• Managing the transfer of 133 incumbent contractors for an investment bank

Managing the transfer of 133 incumbent contractors for an investment bank

Our workforce management and payroll solution for an investment bank transferred 133 incumbent contractors in a seamless on-boarding experience.

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The Challenge

Manage the transfer of 133 incumbent contractors from 15 supplying agencies, ensuring a seamless on-boarding experience and minimising disruption to the workforce and the client

The bank had evolved from a preferred supplier arrangement to a managed service (MSP) programme which required the transfer of all incumbent contractors to our Workforce Management and Payroll solution.

The bank’s objective was to achieve significant cost savings but also achieve full visibility of the contractor population ahead of the IR35 changes in April 2020

The Solution

Our dedicated on site programme team managed a highly efficient and effective transition of the workforce providing face to face support to all 133 contractors
  • Seamless transition – All 133 contractors were met on an individual basis, onsite, guided through the new solution, the requirements for the transition and all relevant documentation was obtained
  • Agency management – Our supplier engagement team managed all negotiations with the 15 suppliers to transition their existing workforce to the Reed payroll solution. This included negotiations to sign the agencies up to the new MSP programme
  • Payroll – The bank operates monthly payroll for the contractor population and this was built and deployed on time to ensure 100% payroll compliance from Day 1, supported by the in house VMS

The Results

We completed the successful transition of the existing workforce to the payroll solution within a 6 week period including fully on-boarding the supply chain to deliver the MSP programme

We successfully transitioned the existing workforce to the payroll solution and on-boarded the supply chain to deliver the MSP programme;

  • We transitioned 133 contractors to the Reed payroll solution
  • We retained the supply chain for the new MSP programme
  • The full transition was managed with no disruption to business as usual
  • The client is now in a ready state for the IR35 changes in April 2020, with full visibility and minimal risk
Sector
Workforce Management & Payroll Solutions
Industry
Investment Banking
Results
  • 133 incumbent contractors transferred
  • 6 weeks transition from 15 supply agencies
  • Minimised disruption to workforce and client
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