Case Study: Unlocking $10.8M in Savings through Innovative Contingent Workforce Solution

QUICK FACTS

CLIENT: Multinational Investment Bank

LOCATION: New York, St. Louis

TALENT SOLUTION: Contingent Workforce Management

CHALLENGES:

• Agency dependency
• Decentralized vendor model

RESULTS:

• Contingent workforce solution saves client $10.8m
  
  
  

Background

The North American arm of a multinational banking and financial services company was seeking a more efficient—and cost-effective—way to manage their contractor population. ​

Before LevelUP’s engagement, the company relied solely on agencies to fill most open positions with little oversight – leaving them at the whim of mark-up fees and market challenges. Business units had free reign to choose their vendor, making it difficult to evaluate vendor performance. 

Approach

Launched consultant program to support recruitment, onboarding, ongoing management, and offboarding of temps, consultants, and vendors.​

Developed a vendor agreement that would be standard across all business units to effectively measure performance and value.​

Maximum mark ups implemented to ensure costs stayed within reason

Impact

• 95% Acceptance rate
• 78% Retention rate (higher than industry average*)
• 19 Day average time to select candidates
• $1.7m Annual cost savings