In Part 1 of this two-part blog, we discussed the challenges facing higher education organizations and how solutions like employer of record (EOR) services can contain costs and increase operational efficiency when integrated into a comprehensive, workforce management program.
Another attractive solution for higher education leaders who are seeking to improve their workforce management strategy is the managed services program (MSP). For many colleges and universities, the human resources departments are already working at or near capacity in fulfilling the needs and requirements of the full-time workforce. In order to ensure the growing use and utilization of contingent labor does not become a drag on these resources and result in middling results for both full time and contingent workers, many schools are engaging the services of MSP providers to manage relationships with staffing suppliers and ensure tax, insurance and legal compliance.
Outsourcing the tasks associated with contingent workforce management to an MSP not only ensures in-house HR personnel stay focused on their primary roles, but also ensures efficient, effective management of the contingent workforce from sourcing through settlement and beyond.
For those organizations that intend to keep management in house, there are significant improvements that can be made to support smart workforce planning and management which keeps turnover and related costs low. Building effective retention plans helps minimize the costs associated with churn and turnover among any contingent workforce. For adjunct faculty, there are some higher education-specific best practice to weave into the workforce plans of higher ed operations. They all focus on providing workers with benefits like those provided the full timers. Whether it is access to professional development study tracks, involvement in academic freedom statements or other gestures to convey the value the institution places upon these contingent adjuncts, taking some steps to treat them as more similar than disparate can have profound consequences on retention and work output.
Educational institutions providing adjunct resources with a thorough orientation to the institution, its culture and practices; adequate training in fundamental teaching and classroom management skills; initial and ongoing professional development; a sense of belonging to the institution; and recognition for quality work that is perceived as appropriate enjoy greater levels of retention and reduced administrative costs associated with sourcing, onboarding, training and more.
Building rigorous new processes can be as difficult as selecting the right provider of the aforementioned services like EOR and MSP. Clients engaging nextSource to help build effective programs including (identification of and interaction with) appropriate solutions/providers of MSP and EOR services categorically report positive financial impacts. Through nextSource program administration, colleges and universities enjoy:
- Informed provider selection and implementation processes including data integration and workflows
- Gap analyses revealing weaknesses in the supply base
- Standardized job title and job description creation, enabling bill and markup rate analysis and management
- Improved markup analytics and increased visibility
- Decreased risk for IC misclassification and other tax/insurance/benefits administration claims
- Improved retention among adjunct instructors as well as IT resources
- Lower rates of turnover and higher overall satisfaction among non-employee resources
- Signification cost savings with numerous higher education clients saving $1 million to $3 million annually
Every higher education institution has its own unique business challenges and requirements as it pertains to workforce management. Designing and deploying the most effective contingent workforce management plan requires a high degree of experience and expertise. This is why experts recommend seeking the guidance of an experienced workforce management provider to help determine the most effective mix of strategy, technology and services. Contact nextSource today for help devising the right program for your college, university or school.
To read more on this subject, please visit our managed services program page. For assistance devising and deploying such legal agreements, turn to nextSource for expert guidance.