Capital One Financial Services

Challenge

Through an analysis of their current processes in the area of IT Consultants, Capital One recognized a need for process improvement, cost reduction and risk mitigation. One of the areas that Capital One wished to address was the benchmarking of their bill rates for IT Consultants based on current market conditions. While Capital One had an established Preferred Vendor List for IT Consultants, there was concern that this process did not lend itself to maintaining a rate card that was responsive to demand changes in the market for IT Consultants.

Solution

After discussions with nextSource and several demonstrations of The People Ticker, Capital One realized the value of The People Ticker in providing them with current market rate and salary data. This data would enable Capital One to monitor and adjust their rate cards for IT Consultants as market conditions changed. The People Ticker Salary and Rate Benchmarking tool allowed Capital One to use the same job descriptions that they used for their competitive vendor solicitations (RFPs). By inputting these job descriptions and locations into The People Ticker, Capital One was able to set up a real-time Ticker for their job descriptions that enables them to continuously monitor the market for any rate fluctuations.

Capital One also realized that they needed to address their budget for outside purchases. nextSource was able to overcome this issue by offering Capital One access to The People Ticker in exchange for establishing nextSource as their primary supplier for payrolling or “third party employer of record” services.

Benefits

A web based system (TAMS) to provide on-line time reporting and approvals, on-demand reporting for usage and spend and overall assignment management
Subscription service to The People Ticker to accomplish the real-time market benchmarking
Mitigation of risks associated with the engagement of independent contractors
Reduction in cost for all individuals engaged through nextSource under the payrolling services program

BLS Releases Job Growth Projections: The 30 occupations with the largest projected job growth between 2006 and 2016 will account for over half of all new jobs. Those 30 occupations are projected to add 8.1 million jobs.