Retention Beyond Salary: How a Wealth Management Firm Used Total Talent Solutions to Boost Employee Engagement

In today's competitive landscape, especially within the dynamic financial services sector, attracting and retaining top talent goes far beyond offering a competitive salary. Employee engagement, professional growth, and a supportive work environment are increasingly critical factors. This KellyOCG case study, drawing insights from our experience with a leading financial services client, explores how a prominent wealth management firm transformed its talent strategy with a comprehensive total talent solution to boost overall workforce efficiency (and indirectly, employee engagement and retention).

The Challenge: Growing Pains and the Need for a Transformed Talent Model

A Fortune “Most Admired Company” in the financial services sector was experiencing significant growth. While successful, their existing talent management approach — a self-managed, low-touch managed service provider (MSP) program — was struggling to keep pace. Their internal team of three resources was stretched thin, managing a substantial contingent workforce spend of approximately $120 million annually across about 1000 workers. The firm recognized that to support its ambitious expansion plans and maintain its "high-touch culture," a complete transformation was needed. The challenges included:

• Limited Scalability: The current model couldn't efficiently support the rapid increase in workforce needs driven by expansion.
• Operational Inefficiencies: A low-touch, self-managed program led to potential bottlenecks and inconsistent processes.
• Lack of Strategic Insight: Limited visibility into contingent workforce performance, rates, and market trends hindered strategic decision-making.
• Risk of Inconsistent Experience: Without a dedicated, integrated partner, the experience for contingent workers and hiring managers could vary, potentially impacting the firm's attractiveness as a workplace.

The firm understood that optimizing its contingent workforce management was not just about cost savings, but about building a flexible, efficient, and well-managed talent ecosystem that would allow permanent employees to focus on core activities, thereby enhancing their overall engagement and reducing pressure on internal teams.

The KellyOCG Solution: A Best-in-Class, High-Touch MSP Implementation

KellyOCG partnered with the financial services firm to implement a best-in-class, high-touch MSP solution designed to align with their strategic goals and cultural values. Our approach focused on deep integration, operational excellence, and strategic insights to create a highly efficient and supportive talent environment.

1. Dedicated, On-Site Expertise: KellyOCG deployed a specialized 20-person team, including a veteran program leader, a dedicated process excellence leader focused exclusively on strategy, and multiple resources with backgrounds in IT recruiting relevant to the financial sector. This on-site presence ensured a high level of personalized service and seamless collaboration with the client's hiring managers.
2. Strategic Benchmarking & Analytics: Leveraging our proprietary Kelly Helix Analytics, we conducted strategic benchmarking of contingent worker rates and performance against industry peers. This data-driven approach allowed for significant cost savings while ensuring access to top talent.
3. Scalable and Adaptable Framework: The solution was designed for inherent scalability. The program more than doubled in size within the first year, demonstrating its ability to support the firm's rapid growth without compromising quality or efficiency.
4. Proactive Program Enhancements: KellyOCG developed a strategic roadmap for continuous improvement, including plans for global expansions, enhanced engagement with new business leaders, a diversity initiative, service offering expansions, and cycle time optimizations. This ensured the program remained agile and responsive to evolving business needs.
5. Focus on Service Delivery Excellence: The KellyOCG team prioritized outstanding service delivery, earning consistent accolades from both hiring managers and program suppliers. This high level of service fostered strong relationships and contributed to a positive overall talent experience.

The Impact: Operational Excellence and a Stronger Talent Foundation

The implementation of a high-touch KellyOCG MSP solution delivered significant, tangible results for the financial services firm, reinforcing how optimizing one aspect of the total talent solution can positively influence the broader workforce:

• Managed Spend Exceeded $300M+: Demonstrating effective oversight of a significantly larger contingent workforce.
• Achieved 12% in Hard Dollar Cost Savings: Through strategic benchmarking and efficient program management.
• Ensured 100% Onboarding Compliance: Highlighting enhanced risk mitigation and operational consistency.
• Accelerated Growth and Scalability: The program's ability to seamlessly double in size supported the firm's ambitious expansion goals.
• Improved Manager Experience: Hiring managers reported greater satisfaction due to streamlined processes and dedicated support, freeing them to focus on their core responsibilities.

By transforming their contingent workforce management into a best-in-class, high-touch operation, the wealth management firm gained critical efficiencies and strategic control over its talent ecosystem. While not directly measuring employee engagement among permanent staff, the operational excellence, reduced administrative burden on internal teams, and seamless access to necessary talent undoubtedly contributed to a more positive and productive environment for all employees, ultimately fostering better retention and overall workforce health. This success story underscores how a holistic total talent solution approach, delivered with expertise, can empower financial institutions to thrive amidst growth and maintain a highly engaged workforce.