Banking and financial services leader fills key roles with a more agile approach, resulting in process improvement, greater visibility and significant cost savings.
| 4 min read |
evolve its talent strategy to meet demand for digital skills
As one of the largest commercial banks in Canada, the ability to attract top talent is key to supporting its rapid growth and digital evolution. Yet, with high demand for the best workers, especially in the tight talent market of Montreal, supplementing its full-time employees with qualified contingent staff to support its evolving needs proved to be difficult.
One of the challenges facing the bank was the need to keep up with the changing nature of its roles. These include positions in business intelligence, data analytics, data science and the digitization of the customer experience. Finding the right talent required a new way to source for these roles and a modern process to manage the entire contingent talent life cycle.
Although the bank had been leveraging a provider to assist its staff augmentation strategy, it realized the opportunity to create a more seamless, transparent and efficient process. Since there is a level of risk in working with contingent talent, the bank needed the right partner to support its strategy, while ensuring a compliant and cost-effective approach.
As the bank’s needs and the workforce continue to change, it sought a new way to optimize talent process flows. The company hoped to create the best configuration not just for the present, but to achieve a better future state as well.
The bank decided on a combination of the Fieldglass vendor management system (VMS), Ariba procure-to-pay system and Randstad Sourceright’s managed services program (MSP) for a complete, end-to-end approach to contingent talent management.
new technology and processes drive improvement
The first step in transforming the bank’s contingent talent strategy was to improve the way it pays these workers. The bank selected the Fieldglass VMS, and Randstad Sourceright managed the VMS implementation with Ariba P2P, its existing procure-to-pay system. This introduced greater end-to-end procurement visibility.
With the VMS in place, the bank has an exceptional system to optimize process flows and the right configuration for current and future business needs. And with Randstad Sourceright’s deep understanding of business transformation and strong partnership with Fieldglass, the bank benefits from the right support to introduce necessary changes and bring success. Through this solution, the bank is able to better manage the entire supply chain.
The bank was still challenged, however, on how to augment its full-time staff with right-fit contingent talent, and turned to Randstad Sourceright’s MSP talent advisors to introduce new ways to source for those roles.
With the MSP in place, the bank more effectively manages sourcing for staff augmentation, statement of work (SOW) and some permanent roles for its hard-to-fill technical and administrative positions. With growing demand for those highly specialized roles, the MSP is crucial in working with suppliers to identify individuals with the necessary skills to fill gaps among current employees.
The bank works closely with the MSP team, which sits onsite. Under this model, both partners can continuously collaborate and create a roadmap together. They also work together to test out new technologies and ensure a cohesive approach to fulfilling the bank’s talent needs today, while planning for the future.
reduced costs, improved visibility
By adopting a new VMS and MSP, the bank has a more streamlined, transparent and compliant way to augment its full-time staff with highly skilled contingent talent. One of the biggest improvements from these programs is the cost savings. In the first year alone, the bank estimates that it has saved over 8% on addressable spend, accounting for multiple millions of dollars in benefits.
Since implementing these two systems, the bank has made significant gains in process improvement, visibility, compliance and governance. For instance, the bank and Randstad Sourceright collaborated on upgrading scorecards for suppliers, to provide greater visibility into cycle time and how time-to-fill can be improved. The two organizations are also working with the Randstad Sourceright team to revamp its rate card for talent suppliers. This involves ensuring the right service level agreements and key performance indicators are in place so suppliers can be held accountable.
By leveraging its new systems to support its contingent talent strategy, the bank has experienced the benefits of modern, data-focused talent solutions. Based on this success, the bank is also considering how other technologies can further improve the way it finds the talent to drive its business forward.