Resource Origin: OnContracting
“What is a Managed Service Provider (MSP) and Vendor Management System (VMS) in temp staffing? If you work as a recruiter, contractor or hiring manager in staffing, you are bound to come across these terms. This article is meant to be a primer.
DEFINITION
A Managed Service Provider (MSP) is an outsourced agency that manages the contingent worker program (temporary staffing) of a client company (typically a Fortune 1000 company like Coca Cola or Citibank) by managing its preferred staffing agencies. It consists of a team of program managers and coordinators that help the client company source and manage temporary workers from their preferred staffing agencies.
PS: The term MSP is also used in other fields which leads to confusion. For example- Some companies that outsource a significant portion of their IT and support operations to an outsourced provider also call those agencies an MSP.
A Vendor Management System (VMS) is merely the software/website that the client company purchases or licenses to enable the MSP to run the contingent worker program by allowing all transactions to happen online. This involves distribution of temp requirements (reqs) to staffing agencies, collection of candidate submissions, interview scheduling and coordination, job offers, billing and timecards, etc…”
Original Source: https://www.oncontracting.com/article/what-is-msp-vms-in-temp-staffing.html
Contributors: Open SourceCategories: Industry Articles, SIG U Resource
SRC Type: Sourcing Management