The Financial Services industry has never been more complex. As discussed in the first two posts of this four-part blog series, “CWM in Financial Services,” external regulations and internal governance are creating tough challenges for banks, investment firms, insurance agencies and other Financial Services organizations.
How can you overcome these and other challenges and capitalize on opportunities when they arise? One important strategy is to have the right people in the right roles in your organization. That starts with traditional full-time employees, but increasingly includes the contingent workforce.
- 20% of the enterprise workforce is contingent labor
- 30% of procurement spend goes toward non-employees
- 83% of executives use contingent workers on an ongoing basis
- 92% of enterprises say non-employees are important to their overall business strategy
For Financial Services firms, it’s good news that 34% of the American workforce did freelance work in 2014. That means the pool of contingent talent is big. But the demand for specific skillsets, and the very real, very high stakes involved in each worker’s performance, mean that finding the best talent in that pool is both difficult and critical to success.
Sourcing talent seemSignificant Others: How Financial Firms Can Manage Third-Party Risks, PricewaterhouseCoopers states, “Institutions cannot rely on an ad hoc approach to keep track of all of their third-party relationships and assume that all will end well.”
The alternative to that ad hoc approach is a vendor management system (VMS). A VMS manages contingent labor end to end. Although maybe better known for the workflows and processes that help manage non-employees once they’re hired, VMS technology can also play a huge role in sourcing contingent talent.
Leading VMS platforms help you win the war for talent with capabilities that make it fast and easy to find the perfect match for your unique requirements. These include:
- Centralized access to a network of suppliers – that successfully vet and identify quality candidates
- Direct connection to proven talent – in your contractor alumni talent pool, accelerating time-to-fill, reducing risk, enhancing productivity and decreasing cost
- Improved quality of contingent talent – through competitive bidding, end-of-assignment evaluations, and supplier performance management
- A “decision wizard” – for sourcing strategy selection workflow
- Job templates – that prepopulate requisitions based on job title to streamline and increase quality control in the sourcing process
- Alignment with Procurement and HR policies – to drive users to the appropriate sourcing method
To win the war for talent, Financial Services institutions need to quickly, efficiently, and effectively find the best people for business-critical roles. A VMS meets these needs and more, helping you hire the right people, in the right roles, at the right price.
Interested in learning more about strategies for procuring and managing your extended workforce?