the situation.
With operations across nine countries and serving
18 industries, this global asset management firm relies
on a staff of more than 25,000 individuals, including a
contingent workforce of temporary workers, to respond
to changing business conditions and growing customer
demands. Faced with rising costs and an overwhelmed
HR department, the company recognized that an MSP
would offer a more strategic and cost-effective approach
to temporary labor engagement.
Under this new talent model, the company's talent
leaders hoped to gain greater visibility of its contingent
workforce to provide a better understanding of how
the company deploys this talent pool. Seeking to better
navigate complex labor legislation, the organization also
prioritized compliance initiatives.
Moreover, it wanted a solution that could easily expand
and evolve to meet additional demand for contingent
talent across the enterprise.
the solution.
After considering a number of providers, the company
found that Randstad Sourceright could provide the
expertise, industry know-how and technology to
meet current needs and serve as an ongoing partner
for future expansion of the MSP program. Since the
implementation began in 2015, the company has worked
with Randstad Sourceright to solve its recruitment
challenges and create a streamlined process for
managing contingent talent. Highlights include:
1. Enhanced value of spend.
One of the company's key reasons for adopting the
MSP is to optimize value from its contingent workforce
program. This is achieved through a number of
initiatives, including improving talent visibility and
streamlining processes. In addition, the two companies
work together to negotiate new supplier subcontractor
agreements, resulting in 2% savings based on total spend
across the company's Australia operations. Moreover, by
rationalizing the supplier network down to 23 suppliers,
the company has saved an additional 1.8%.
2. Compliant practices.
Through the MSP, the company benefits from
Randstad Sourceright's expertise on global contingent
talent regulations. For example, when Australia's Fair
Work Commission raised minimum wage rates,
Randstad Sourceright applied the necessary changes
to the company's vendor management system (VMS),
helping to support compliance.
3. Ongoing success and expansion.
Since the initial implementation in 2015, the MSP
has expanded to meet business requirements,
going beyond Australia and New Zealand to manage
contingent workers offshore. Other successes include
integrating with a payroll provider and implementing
hiring manager and worker satisfaction surveys.
4. Future plans.
As the company continues to benefit from its MSP, it
plans to further expand the program. Future initiatives
include the implementation of Randstad Sourceright's
TalentRadar predictive analytics technology and the
development of a rate card for harmonization and new
savings opportunities.
© Randstad Sourceright. 2018
human forward.
global asset management
firm adopts MSP
to gain workforce visibility and
improve compliance.
