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SITUATION
Enhanced Productivity and Satisfaction Via Direct Sourcing
A mid-size American bank with locations across the United States was looking for a way to avoid costly markups and lengthy fill times from staffing firms and third-party suppliers. They also wanted to develop a compliance program for their independent workforce population. The bank chose to work with MBO Partners to build a compliance program and create a technology-driven direct sourcing system for contingent talent.
GATE
After just one year of direct sourcing through their talent marketplace, the bank created a network in which 33% of their total requisitions are filled via directly sourced talent.
SOLUTION
Beyond Baseline Compliance
MBO worked closely with program sponsors at the bank who were highly invested in the process and had a good understanding of direct sourcing. MBO began by establishing a baseline compliance program and then deployed a talent marketplace to help manage the client's repository of top-tier consultants interested in contracting roles.
Here's how we did it:
Phase I: Established a Baseline Compliance Program
- Creating a baseline compliance program prepared the bank to mitigate risks they may encounter down the road, and ensured they could properly engage independent contractors from a variety of backgrounds. The program uses a dynamic, audit-ready compliance rubric that is aligned to the changing regulatory climate.
Phase II: Realized Cost Savings by Direct Sourcing through a Talent Marketplace
- MBO Partners deployed a talent marketplace, which allowed the bank to the aggregate talent they had worked with before to quickly and easily redeploy them when needed. This helped them flatten their service supply chain, realize cost savings, and promote their brand among top talent.
- Strong client partnerships and senior management buy-in were integral to the program's success.
- As their direct sourcing program expands, the bank plans to fill more internal roles with independent talent. This will provide them with a scalable, efficient workforce to meet their short-term and long-term needs.
RESULTS
The Road to Workforce Optimization through Direct Sourcing Success
Developing a baseline compliance program saved the bank $1.5M. By engaging more independent talent through direct sourcing, they saved an additional $5.2M. Today, more than 1,600 individuals are in the bank's talent network and available for hiring managers to utilize. After just one year of direct sourcing through their talent marketplace, the bank created a network in which 33% of their total requisitions are filled via directly sourced talent. Looking ahead to the future, projected cost savings are $13.2M as more full-time roles are converted to independent roles.
Industry
Financial Services
Number of Employees
30,000 employees
Company Revenue
$45 Billion
Areas Served
50 countries
$1,500,000
Compliance program savings
$5.2 Million
Talent marketplace savings
$13.2 Million
Projected Workforce Optimization savings within 24 months
THE TEAM
Jenna has successfully worked with a number of clients in various industries and has gained an in-depth understanding of their needs so that MBO can help them meet their business requirements and goals.
THE TEAM
Vice President, Enterprise Solutions
Jenna has successfully worked with a number of clients in various industries and has gained an in-depth understanding of their needs so that MBO can help them meet their business requirements and goals.
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