The challenge:
Since 2015, Reed Talent Solutions has delivered a contractor managed service programme (MSP) for our client, a leading provider of consumer complaint resolution services across the financial sector.
Due to their challenging casework targets, the client needed to attract, select, and onboard high volumes of contractors – up to 550 in a single campaign.
Professionals in this field can be hard to source as the selection criteria is stringent, with a structured and lengthy recruitment process. Financial services level employment screening is also required across all the roles.
In addition, our client’s main location is in London Docklands, where there is significant competition from other financial services organisations that often offer enhanced pay rates.
These pay rate challenges, as well as factors such as IR35 legislation, Covid-19 and the trend towards remote working, meant that, at times, the client experienced challenges around attrition and retention.
The solution:
As part of the service transition, Reed Talent Solutions transferred around 350 contractors from the incumbent supplier within six weeks of the contract award.
At the same time, we delivered a campaign to source and onboard an extra 220 workers, with the first intake completed within four weeks of commencing the contract.
Under the service, that’s now in its third contract term with Reed Talent Solutions, we have gone on to deliver a series of high-volume campaigns, with workforce volumes peaking at over 1,000 contractors. Since 2015, casework projects have evolved from a PPI focus to also covering short term lending, packaged bank accounts, pensions investigations, investments, mortgages, and fraud.
We have also delivered continuous improvements to address employee value proposition and brand attraction, attrition, legislative change, and worker wellness. We were awarded the Candidate Experience Award at the Talint International Annual Recruitment Awards 2021 in recognition of this work.
For the duration of the contract, we have delivered 100% of the roles directly via our dedicated talent acquisition team, with client hiring managers and the contractor workforce supported by an onsite team of people partners.
Due to our close relationship with the client, a deep understanding of their requirements and our expert knowledge in sourcing and selecting workers with combined financial services and casework experience, we have delivered fulfilment rates in excess of 98 per cent and a high interview to offer rates – saving valuable time for hiring managers.
Our sister company, Reed Screening, has delivered financial services level background checks, with an average screening turnaround of eight days. This means we have been able to quickly onboard new workers, while ensuring 100% compliance across the workforce.
We have also delivered a wide range of change projects, continuous improvements and have presented creative solutions when faced with challenges, including the introduction of chatbots into the recruitment process, improving management information reports, the creation and staffing of a new office location, and the introduction of a technological onboarding and engagement application.
The results:
Since the start of the contract, we have provided 4,326 new starters.
In 2019, we recruited a total of 1,305 new contractors and supplied – on average – 1,084 contractors on assignment per month throughout the year. In every year of the contract, we have recruited at least an average of 425 people per month with that figure considerably higher in most years.
Through continual refinement of the recruitment process and profiling of successful candidates, we have become proficient in identifying the very best talent – not only with the most relevant experience, but with the perfect required values and personal attributes for the roles.
This has allowed us to make an impact on the interview-to-offer success rate, taking it from 28% at the point of contract commencement, to 70% for the most challenging of specialist pensions roles.
By creating and delivering a bespoke campaign plan for each intake of new starters, we have been able to accommodate any change in requirements with at least a 96% fill rate. We also work closely with the client to help deliver more resource when their workload peaks.
All fulfilment throughout the contract to date has been 100% delivered directly by Reed Talent Solutions.
Roles are recruited on a 12-month contract with the potential for them to be extended, and the current average length of assignment is 141 weeks with almost three-quarters (72%) of contractors being in their roles for more than 52 weeks. The average time a candidate stays within their role is 82 weeks.
Throughout the contract, Reed Talent Solutions has delivered cost savings, including:
Halving agency fee costs across the entire incumbent population
Introducing highly-competitive fees for new hires, with added savings delivered via contract renewals and tenure reductions
Reducing internal costs by supporting hiring managers with interviews, saving them time
Scaling down on dropouts by offering training and support, leading to a reduction in the recruitment costs of replacements
Maintaining worker population during casework peaks and troughs via headcount management and control of hours
Changing a ‘review of assignment’ process to improve worker performance, leading to a reduction of both the number of workers entering the process and of leavers
Matching and covering costs for the contractor population to attend events such as Christmas parties held for permanent staff
Find out more about our managed service programmes, or get in touch with one of our experts to talk through your needs.
