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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 PeopleTicker, Capital One realized the value of The PeopleTicker 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 PeopleTicker 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 PeopleTicker, 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 PeopleTicker 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 PeopleTicker 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