a leading investment management company embraces innovation and uses integrated MSP to fill critical customer service roles in the U.S.
| 4 min read |
limited local talent pools create sourcing difficulties
One of the world's largest investment management companies needs high quality customer service staff for its call centers. Historically, the majority of these hires were permanent staff members, however, in 2019 they began to find it more difficult to keep up with the increased volume and pace required when sourcing permanent talent for these roles.
The challenge of finding talent in a competitive market started to have a negative impact on the company’s customer experience, due to very long hold times.
Before COVID-19, hiring was limited to three locations in the U.S., with all roles based onsite. Locally, the client faced fierce competition for similar talent.
To bring in high quality talent, the client embraced an innovative approach to the talent shortage by calling on its integrated managed services program (MSP) for support.
integrated MSP quickly delivers high quality talent
The financial services organization already had a strong partnership in place with Randstad Sourceright, spanning 20 years. Together, the firm and its managed services provider developed a joint workforce strategy, using its existing MSP solution to move some permanent roles to contingent.
The integrated MSP managed the full life cycle of the recruitment process, including sourcing, screening, interviewing and onboarding. As experts in contingent recruitment, the MSP plugged into a well-developed talent network to access the right contractors, freelancers and contingent staff, creating a talent pipeline to fill these critical roles quickly.
Building upon a long-term relationship with the client and an understanding of the required skills, the MSP’s recruiters were able to identify suitable candidates from outside call center talent pools. These contingent hires performed exceptionally well, with a very high number passing the exam to gain formal certification for the role. This success led to the expansion of the program, with more permanent roles converted to contingent.
As a result of COVID-19, more than 800 contractors were quickly transitioned to remote work environments. Through this successful transition and ongoing management of the remote workforce by the MSP, the company realized how it could further benefit by opening up its talent pool and recruiting talent that would work remotely, without sacrificing quality in customer service.
Recruitment technology to source, screen and interview high volumes served as a key component in the success of the program as well. The technology allowed the recruiters to interview more candidates more quickly, reducing time to hire even further.
managing a bespoke intern program
Another part of the integrated MSP support of intern placements. The interns are sourced by the client, but the Randstad Sourceright team looks after the students through the entire program — from recruitment and background checks, to managing the orientation and running payroll.
The interns receive a very high level of service throughout the program, including support on day-to-day issues, such as housing and their taxes. A specially designed microsite serves as a go-to source to help interns through their placements.
The intern program gained greater visibility with the introduction of a new vendor management system (VMS) in 2019. This gave the client even deeper insights and the ability to comprehensively track and manage the program.
a cost saving strategy delivers results
After a 20 year relationship, the financial services company is still benefiting from high quality talent solutions and cost savings. In 2020, through the integrated MSP, the financial services organization achieved 20% cost avoidance.
The program also grew significantly from 975 contingent placements in 2019 to 1,300 placements 2020, which includes 800 high volume placements. High-volume call center roles achieved a 81% retention, exceeding industry averages of 70%, even during a time when ContactBabel reports 34% of financial call centers have reported a sharp decrease in retention.
The integrated MSP has also helped the company achieve its business goal of increasing use of diverse suppliers. Total spend with diverse suppliers has grown to 23% in 2020, up from 13% in 2019.