Case Study: eCommerce

The Issue.

The eCommerce (eComm) Technology division of a Fortune 50 financial services client had a large number of parallel work efforts related to the integration of systems and processes prompted by its acquisition of a large brokerage firm.  eComm identified at least eight projects or work streams due for release before the end of the second quarter in 2010.  The problem was twofold:

• Significant increase in workflow as a result of the acquisition, with a shortfall in needed staff.
• Problem of engaging contractors through the traditional engagement model, which in the past resulted in:
  • Little to no candidate qualification and quality
  • Highly unpredictable costs
  • Inefficient staffing process

Meridian’s Solution.

Meridian worked with the client’s management team to build a custom recruiting and on-boarding process designed to meet the specific quality and cost-savings goals of the client. Meridian was able to custom-tailor a solution that also aligned with the strict supply chain contractual limits for this type of engagement model.

Quality.

In most cases, Meridian did not submit resumes the fastest — our process for recruiting and qualifying jobseekers meant we did not want to be the first to submit, but instead we wanted to take the time to find the best people for our client and deliver confidently. As a full-service IT solutions provider, Meridian leveraged our internal senior consultant staff to prescreen all of our resources based on the client-defined job profile and personality fit. 

In typical staffing models, an interview-to-hire ratio of 25 percent is acceptable — the result for this engagement was over 75 percent. This resulted in a huge savings of both time and effort for the client, since the candidates delivered for interviews were the best fit for the specified job. Plus, the hired candidates referred their networks to Meridian, resulting in an excellent source of proactive talent.

Timeliness.

The client needed to staff its teams over several months, which allowed Meridian to develop a continuous pipeline of vetted jobseekers who were ready to interview at the client’s request. The chosen jobseekers could then start the completion of a required background screening. After a candidate completed the screening process, he/she was then presented to the client, interviewed with the leadership team, completed background screening and started the position, all within two weeks (unless a longer professional notice period was necessary).

Cost Savings.

There were both real and opportunity cost savings in the models Meridian developed for the client. The real cost benefits totaled a savings of $12 per hour per resource through the developed costing model. Meridian averaged about four hires per month with the client and currently have over 40 contractors in this group. This gives a current savings of $480 per hour over the client’s previous bill rates, or close to $1 million for those 40 resources in one year.

Meridian also saved the client time and hassle with its streamlined staffing process, rather than the inefficient and time-consuming process of the client reviewing countless resumes, interviewing jobseekers and then ultimately not finding a perfect fit for the positions. Meridian’s 30-minute face-to-face interview model has meant countless hours saved per week, especially considering time saved over 44 new contractors hired since May 2010. 

Meridian also introduced the added benefit of the contract-to-hire option. This option allows clients to hire jobseekers they feel would fit as employees with their organization. Clients have hired many former Meridian contractors into full-time positions, which is a tremendous cost savings over utilizing an outside headhunting firm or hours spent with internal HR candidates. In addition, clients have already worked with Meridian’s talented and skilled contractors during their 12- to 18- month positions, reinforcing Meridian’s successful track record.