leading financial services firm fills 100% of contingent roles in EMEA through direct sourcing, supported by programmatic advertising
| 2 min read |
drive greater agility through a strong contingent workforce
This leading financial services firm has a sizable population of more than 1,700 contingent workers mainly in EMEA, and some in the U.S. and APAC. These professionals work in roles across customer services in the organization’s branch network and infrastructure positions, such as finance, legal, risk and IT compliance.
The bank sought to build great workforce agility by bringing contingent talent onboard more quickly. As financial services is a highly regulated and risk averse industry, compliance with all governance requirements is a top priority, as is enhancing the speed of talent delivery.
attract and engage talent using a strong company brand
To achieve this goal and strengthen its contingent workforce strategy, the company partnered with Randstad Sourceright on a managed services program (MSP) and transitioned more than 1,300 contingent workers from its previous suppliers to the new program.
Leveraging the company’s strong corporate and employer brand, and with the goal of enhancing the speed of talent delivery, the MSP developed a direct sourcing strategy to attract and engage contingent workers. For high-volume roles, such as call center positions and customer service representatives, the MSP has created branded talent pools and uses programmatic advertising to build a consistent pipeline of contractors.
Other recruitment technologies drive additional efficiencies. Video interviewing is used in the screening process to assess core behavioral competencies needed for the roles, while a chatbot has been implemented to provide answers to commonly asked questions, enhancing the candidate experience.
To ensure regulatory compliance, the MSP works closely with the company’s governance team. Apart from regular governance meetings and workshops to review compliance process flows, the MSP has also developed a risks and issues log to document any issues and the actions used to resolve the problems.
all contingent roles filled by direct sourcing
The direct sourcing strategy has proven to be a huge success. More than 600 contingent placements were made in Q4 2020 and 700 in Q1 2021, with 100% of roles in EMEA filled by direct sourcing. Time to offer in EMEA is 11 days on average.
The rapid delivery of talent has helped to bring greater workforce agility to the company and create cost savings with the reduction in agency usage.
The smooth recruitment process has also enhanced the talent experience. Contingent candidates rated their experience on average 4.1 out of 5, while 79% of hiring managers scored the experience at 8 or above out of 10.