Mid-Size American Bank with Locations Across the US Optimizes their Workforce through Direct Sourcing

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Industry

Financial Services

Number of Employees

1,47,000 employees

Company Revenue

$3 Trillion

Areas Served

50 countries

$1,50,000

Compliance program savings

$5.2 Million

Talent marketplace savings

$13.2 Million

Projected Workforce Optimization savings within 24 months

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 $150K. 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

1,47,000 employees

Company Revenue

$3 Trillion

Areas Served

50 countries

$1,50,000

Compliance program savings

$5.2 Million

Talent marketplace savings

$13.2 Million

Projected Workforce Optimization savings within 24 months

THE TEAM

MBO-Dawnette-C@2x.png

Vice President, Strategic Accounts

Dawnette oversees MBO's Financial Services vertical and is a passionate leader supporting the future of work.

THE TEAM

MBO-Dawnette-C@2x.png

Vice President, Strategic Accounts

Dawnette oversees MBO's Financial Services vertical and is a passionate leader supporting the future of work.

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