MSP case study: filling contingent roles faster with leading-edge talent marketing strategies.
Innovative talent engagement strategies, driven by just-in-time CRM content, help leading financial services firm hire more than 1,000 contingent workers in one year
the value of a strong contingent workforce
As a leading financial services firm, this company often relies on contract workers who can be deployed according to changing business needs and priorities. This is especially true for its high-volume customer support positions as well as network and infrastructure roles in finance, legal, risk and IT compliance.
But for its contingent talent strategy to be more successful, the company recognized an opportunity to be more proactive in how it engages with prospective talent — from finding new ways to reach candidates to convincing them why they should pursue opportunities in the financial services industry. At the same time, as financial services is a highly regulated and risk-averse industry, compliance with all governance requirements is always a top priority.
Overall, the company wanted to implement a more efficient way to ensure potential workers are already vetted and ready to be deployed as soon as they are needed. Being able to create extensive talent pools from which it could directly source professionals would provide the agility to do just that.
attract and engage talent by reaching them where they are
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.
But transitioning already engaged talent was just the start — another priority was to bring in more qualified individuals to create an even stronger talent pipeline. As part of the MSP, the company positions its well-known corporate brand through direct sourcing to attract and engage contingent workers. For high-volume roles, such as call center positions and customer service representatives, this involves creating branded talent pools and using programmatic advertising to build a consistent pipeline of contractors.
The company also relies on an innovative talent marketing approach to attract new candidates and encourage them to apply and register for its talent pools. Strategies include a comprehensive media campaign that engages and attracts new talent using messaging that focuses on how they will play a role in redefining the finance industry. The campaign uses historical time-to-offer data and a dashboard to identify the best media channels for each location and get advertising out to market quickly.
Also critical to the program is Randstad Sourceright’s proprietary candidate relationship management (CRM) platform, which engages, nurtures and converts applications from candidates who are signed up to dedicated talent pools. Instant job notifications and just-in-time messages that guide talent through the recruitment process help to convert candidates to offer 50% faster than via advertising alone, saving the organization nearly £40k advertising spend year-over-year.
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 provides 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 quickly resolve problems.
elevated contingent hiring, greater talent satisfaction
The new talent marketing strategy has proven to be a huge success, with 90% of roles brought in through talent marketing efforts. Additionally, the company has expanded its talent pools to include over 33,000 professionals who are already vetted, giving recruiters direct access to qualified professionals as soon as stakeholders need projects completed.
Overall, the rapid delivery of qualified talent has helped the company achieve greater workforce agility to meet shifting demands for its high-volume, high-demand roles, with an average time to offer of just 15 days. It also provides individuals contingent talent with an enhanced experience, achieving a 4.1 out of 5 candidate satisfaction rating.