Scorecards are a useful tool when measuring the quality and strength of your staffing suppliers. However, quality metrics can vary from one MSP to another and it can be difficult to know what to focus on. Here are the things you should include in your scorecard to ensure success.
“Rate your vendor partnerships and give then a total score so you can engage in the overall program service level agreements. Handle this quarterly and be sure to have the right key stakeholders in the room for guaranteed success!” says Sharon Tsao, CMO, Contemporary Staffing Solutions.
Cost Compliance
One of the main objectives of an MSP program is cost control. Therefore, it is critical to actually measure compliance with established rates. A scorecard should measure the percentage of placements that fall within maximum markup, and the percentage of placements made within the maximum bill rate.
Invoicing
Timely billing is important for budgeting and cost control. The scorecard should measure things like the ratio of timesheets entering invoiced status on time, and the percentage of timesheets submitted within three days of the workweek close.
Responsiveness
The percentage of job orders that a supplier receives and submits to are a crucial success metric. The scorecard should measure the percentage of orders a supplier submitted at least one candidate for and the average number of submittals per position.
Candidate Quality
Submissions are important, but they mean nothing if a supplier is just haphazardly choosing warm bodies. Scorecards should always measure things like ratio of submittals to interviews, interview-to-offer ratios, percentage of interview no-shows, percentage of new hire no-shows, and percentage of starts.
Talent Quality
A supplier isn’t doing the company much good if the quality of talent they submit is subpar. Always measure things like, performance in first 30 days, performance after 30 days, first month completion rate, percentage of performance-based terminations, average evaluation score of hires who complete their assignments,
Submission Speed
There is a direct correlation between the timing of a submission and candidate quality. You’ll often find that the vendors who submit first, submit the best candidates. Measure time to first submittal, first-day submittal ratios, ratio of first-day submittals to interviews.
Metrics like these will help measure the quality of your workforce suppliers. Working together to refine the relevant metrics for your company, you and your MSP can craft a scorecard that truly measures the quality and accuracy of your suppliers. A strong MSP will also suggest other quality metrics that are specific to your unique goals for your program.
“Your vendors should not always be submitting at the top of the bill range, they should accept and deny their interest in working on a role with urgency, and they should be sending candidates that show up on time consistently and get the work completed in the allotted time,” Says Stacie Bernek Rost, Sr. Program Manager, CSSvSource, a separate and independent company of Contemporary Staffing Solutions.
If you are ready to work with an experienced MSP with a proven track record of success and a commitment to service, the team at CSS vSource is here to help. Call us today at 856-222-0020 to learn more about the ways managed services can help you achieve your contingent hiring goals.