WE CAN UNLOCK LARGE SAVINGS OPPORTUNITIES FOR YOUR ORGANIZATION

Savings are a key component of HCMWorks’ value proposition. We have years of experience uncovering, negotiating and realizing savings for our clients.

HCMWorks cost saving strategies

Our proven cost reduction and savings methodologies are available to help you achieve your cost savings objectives. With the help of our industry insights, experience and extensive knowledge of the total contingent workforce ecosystem, HCMWorks can unlock these large savings opportunities for your organization.

Historically, HCMWorks engagements have generated between 7.5% and 15% in hard cost savings on spend under our management in the first year alone. In subsequent years, through continuous management and optimization, our programs can yield further savings of 2% to 5% per year.

DISCUSS POTENTIAL COST SAVINGS

“…I wanted to emphasize my appreciation of the services we get from HCMWorks, as much on the speed of their replies as the relationship that is being established. They are helping our group to fill more than twenty requisitions and have most recently helped us in difficult times. I am impressed. For me, as a manager, this partnership is really an added value that allows me to focus on my priorities. Thank you”

Manager, Business Lead at Client C

“The HCMWorks team was the foundation in the implementation of a contingent workforce managed solution which extends from the hiring process to the payment of consultants. For more than 5 years, our partnership with HCMWorks enables us to effectively meet our objectives in accessing a large talent pool, all while controlling our costs.”

Vendor Management Client

"I've been working for almost 10 years with the HCMWorks' team and I hope to continue for another 10 years. Professional and passionate are few words that best describe this team. They offer excellent overall service and are always available for any inquiries. Their knowledge of the market makes them an asset for the business. I would not hesitate to recommend them."

National Senior Manager Staffing Office

MAJOR DRIVERS THAT IMPACT SPEND AND SAVINGS

The savings always vary from client to client, as no two programs are alike. However, the common major drivers impacting spend and savings are as follows:

Cost Management

Managing staffing vendor markups is not enough!

We’ll help you make sure you’re paying fair market rate for your contingent workers using our extensive industry knowledge plus proprietary and multiple independent data sources.

Market Rate Analysis
Rate Card Strategy
Direct Vendor Negotiations
Rate Card Compliance

Strategic Sourcing

With a centralized process and the help of technology, many tools become available to derive previously inaccessible savings.

Competitive Bidding
Broadcast Rules
Supplier Strategy
Supplier Optimization
Supplier Compliance
Rogue Spend Management
Demand Management
Supplier Mark-up Management

Value Engineering & Visibility

HCMWorks helps you offload non-productive routine tasks including job broadcasting, managing job requisitions, on-boarding and off-boarding. Additionally we provide a single consolidated invoice, properly coded and reported on in a way that is meaningful to you.

Cost Management & Containment
Total Workforce Tracking
Reporting

Here's an example of typical savings broken down by component:

Driver Savings Potential

Competitive Bidding 1.5% - 3% Hard Cost Savings

• Enforce 100% contract rate compliance
• Price discovery through real time supplier competition
• React to and apply market driven events (rates decline)
• Compare historical rates: candidates, suppliers

Preferred Supplier Enforcement 1.5% - 3% Hard Cost Savings

• Preferred vendor management (Tier1/ Tier2)
• Sourcing process (Closed Rate/Open Rate)
• Limit the number of vendors/candidates

MSP Negotiations 1.5% - 3% Hard Cost Savings

• Renegotiate rates above market price for the current contracts
• Action out strategies through visibility into vendor, contractor & market rates

Program Improvement 1.5% - 3 % Hard Cost Savings

• Introduce & apply multiple rate reduction initiatives
• Invoice accuracy & elimination of multiple invoicing
• Management of payment terms

Directly Sourced Candidates 1.5% - 3% Hard Cost Savings

• Creation of process for directly sourced contractors
• Negotiate pay-rates
• Mark-down from staffing vendor to payrolling mark-up

Total Potential Savings 7.5% - 15% Hard Cost Savings

Contingent workforce management help

We're a recognized industry leader in helping businesses reduce cost, complexity and risks, so they can truly benefit from their contingent workforce. It starts with a discovery call so we can find out more about your business challenges and opportunities.

Unlock the Future of Workforce Management with Next-Generation MSPs

Next-Generation Managed Service Providers (MSPs) go beyond traditional first-generation solutions, offering comprehensive management of contingent labour, Statement of Work (SOW) engagements, and tail spend, all while leveraging cutting-edge technologies and strategic expertise. By utilizing advanced MSP service models, businesses can achieve:

Increased Efficiency
Cost Reduction
Reduced Risk
Enhanced Visibility & Compliance

Download your free white paper today.

Download Resources

The HCMWorks Blog

How to Manage an Agile Workforce

Economic uncertainty creates an unpredictable business environment. Seasonal demand fluctuates, companies experience sudden growth spikes, and employment needs shift, especially as of late. A business is only as resilient as its workforce, which is why many hiring managers are seeking out flexible employment arrangements and management approaches.

> Read More

Front Office vs. Back Office Business Process Outsourcing

> Read More

How does Direct Sourcing and Talent Curation Work?

In an increasingly competitive job market, talent acquisition teams are constantly innovating and re-imagining ways to identify, engage and delight top talent while consolidating expenses. Following this trend, strategies such as direct sourcing and talent curation continue to gain traction.

> Read More

Negotiation & Cost Savings

WE CAN UNLOCK LARGE SAVINGS OPPORTUNITIES FOR YOUR ORGANIZATION

HCMWorks cost saving strategies

MAJOR DRIVERS THAT IMPACT SPEND AND SAVINGS

Unlock the Future of Workforce Management with Next-Generation MSPs

The HCMWorks Blog

How to Manage an Agile Workforce

Front Office vs. Back Office Business Process Outsourcing

How does Direct Sourcing and Talent Curation Work?

Services

Advantage

Contact Us