Managed Service Provider (MSP) Glossary & Terms

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3/1/2011 9:00 AM

Managed Service Provider (MSP) Industry Terms & Definitions (excerpted with permission from HRO Today's May 2012 MSP Executive Guide, which Staff Management | SMX is a contributor to).

Bill Rate Management:

Percentage of savings generated by new placements below the "not to exceed" billing rate.

Client:

Company who has implemented (or is in the process of evaluating) an outsourced solution for the overall management of a contingent workforce.

Contingent Worker or Contingent Labor:

Resources who accept assignments to be performed on a contingent or contractual basis. Contingent workers may also be defined as temporary workers ("temps"), contractors, and/or consultants.

Contingent Workforce Management:

Management of the requisition, sourcing, evaluation, engagement, oversight and payment processes for a contingent workforce. Duties may also include quality and performance management of workforce suppliers.

Contingent Workforce Services:

The use and/or engagement of resources on a contingent or contractual basis by a client. Contingent workers may also be defined as temporary workers ("temps"), contractors, and/or consultants. Typically these services are engaged on a time and material basis (i.e. hourly rate, daily rate, etc.).

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