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The Real Value of Direct Attraction? For iShares, it’s £1.8 Million in Cost-Savings

The leading force in global exchange-traded funds, iShares is a BlackRock company – the people who created the world’s first index strategy more than 30 years ago and the largest asset manager in the world. iShare had numerous objectives for outsourced contingent labour sourcing and management.

We met them and then some: delivering cost savings of around £1.8 million by creating a direct attraction recruitment strategy for a mix of contract and permanent opportunities.

The Challenge

iShares asked us to grow and increase the visibility of their recruitment brand – a brand previously owned by Barclays GI until its purchase by BlackRock in 2009.

We were also tasked with gaining control and visibility of spend, headcount and cost throughout the recruitment project, overseeing fiscal and legislative compliance, building up comprehensive management information (MI).

It was also important to create a consistent hiring process for managers and candidates that enabled a positive experience from the outset.

The Solution

Following a competitive tendering process, we were appointed with an initial remit to implement an end-to-end sourcing programme, over a 12 month period.

The success of this project lead to the contract being extended for an additional 12 months, to include an additional executive search project which consisted of key hires such as the UK Managing Director and Head of DC Pensions.

Our solution provided an on-site and off-site delivery model and, as the main provider for direct sourcing and hiring, included:

  • Off-site delivery model to drive direct hiring, achieve further cost efficiencies and enhance hire quality
  • On-boarding and management team for all pre-employment screening
  • Consolidated billing
  • Technology solution deployment to drive compliance, visibility and security through real time information
  • New pre-assignment screening model deployment to cover Financial Services Authority (now FCA), Criminal Records Bureau (now DBS) and additional checks
  • Enhanced reporting of all market trends
  • Enhanced MI reporting on spend, cost savings, sourcing strategy

The Results

As well as delivering cost-savings of around £1.8 million for the total headcount, the programme also:

  • Reduced supplier margins as part of the rationalisation programme
  • Delivered comprehensive management information to drive continuous improvement
  • Enhanced process efficiency and visibility through self-service, end-to-end talent acquisition technology
  • Compliance, monitored by independent auditors, with changes to the on-boarding and pre-employment screening process

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