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Challenge
CXC’s solutions provided this financial institute with the “oxygen mask” needed to navigate critical skill shortages, setting the stage for sustained success and innovation.
This client faced several challenges with their contingent workforce management, particularly within their IT department. Their reliance on legacy vendors resulted in a stagnant talent pool, characterised by:
- Poor quality candidates and subpar service from existing vendors.
- Extended turnaround times, with developer vacancies taking 109 days and IT security analyst roles taking 388 days to fill.
- Frustration among user units due to inadequate vendor performance and inefficient processes.
- A critical skill shortage that hindered operational efficiency.
The client needed a fresh approach to revitalise their talent acquisition, improve service quality, and address pressing workforce demands.
Solution
This financial institute partnered with CXC in April 2023 to overhaul their contingent workforce strategy. CXC implemented the following solutions:
Staff augmentation
- Placed an average of 2.5 contractors per month, growing to 20+ contractors by December 2023.
- Improved hiring processes by streamlining workflows and embedding critical contractors within the client’s Vendor Management Services team.
- Provided market insights, including talent availability, market rates, and candidate attraction strategies, to set realistic expectations and improve stakeholder engagement.
Deliverable-based projects
- Successfully bid on and launched the a graduate program, designed to attract, train, and retain fresh graduates as future leaders.
- Supported diversity goals by achieving a 42% placement rate for female contractors in IT roles.
Process improvements
- Collaborated with the client to enhance vendor performance and governance.
- Reduced time-to-hire metrics, with developer roles now averaging 61 days and IT security analyst roles averaging 120 days.
Results
CXC’s partnership with this client led to significant improvements in workforce management:
Reduced time-to-hire
- Timeframes for critical roles were cut by nearly half, significantly improving operational efficiency.
Enhanced talent quality
- Fresh contractors brought new energy and expertise to the client’s projects.
Increased diversity
- With a focus on gender diversity, CXC supported the client’s values of inclusivity in IT.
Strategic innovations
- The Graduate Program generated international recognition and positioned the client as a forward-thinking organisation in talent development.
“On average, vacancy turnaround was 109 days for developers and 388 days for IT security analysts last year. This year, this improved to 61 days for developers and 120 days for IT security analysts,”
