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

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Quick Facts

CLIENT
Multinational Investment Bank
 
LOCATION
New York, St. Louis
 
TALENT SOLUTION
Contingent Workforce Management
 
KEY CHALLENGES
  • Agency dependency
  • Decentralized vendor model

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

Developed a Consultant Program

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

Standardize Vendor Agreements

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

Enforce Maximum Mark-ups

Maximum mark ups implemented to ensure costs stayed within reason

Program Impact

  • 95% Acceptance Rate
  • 78% Retention Rate*
  • 19-Day Average Time to Select Candidates
  • $10.8M in Cost Savings Over Program Lifetime

*Exceeding industry averages for Business and Financial Operations and IT/Technical roles

 

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