What does MSP mean in business?
In a business context, MSP (Managed Service Provider) represents a strategic shift from transactional hiring to a managed, holistic approach to talent. According to TRS Workforce Solutions, an MSP is an external partner that helps medium and large organisations manage their external workforce effectively.
As the global managed services market grows toward hundreds of billions of dollars, businesses are increasingly using MSPs to gain "lean cost" supply for their projects.
For a business, an MSP means having a dedicated partner to transfer workforce risks, such as compliance and payroll liabilities, away from the internal HR department. It provides business leaders with real-time dashboards and analytics to track productivity and ROI, ensuring that their investment in temporary talent is measurable and aligned with overall corporate goals.