Talent acquisition leaders must proactively identify MSP-related cost savings, but the real challenge is deciding what to do with those savings. Taking control of financial health is a must for any company. During prosperous times, reinvesting into the business can be beneficial – thinking about which projects would bring the most value and ROI, helping reduce future costs while taking advantage of automation and technological advances.
It’s not enough to pocket the extra cash – businesses need to understand how to reinvest these monies into attracting and retaining top talent. To do this effectively requires creating a redistribution plan with actionable long-term growth strategies. Your business has unique needs and challenges. An MSP can provide valuable insights and recommendations into how to reinvest programme cost savings for maximum business impact. By partnering with an MSP, you can leverage these insights to make informed decisions about allocating resources and improving your talent acquisition long-term.
Here are some effective strategies for reinvesting MSP cost savings while maximising the benefit they provide:
Closing talent gaps with up- and reskilling initiatives
Reinvesting MSP cost savings in upskilling and reskilling programmes is a great way to fill talent gaps and boost worker retention rates. According to PWC, 60% of workers still do not see any upskilling or reskilling initiatives at their company. HR and talent acquisition leaders must address this issue by intentionally supporting workers’ growth and development in their current roles. Many online learning platforms are equipped with analytic-backed insights dashboards to help with skills evaluation, allowing you to invest your cost savings into targeted upskilling opportunities strategically.
Reskilling is an essential tool for companies looking for “quiet hiring” opportunities, organically filling skill gaps by reassigning current workers to other teams without incurring the cost of recruiting new talent. This skills-first strategy creates a significantly more robust talent pipeline. Additionally, companies can invest in a comprehensive internal advancement programme to identify and upskill high-potential workers. For example, a probationary period can be an excellent way for consultants to transition into project managers, giving them a higher pay scale and the opportunity to learn and grow their leadership capability in real-time. Even if the worker does not meet expectations, they can return to their previous consulting role, with the extra income realised during their probationary period an added training bonus.
Upgraded Employer Value Proposition (EVP)
In today’s working world, EVP is critical for attraction and retention. Employers can utilise the savings from an MSP programme to attract future talent by investing more resources into Employer Value Proposition initiatives (EVP), such as virtual job fairs or career development workshops at local colleges and universities. These activities will give you access to top young talent and demonstrate a commitment towards candidate engagement.
The cost associated with an EVP upgrade is relatively minor compared to traditional talent recruitment methods. Any savings can be reallocated to improving your talent attraction and onboarding strategy. By offering new workers branded swag as a part of an enhanced onboarding process, you can quickly create a network of loyal brand ambassadors. This simple gesture will provide your new hires with the tools necessary to amplify their presence on social media and allow them to feel supported and seen in their roles from day one.
A mobile candidate experience
Candidates want a seamless and easy-to-use application process that they can complete on the go. Job seekers increasingly use their mobile devices to search for jobs and apply for positions. Relying on an outdated application system that doesn’t work well on mobile can discourage candidates from applying and lead to a poor candidate experience.
Reinvesting your MSP cost savings into recruitment technology that is accessible and convenient with a mobile-first approach increases your chances of attracting new talent and creating meaningful connections with potential candidates. This ultimately benefits you and the candidate, leading to better matches between job openings and qualified candidates.
Perks and benefits
Candidates seek flexibility and the opportunity to travel and work on “cool” projects. Employers are increasingly reinvesting cost savings into relocation services for new hires, allowing them to work at their chosen location.
For example, eager applicants can be hired at a reasonable salary but with additional perks like a healthy stipend for relocation if the candidate is ready for a change of pace or wants to explore a new city. Imagine the ROI when brand new employee tweets or posts on LinkedIn about how grateful they are that your organisation helped relocate their entire family to a new city with a lower cost of living and better quality of life. This will reduce turnover and cost of replacement and help drive down attrition.
Diversity, equity, and inclusion
Investing in emerging diverse suppliers through an MSP programme is a great way to add value to your procurement process, become an employer of choice with key stakeholders and support local minority-owned businesses. A well-structured plan should define who these suppliers are and how exactly cost savings can be diverted directly into growing your network of diverse suppliers.
Businesses with diverse suppliers can increase their growth potential by providing more opportunities to source talent from overseas and niche markets. Investing in diverse suppliers also helps increase diversity throughout your organisation, creating a more inclusive and equitable workplace for all employees. An MSP can help determine how to best work with diverse suppliers, rerouting % of spend and ensuring accountability of all stakeholders for beneficial outcomes.
Streamlining costs with an MSP is a great way to create savings that can be reinvested into future workforce planning. Because assembling the different components of this type of reinvestment strategy can be complex, partnering with Pontoon’s MSP provides you with the right resources and support for achieving equitable results. For more details on our MSP offering, check out our website.