Our client, an international investment bank based in the City of London, went out to market to procure a new managed service and recruitment process outsourcing (RPO) programme.
Their London office is governed heavily by their European headquarters in terms of policy, procedure, processes, and IT systems. They have a niche IT skills requirement, with some of the skill sets they require being incredibly rare and only a handful of UK contractors being experts in that space.
With no existing programme in place, our client had several challenges to address.
There was an existing preferred supplier list (PSL) of agencies. However, there was no governance around their performance and a number had been dormant for a while.
This PSL resulted in over 40 invoices being submitted to finance every week, all in different formats and containing lots of errors. This resulted in payment issues for both the agencies and the contractors.
There were no agreed fee structures in place, resulting in significant high charges being made, a lack of control for budgeting purposes and zero transparency of expenditure.
Furthermore, there was no agreed rate card for contractors.
It was recognised that there were also limited processes and governance of agency workers regulations (AWR), as well as inconsistency around checks for insurance, creditworthiness and background screening.
Our client wanted to have one provider managing all their recruitment requirements. To achieve this goal, they needed to transfer all their incumbent contractors via agencies.
This was complicated further by the fact there were no contractual agreements in place, meaning that without a transfer fee, this was deemed as high risk from a business continuity perspective.
There was also a nervousness from hiring managers that they would lose contact with their favoured recruitment agencies, which they feared would have a detrimental impact on candidate sourcing.
All of this came against the challenge of having to use and integrate multiple tech systems throughout the recruitment process.
Following a competitive tender, Reed Talent Solutions was invited to attend a number of solutioning sessions so we could understand the complexities behind the clients’ technology stack in place and the processes that could not be deviated from.
Using the knowledge and experience available within our team we were able to identify a number of viable work arounds to ensure a seamless end-to-end process, while being able to meet the service, cost savings and value-added initiatives proposed in our bid.
As a result of this work, we were awarded a five-year contract for a total talent programme comprising direct hiring for permanent staff, a contingent hiring managed service programme (MSP), referral management, internal and international mobility intern and graduate recruitment, as well as pre-employment screening and payroll.
The service included an onsite team embedded within the client’s human resources team in London.
In order to be in a position to attract the required niche IT skills, Reed Talent Solutions engaged heavily with the hiring community to understand their requirements.
We worked to research the skills required and to create talent networks and suitable sourcing channels.
As a result, our source mix for these skills now stands at over 80% direct sourcing, and we continue to engage with our preferred supplier panel when necessary to ensure our client has access to the right skills market.
We were able to adopt and integrate the client’s multiple processes and systems. Over the last three years, we have worked collaboratively to improve these processes and create efficiencies, including conducting a Lean Six Sigma review with recommended outcomes.
Due to governance, there has been no change to the overarching tech stack, however, the process has been fine-tuned.
Our experts also created a robust process to sign up consultancies using our services procurement solution, enabling access to scarce talent not typically recruited through an MSP or agency route, as well as achieving transparency of fees, and robust adherence to compliance.
The implementation of our product was completed within an agreed 12-week timescale.
This included the seamless transfer of around 150 contractors from across 20 specialist suppliers.
No supplier transfer fees were charged to either Reed Talent Solutions or our client, and relationships were maintained with all necessary suppliers on our new supplier panel.
The benefits of the new services to the client included:
A centralised team embedded in the client’s HR functions enabling true collaboration.
A dedicated team, providing a high-touch service to hiring managers, candidates and suppliers where necessary.
Proactive talent attraction activities such as career fairs hosted in the top 30 universities to attract emerging talent and increase brand awareness of an overseas bank in the UK.
Harmony of contractor pay rates.
Training on hiring manager best practice to ensure interview processes are objective, measured and non-biased.
Input, and management of, the client’s employee value proposition.
Consistent candidate experience during the recruitment cycle.
The introduction of robust supply chain governance policies to minimise exposure.
An equality, diversity, inclusion, and belonging (EDIB) audit and recommendations to ensure the client remained appealing to a diverse talent pool.
Governance over screening process, including any hires via consultancies through a services procurement arrangement.
Cost savings of over two point three million pounds to date.
Reed Talent Solutions now has a solid relationship with senior stakeholders at our client organisation, with frequent dialogue and feedback in place.
This has enabled us to work collaboratively to evolve the service we offer.
We take on a governance role for the client, and every action is performed with their brand and reputation at the centre. We ensure they are legally compliant and are viewed as a great employer in the London marketplace.
Saved£2.3mfor the client
Find out more about our recruitment process outsourcing solutions and managed service programmes, or get in touch with one of our experts to talk through your needs.