The bank knew where they needed to invest in improvements, and sought out a partner who could help them formalize and streamline their processes, provide more insight on their staffing spend, and assist them in cost control and compliance.
With our customized master vendor program+ (MVP+), the bank got even more than they bargained for.
Traditional managed service provider (MSP) programs are great for saving companies some coin, but unlike our MVP+, they have insufficient funds when it comes to staffing expertise. Like the bank, we aren’t big on default.
Our MVP+ is anything but, combining the vendor- neutral aspect of an MSP with the vendor accountability of our tried-and-true MVP. We determined the best move was to divide and conquer:
- Non-technical roles were filled exclusively by us
- Technical roles were released simultaneously to a pre-approved and predetermined pool of suppliers
The bank was so impressed with our MVP+ solution that they had us implement it program-wide, across 45 of their U.S. locations. From there, we zeroed in on our goals to:
- Manage the transition process so things would still be business as usual for the bank
- Bring the bank’s best-performing suppliers under our wing and into our program
- Standardize all program processes, as consistency for a program this big is crucial
- Train the bank on a procurement tool that seamlessly integrated with their back-office system
Was it worth the investment?
The payoff for the bank was huge:
- We consolidated suppliers, bringing the count down from 100 to 18, including 12 tier-2 suppliers for specialized positions
- Before we implemented our program, our client had a fill rate of 91%. Today our fill rate is 99.8%. Yes, that means virtually every position has been filled
- They received a high return on investment in the form of low turnover: 4.91%
Banking is highly regulated, and as such, we’ve kept our promises regarding compliance as well. We constantly monitor our contract so we’re within
the bounds of service, insurance and indemnity requirements.
Furthermore, we provide proactive thought leadership—white papers, workplace economy reports, etc.—to make sure the bank is aware of any changes in regulatory requirements.
Fill rates up. Turnover down. Fully compliant. Success appears simple, but you can bet the bank won’t lose interest in those results.
Related Articles
Our client faced a significant service gap due to the COVID-19 pandemic
read more