Two channels existed for sourcing of Consultants to the bank.
It became apparent that the deliverables and cost for one of the sources was greatly out of alignment. More controls were sought to manage Consultants and drive quality up and cost down.
This major financial institution had two main channels to source consultants for their technology and business hiring managers. Managed Service Provider (MSP) and Preferred Consulting using Statements of Works (SOW). The company engaged a staffing company for their MSP solution in which the staffing agency managed the interaction with the hiring managers, leveraged over 50 staffing firms to source candidates, and managed cost savings for the bank. The bank also
had their Preferred Consulting Program where firms worked directly with the bank to deliver business and technology solutions via SOWs.
It became apparent that the Preferred Consulting Channel was being used for staffing solutions and resources pools where deliverables were either non-existent or minimal by design. In most cases, the rates being charged to the bank for these solutions were well above market rates.
The bank was looking to put more controls around staffing solutions and resource pools being conducted at the bank, and Signature Consultants proposed a solution to help drive cost savings and maintain consultant quality and speed to market.