MSP case study: financial data company achieves $546.5K in savings and 100% direct delivery.
Talent intelligence solves talent scarcity and workforce visibility challenges, accelerates hiring
client
global data security and financial servicescompany goals/challenges
Facing talent scarcity and increased security risks, the company wanted to transform its contingent workforce management to enhance visibility, reduce costs and accelerate hiring at its Australia and New Zealand locations.solution
A managed services program (MSP) was implemented to drive the end-to-end contingent workforce process, including a dedicated onsite team, comprehensive talent intelligence, and the integration of robust digital tools.key results
Through MSP, the company achieved $546.5K AUD in savings, 100% direct fill and a 16-day time to hire, all while enhancing compliance.
increasing risks drive the need for transformation
Data insights drive big decisions, especially financial ones. That’s why life’s pivotal moments — like buying a home or growing a business — lead people and organizations worldwide to rely on this global data intelligence company. Yet, at the height of the pandemic, the company was facing challenges with contingent workforce management in its Australia and New Zealand locations.
While the company relied on outsourcing, especially for niche technology roles, its decentralized approach was proving to be unwieldy. First, it lacked control mechanisms to provide visibility into their holistic workforce management. This meant there was no single source to monitor and pull comprehensive reports on who the contractors were, who was employed through each supplier, and what the bill rates and costs were.
At the same time, the company lacked controls around security clearance; it was unable to pull comprehensive reports on security requirements for each role and the status of background verification checks, IT access and other security protocols, introducing elevated risk. For a data security company in a high-risk sector, the need for comprehensive reporting was paramount, especially when data breaches and cybersecurity attacks are on the rise.
Yet, there were other challenges. For example, talent scarcity was a growing concern and filling contingent customer service roles took too long and resulted in multiple rejected offers. This caused frustration, stress and anxiety for hiring managers and existing team members.
To address growing concerns, overhauling the company’s contingent workforce management became a top priority.
talent data helps transform contingent talent strategy
For a world-leading data intelligence company, data-driven solutions were a must. Tasked with transforming its contingent workforce management process, the company engaged Randstad Sourceright to implement MSP.
MSP is a holistic, people-centric and technology-driven solution that provides a centralized resource and point of contact to drive end-to-end contingent workforce management. The entire solution is powered by a dedicated onsite team and deep technical expertise to ensure industry-leading results. At every step, the delivery team focuses on reducing time to fill, proactively creating talent communities and identifying opportunities to scale the program to professional services and statement of work (SOW) engagements as needed.
In this case, MSP was used to manage the company’s outsourced IT and non-technical roles, leveraging data and talent intelligence to make data-driven decisions. For example, when there is a position to fill, MSP finds the candidate to fill the vacancy and eliminates the need for an outside agency to increase efficiencies, reduce costs and accelerate time to hire.
Getting started, the MSP evaluates the competitive landscape, conducting data analysis across market supply and demand, market rates, employer brand reputation and feedback from actively engaged candidates. In this case, the findings were clear; more competitive compensation and engagement rates were essential. With the support of finance and HR, pay rate increases and longer-term contracts were approved.
Sophisticated digital reporting tools are implemented to provide comprehensive live reporting and data-driven decisions, giving the company full visibility from a single source for the first time. Digital tools also improve sourcing for local and global HR, finance and procurement, enable auditing and visibility into spend and operations, and include an integrated TalentRadar dashboard for reporting and benchmarking.
For hiring managers, the integration of Fieldglass with Workday (WD) and Oracle Time and Labor (OTL) simplifies tracking and managing employee time while providing a single timesheet record. The digital solutions also enable inbuilt functionality to expand to professional services and SOW workers. Overall, the solutions help save time, reduce workload and improve efficiencies for hiring managers.
The program also includes resources to improve operational performance and enhance the people experience. For hiring managers, reference guides, interview guides and satisfaction surveys are created to ensure clarity, consistency and efficiency. For contingent workers, a reward and recognition program and referral program is created to increase talent attraction, engagement and retention.
For leadership, MSP provides market insights for each role, as well as proactive communication on wins and challenges. This helps hiring managers, procurement, finance and HR to improve productivity and performance on an ongoing basis.
savings, compliance and game-changing results
Through a holistic transformation led by a dedicated onsite team, MSP, supported by talent intelligence and digital tools, is driving game-changing results.
Within the program’s first two years, the company has achieved $546.5K AUD in savings, 100% direct fill and a 16-day time to hire, all while enabling 100% program compliance in a highly regulated sector.
Additionally, in its first five months alone, rejection rates dropped to just 30%. The program has also driven hiring manager satisfaction and contractor satisfaction, while the number of contract-to-permanent roles filled has grown to 15%, demonstrating MSP’s effectiveness in sourcing top talent as well.
With comprehensive visibility, the company has vastly improved its ability to find the right skills at the right time while managing costs, accelerating time to hire and elevating the people experience.