A successful MSP will prevent this. They will present your business
to the right people in the right way, they will manage the whole process from start to finish, and they will ensure the candidate (regardless of the outcome) is positive about the process.
4. Time saving
A successful MSP solution will reduce time to hire by over 50%. A bold statement on its own but when you stop to think about what that means on a day to day basis then the benefits really are priceless. The MSP will manage the whole recruitment process, including other agencies (so no more sales calls, booking in interviews, chasing feedback etc.). The quality of candidates will increase (no more wasted interview hours) the process will be fully managed (no more no-shows, wrong locations etc.), offers will be accepted (no more “back to square one”). Add it all together and the gains are significant.
5. Technology & experience
The right MSP will offer you fully automated self-billing, smart phone timesheet authorisation, real-time online performance MI, a paperless contract chain, consolidated invoicing…. All these will become standard thus dramatically improving the communication and interaction experienced by your employees, and your contractors.
If you would like to improve any or all of these aspects of recruitment within your business, Vq MSP would be happy to discuss your specific requirements and devise a tailored solution for you.