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$1.5M savings delivered within first three months
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Project Type:
Unified Workforce Optimization
Client:
US Bank - One Of America’s Top Five Banks
Sector:
Financial Services
The Issues
- Workforce decisions made at tactical level and based on perceptions
- Unable to attract and retain technology talent
- Lack of productivity metrics and baselines leading to perception-driven productivity challenges and value
- Inefficient cost management due to decentralized processes and multiple rate cards
- Unclear career path and development goals for extended workforce and employees
- Lack of alignment between IT, Finance, HR and Procurement
The Solutions
- Conducted workforce mix analysis to understand the cost economics of employee and extended workforce
- Leveraged TDX Services Procurement module to parse and analyze SOW documents to identify mis-classification costs and risks
- Implemented TDX to baseline talent roles and skills to a standard taxonomy
- Analyzed and defined rate cards across business units and suppliers using TDX
- Set a path for a holistic rate management strategy
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The Results
- Identified savings action plan, targeting $8.5M
- Delivered $1.5M hard savings in first three months
Next Steps
- Client is on a multiyear digital transformation journey
- Workforce decisions can be made based on insight and decision support to enable quality, productivity and cost management
How did The Client benefit?
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Improved hiring manager satisfaction by 25%
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Complete visibility into statement-of-work / services procurement spend
Improved supplier satisfaction by 25%
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Increased talent quality, thereby driving higher productivity
Reduced time-to-fill for critical roles across contingent and employee workforce
Reduced IT project delivery risk
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Seeing is believing
Curious to see how other companies manage the economics of their workforce? Schedule a live demo with one of our TDX Experts.
Seeing is believing
Curious to see how other companies manage the economics of their workforce? Schedule a live demo with one of our TDX Experts.
