Fortune 500 Financial Services Provider: Implementing an Elastic Contingent Talent Strategy Saved $5.2M

A top Fortune 500 financial services company based in the Midwest was struggling to contain their contingent worker spend. Their Procurement department had the additional responsibility of managing the entire independent talent program – from handling SOWs and contracting to vetting and onboarding – while supervising costly third-party staffing providers.

When a company-wide initiative to cut costs rolled out, the potential for increased legal risk and the evident administrative strain signaled that it was time to reorganize. They decided to shift from a traditional staffing provider model to engage a workforce management partner with the knowledge and experience to evaluate, optimize and seamlessly take on their independent talent program end-to-end.

GATE

With the comprehensive direct sourcing solution in place since 2017, the company has

• realized more than $800,000 in savings per year, gaining velocity with $1.9 million saved in 2022 alone, for a total of $5.2 million saved to date;
• scaled both the size and the value of their contingent workforce from $8M to $17M over the past 5 years;
• currently employs an average of 415 independent contractors on a weekly basis.

The company credits MBO’s elastic talent strategy and platform for their success navigating the disruption and budget cuts brought by COVID-19. With their remote-friendly cloud-based platform in place they were equipped to cost-effectively identify, predict and strategically adapt to rapid changes and champion a new way of working. Their annual savings more than doubled in post-COVID 2022.