Global Financial Institution Implements HR Solution to Manage $300M Workforce

A large scale financial institution aimed to reinvent its workforce management process and drive further value from its existing infrastructure. Specifically, it sought to develop a single system of record to manage all non-employee workers, amounting to approximately $300M in total spend. The institution required a solution to track savings, implement efficient processes, and maintain rigorous compliance standards.

Metasys led the organization through a comprehensive four-step approach to manage contingent labor spend:

1. Organize: Metasys conducted a spend analysis to understand the labor spend profile and developed a roadmap for managing contingent labor. The team also inventoried the organization’s supplier base.
2. Operationalize: With the roadmap established, Metasys implemented a Vendor Management System (VMS) technology platform across all business units. This included comprehensive training and the establishment of an on-site Support Desk to ensure smooth transitions.
3. Recognize: Once the program was operational, Metasys provided analysis and reporting capabilities to enhance visibility into labor spend patterns. Benchmarking data was utilized to guide best practices regarding price, quality, and compliance.
4. Strategize: Metasys worked with the institution to develop new policies, ensuring sustainable and consistent workforce management practices across the organization.

Metasys identified over $10M in savings potential while creating a program that met the institution's quality standards. The partnership resulted in a 30% reduction in the supplier base and a consolidated invoicing solution that improved cycle times and achieved 100% invoicing accuracy. Beyond cost savings, the collaboration generated additional strategic value, including:

• Development of value-based relationships with suppliers, enhancing price, quality, and service for the financial institution.
• Institutionalization of a supplier relationship management process.
• Increased satisfaction among procurement and HR employees.
• Provision of methodologies to bolster internal workforce management capabilities.

Through this partnership, the financial institution established itself as a leader in innovative talent management, driving continued strategic value.