How Workforce Consultancy saved a leading financial services client 23% on its contingent labour spend
Resource Solutions worked with a multinational financial services and asset management company to reduce their contingent worker spend, by providing 25 consultants including Senior Project Managers, Business Analysts, and PMOs to their projects and program delivery teams.
The company’s strategic shift to a Workforce Consultancy model delivered considerable cost savings of £730,000 per annum against standard contractor rates, without compromising on high standards and performance.
The client is one of the UK’s leading financial services groups with nearly 12,000 employees and over £1.2 trillion in total assets under management.
In April 2022, they required 25 non-permanent workers, however, IR35 assessments and the requirement for status determination records significantly increased costs and time to hire. The project demanded flexibility, making permanent staff unsuitable and expensive, with no assurance of a good organisational fit.
We proposed an adaptable hybrid model where individuals are employed by Resource Solutions, assessed, trained, and vetted by us, and then deployed when and where required. This provided flexible and adaptable access to the skills our clients required.
Mitigating the increased risk and cost of contractors
Workforce Consultancy deployed the trained consultants in the same time it would take to place contingent staff. In this case, the first CVs were presented to the client within 72 hours. In addition, rather than having to deal with complicated onboarding or new timesheet processes, our consultants were able to hit the ground running with minimum administration to the client.
Workforce Consultancy delivered high-quality non-permanent resources at a reduced cost while offering a fully compliant service. As the consultants are employed by Resource Solutions, there was no requirement to assess for IR35 or AWR, and there are no contractor tenure risk issues.
Meeting high standards
Our client has rigorous standards and requires employees to meet their internal objectives rather than benchmarks set by external talent providers. We adopted the same service level agreements (SLAs) as outlined in existing contracts for contingent staff, and our consultants undergo regular assessments every 3, 6, and 12 months. Ongoing assessments help the client evaluate the areas where workers need additional training in technical or soft skills, both of which are carried out by Workforce Consultancy.
Additionally, the consultant’s bonus structure is tied to the client's milestones, guaranteeing continuous alignment with their objectives.
“Heather made an immediate positive impact. She is a good fit with the existing team and new team members. She is personable, and experienced, and calm under pressure. She receives great feedback from others in the team.” Head of Change
“Kamil has been absolutely exceptional since joining us, keep up the good work!” Group Digital
Free transition to permanent headcount
As Workforce Consultancy offers the free transition of workers to the client's permanent headcount after 12 months, this client has successfully transitioned multiple consultants into their permanent workforce. This approach complements their long-term hiring strategy and delivers cost and time savings while mitigating associated risks.
Looking after the day-to-day
In the area of operations, the client’s Line Managers direct the Workforce Consultants in their day-to-day tasks and responsibilities. However, we go the extra mile by assigning a dedicated on-site Service Manager ensuring that the consultants carry out their assignments with exceptional professionalism and meet the highest standards.
The Service Manager balances the client's and our consultants' requirements, extending pastoral support and assistance in matters ranging from performance and absenteeism to equipment, onboarding, and more. This approach effectively alleviates any potential strain on the internal HR department.
Workforce Consultancy extends its support beyond the office, offering comprehensive off-site assistance through a dedicated client solutions manager and administrative team.
“We have been really impressed with the success of the Workforce Consultancy service from Resource Solutions over the past 12 months. In the current climate, every business is carefully managing their cost base, naturally, the average 23% cost savings achieved …was particularly attractive."
- Our client was very clear about their requirements for this project; cost savings were crucial, but not at the expense of high standards or speed.
- Workforce Consultancy delivered the high-quality resources that the client required and provided significant cost savings of an average of 23%.
Workforce Consultancy is an entirely bespoke and flexible solution, bridging the gap between expensive and risky permanent hiring and costly contractors.
If you’d like to discuss how we can help, get in touch with our team today.