21 Jun [Video] What is an MSP?
PrideOne Program Manager Matt Zasadinski discusses what an MSP is and why clients choose to outsource their sourcing.
An MSP or Managed Service Provider is a program that manages a company’s entire contingent worker population, from sourcing to onboarding and offboarding and everything in between. As it relates to what I do is, I am the program manager for the MSP at a regional bank in Connecticut.
For HR and procurement executives it’s beneficial to have an MSP in place just in terms of the substantial cost savings and having that peace of mind knowing that their contingent worker population is compliant with labor laws.
Some of the benefits of an MSP program are cost savings where the client will now know their total program spend for all of their contingent worker population and also markups, etc. Risk mitigation so now the client will have the peace of mind knowing that their contingent workforce is compliant with labor laws and policies. And also just reducing the administrative burden on HR and procurement and sourcing so now they won’t have to do their own sourcing – we can do it now using a stable of qualified vendors.