Stopping Financial Services’ Biggest Headaches

How does the Financial Services sector deal with balancing its employee and non-employee workforce? “Just like any other industry,” IQN Global Account Director Maureen Neefus says, “except a bit … more.”

Like other industries, Financial Services relies on employees for core business and on contingent labor in areas such as special IT projects, online banking solutions and seasonal support. However, Financial Services, as well as other heavily regulated industries such as oil, gas and aerospace, are under even greater scrutiny as they deal with the biggest challenges of managing their workforce.

“In order to ensure that the people who get access to their information are properly vetted, Financial Services companies typically have a very rigorous onboarding and offboarding process,” Neefus says.

Big challenges

The ideal vendor management system (VMS) must be flexible and allow access to a variety of different labor sources. Workforce management is at a pivotal point, and Financial Services clients are intensely feeling that transition.

Regulatory compliance is a big concern, Neefus says. Regulation seems to always be changing, and it’s critical for Financial Services companies to keep up with regulation — not just in the United States, but around the world.

“Being agile and able to flex with frequent shifts in requirements is extremely important,” Neefus adds.

Another concern is data security; attention to security has been heightened by what Neefus calls “the Snowden Effect.”

“Are you bringing on the proper people whom you can trust to have their hands on your information and your customers’ information?” Neefus asks.

To make sure you are, extreme care is needed in the onboarding and offboarding processes. Of course, Neefus labels one definite game changer: “Obamacare.” The Affordable Care Act (ACA) is changing the way that employees and non-employees are defined, engaged and contracted.

More than a VMS

Straddling generations and adapting to different expectations are major challenges that employers face. IQNavigator is adapting to this critical need with Talent Pools that integrate resources and enhance the hiring process on all sides.

The landscape of the workforce is changing right now. Baby boomers are retiring and millennials are coming into the marketplace.

“They’re not looking for jobs in the traditional way that other generations did,” Neefus says, “so the VMS has to be flexible with how it makes different sources of labor available.”

A VMS that’s just a VMS simply isn’t going to cut it anymore. Today’s VMS must service both employer and employees. It needs to enable individuals, staffing sources and managed service providers (MSPs) to work easily with employers. Plus, it needs to provide attraction for candidates and value for employers.

Personalized problem-solving

One of the resources IQN has created to help customers get the most out of our relationship is the Global Account Manager. Global Account Managers offer personalized problem-solving by leveraging their “toolbox” of experience. These tools enable your Global Account Manager to not only meet your needs now, but stay ahead of them in the changing marketplace.

• Personal connection — Your Global Account Manager will gain a deep understanding of your company’s goals and objectives. For example, as Neefus explains, cost savings isn’t necessarily the top priority for Financial Services firms. “Their focus is on risk mitigation, so they pay close attention to onboarding and offboarding, process implementation and detailed reporting.”

• Value Realization Framework (VRF) — This process is designed to build and measure meaningful value in your program. “We ask customers a hundred different questions about various areas of their businesses,” Neefus says. “Then, we come back with a recommendation that shows clients where they’re already seeing value, where they’re on their way to seeing value and where they’re not realizing the value.”

• Ongoing measurement and review — Based on the recommendations developed through the VRF, your Global Account Manager can create a plan and track progress toward full-value realization. Global Account Managers regularly review progress, apply metrics and introduce changes, if necessary, to keep you on track toward achieving your goals.

“I’ve always had a passion for both technology and problem-solving,” Neefus says.

Her favorite part of her job is tackling an issue and finding a solution that makes a difference for each person she works with. Here at IQN, there’s nothing more satisfying than knowing that we’ve turned a problem into a positive impact!

[cta]To learn more about how the IQN VMS can address the tough contingent workforce management challenges in your industry, contact your Global Account Manager.

We invite you to be an active part of the IQN Community! Share your questions, concerns, insights and creativity by contacting events@iqnavigator.com.[/cta]