What Is An MSP?
A MANAGED SERVICE PROVIDER contract is a commitment by a recruitment firm to manage all of your recruitment requirements for a period of time. In addition to regular recruitment processes, this can also include reporting, tracking, onboarding, development planning and long-term scheduling.
WHEN Should You Consider an MSP?
If, for the foreseeable future, you need to fill, on average, two or more positions, an MSP will save you money and reduce commercial downtime.
WHY Should You Consider an MSP?
A rapid increase in recruitment without a consolidated plan produces poor results, typified by slow hiring processes and, critically, a reduction in retention rates. Every failed hire can result in up to six figures of wastage.
By Contrast, You Can Expect A Comprehensive MSP Contract To Result In…
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Reduced Commercial Downtime
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Reduced Cost-to-Hire
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Increased Retention Rates
Did You Know?
Contracting with more than one recruiter to handle an increase in hiring usually results in overlapping work and inconsistent quality standards. When desirable candidates are contacted multiple times about the same role by different recruiters, this has a negative impact on the company brand.
This damage often takes place without your knowledge.
What Are the Benefits of an MSP?
Reduced commercial downtime, reduced cost-to-hire and increased retention rate would, on their own, make MSPs the smart choice. But this is just the tip of the iceberg…
Recruitment Process Audits
A comprehensive survey of your current recruitment practices will identify the areas that will benefit most from modernization.
Attraction Strategies
Studying your long-term business plans and company culture allows for candidate strategies that enhance your brand and draw in the best talent.
Talent Pooling
When a recruitment campaign serves ALL of your hiring needs, rather than just one or a handful of roles, a pool of candidates can be gathered in a proactive – rather than reactive – manner, speeding up the process.
Objective and Scientific Assessment
Consistent analysis, comparing the required needs of the role with the traits of the candidate, increases the probability of higher individual and team performance.
Improved Interview-to-Offer Ratio
Comprehensive candidate assessments ensure you only spend time meeting with candidates that have a high likelihood of earning an offer.
New Employee Surveys
1, 3, 6 and 12-month feedback questionnaires provide invaluable data that can identify underperforming management and inform future hiring decisions.
Did You Know?
Free replacement policies are often offered for periods that are LESS than your average retention rate, rendering them pointless. A qualified MSP provider, on the other hand, can offer free replacement policies of up to 12 months, or even 24 months for senior roles.
An MSP effectively reverses your risk onto the recruitment provider.
How Does an MSP Work in Practice?
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A fact-finding process
We work to pin down your precise hiring needs and a realistic timetable.
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A recruitment strategy
Marketing that aligns with your brand – this will include, for instance, promotional videos, candidate briefing packs, and specific rules of engagement.
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Assessment of KPI results
We provide quarterly, bi-annual or annual basis. This ensure that your team of clinicians continue to thrive.
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A gradual transfer of workload
From your HR department to the recruitment firm. We become an extension of your team.
How Do I Select an MSP Provider?
Not all MSP providers are created equal. In the worst-case scenario, a recruitment firm may simply spread out your work among their team without creating any of the structure that is essential for providing consistent, high-level results.
You should expect a competent MSP program to include most, if not all, of the elements mentioned in this document, and more besides. For instance, Clinician Creation® method provides their MSP clients with access to a personalized candidate presentation system that ensures:
24-hour online access.
Comprehensive candidate job history and assessment results.
Video introductions and interviews.
Candidate comparisons to facilitate fast AND accurate decisions.
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Your Next Step…
Before you take a decision on the best hiring strategy for your firm, it’s important to establish…Inside, You’ll Discover
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Is an MSP contracting the right solution for your needs?
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And, if so, what MSP structure will best suit your individual requirements.
These are critical questions because an inappropriate setup can seriously impact your cost-to-hire and your ability to attract the best candidates. It may be, for instance, that a retained contract is sufficient for your needs. Or, if your expected growth is unusually high, a Master Vendor service may be more appropriate.
EliteMed Staffing is pleased to offer you a confidential assessment of your current recruitment strategy and your suitability for an MSP contract. This will include:
· An audit of your current recruitment processes.
· A financial breakdown of your direct and indirect costs.
· The MSP options that will best suit your requirements.
· The time and cost savings you can expect from each option.
· Recommended software for managing the MSP.
