As an MSP, securing and managing placements is core to your function. In pursuit of growth and profitability, you’ll likely want to secure large volumes of placements for multiple clients. It’s a sure way to increase income and ensure longevity. However, managing large placement volumes is no simple task without the right supporting tools.
Manual and siloed system stacks can cause non-compliance, longer time-to-hire, and human error. This can be incredibly disruptive to clients who, at this time of tough skill shortages, need a consistent flow of temporary workers to stay afloat.
It is essential that the time gap between hire and placement is as short as possible. On manual and complex processing systems, hirers may be left waiting for days or weeks, as data must be manually input, and inevitable human error resolved. Different data for varying purposes usually must be passed through several different systems and team members, meaning hirers lose both time and money.
With VMS, however, you can easily move a vacancy to placement, manage placements for the duration and conclude a placement with accurate invoicing. With a cloud-based system, you can obtain transparency, cost control and efficiency over the collective process.
This means you can spend more time collaborating with suppliers to secure more placements, rather than losing time to admin in managing existing ones.
Benefits of Managing Placements on VMS:
Transparency
Complex tech stacks silo data across multiple systems, requiring manual communications from team member to team member. You’re often left waiting for a telephone call or email to obtain updates which must then be manually input and shared.
Such low visibility can easily cause missing data and errors, risking your costs and compliance. Additionally, such long processing timelines often make info obsolete by the time the system is finally updated.
On a cloud-based VMS, you can access the system via a single log-in, along with your whole labour supply chain. Instead of manually copying data for each individual communication, all parties can view the same placement input online.
Any potential errors can be identified and rectified immediately, lowering disruption to core business and reducing the need for lengthy error resolution.
Cost Control
Disconnect between attendance and placement management systems can easily cause timesheet and invoicing errors and, ultimately—overspend. In low visibility manual tech stacks, errors as such often get lost in the crowd of disorganised and siloed data.
This means discrepancies often aren’t identified until timesheets are approved, and invoices paid. At which point, lengthy error resolution is deployed, delaying your client’s timeline, and impacting their profitability.
The right VMS should prevent timesheet creation until a placement has been confirmed on the system. This better ensures that worker data is both complete and correct, avoids compliance oversights and confirms rates and payment periods.
An optimal system will automatically carry over information such as rate, tax dedications and placement period to timesheets, lowering the need for repetitive admin and subsequent errors.
Efficiency
It’s essential that vacancy-to-placement, placement management and invoicing do not take time away from your client’s core business. In outsourcing their staffing program to you, the MSP, they expect both high-quality workers and efficient processing.
Long-winded, error-prone, and costly processes will severely damage your business relationships with them, as such inefficiencies can have a tangible impact on their profitability.
With an automation-enabled cloud-based VMS, you can speed up operations whilst simultaneously increasing accuracy. Unlike manual, multisystem tech stacks, data for each placement needs only entering once, then is automatically shared with all relevant parties immediately via the single-sign in.
This removes the need for repetitive admin and accelerates both vacancy-to-placement and placement-to-invoice with reduced human error.
In Conclusion…
At this tough time of skill shortages and inflated rates, clients are more reliant than ever on MSPs. Not only must you secure high-quality talent, but you must process and manage placements in the most cost-effective and streamlined way possible.
Adopting the right supporting tools is essential for delivering clients ROI. Inefficient tech stacks compromise placements; they increase time taken to secure them, give way to inaccurate data input and can directly cause overpayments. These are things which neither MSP nor client can afford.
With VMS, however, you can actively prevent this and ensure you add real value with your managed service. With this, you can ensure efficiency for your clients’ temporary staffing program, maintain your business relationships, and increase your long-term profitability.