Overview
Provident Financial is the UK's market leading home credit company, offering a range of simple, affordable financial products and services. They specialise in the provision of small, short-term, unsecured cash loans to 1.65 million customers in both the UK and Ireland.
Established in 1880, the company is a FTSE midshare 250 company and has a successful credit card operation - Vanquis Bank.
Provident Financial is currently implementing a number of new initiatives including improved credit management techniques and the trial of handheld computers for agents and is actively testing new channels to bring their products to market.
Testimonial
"We are extremely impressed with the 11% direct cost savings delivered by
de Poel on our annual temporary workforce spend and consider the project to be a resounding success.
As a result of implementing de Poel's e-tips® timesheet and invoice processing system, we have been able to eliminate administrative errors and procedural inaccuracies, facilitate central billing and improve the speed of transactions.
In addition, the creation of a new panel of agencies, supported by a dedicated senior account manager and a formal fee structure, has significantly improved supplier coverage across the country and enhanced both the quality and availability of temporary administrative staff. It has also ensured that agency costs now accurately reflect staff quality, which was a major issue of ours."
Graham Pye, Recruitment and Employee Relations Manager
Case Study
Client background:
Provident Financial is the UK's market leading home credit company, offering a range of simple, affordable financial products and services. They specialise in the provision of small, short-term, unsecured cash loans to 1.65 million customers in both the UK and Ireland.
Established in 1880, the company is a FTSE midshare 250 company and has a successful credit card operation - Vanquis Bank.
Provident Financial is currently implementing a number of new initiatives including improved credit management techniques and the trial of handheld computers for agents and is actively testing new channels to bring their products to market.
Client's issue/s:
Significant annual expenditure on temporary agency workers throughout the business
80 branches across the UK, supplied by only one agency and controlled from a central location Bradford
No formal fee structure in place
Agency costs not accurately reflecting staff quality
Numerous invoices processed each year with issues over accuracy, and approval causing considerable administration
Solution;
Increase the number of agencies to improve coverage across the country and ensure a regular supply of competitively priced, high quality temporary agency workers. Establish fixed fee structure and enforce in conjunction with a new service agreement. Source a web-based invoice processing system to eliminate administrative errors, promote procedural efficiency and improve transactional speed.
Approach:
Appoint an independent consultant with considerable knowledge and expertise of the recruitment industry to devise and implement a new temporary procurement strategy, which will deliver significant cost savings and improve supplier delivery.
Implementation:
Having visited the company's contact centre in Bradford to gather valuable data, de Poel was able to devise a bespoke procurement solution, designed to meet Provident Financial's specific needs.
Their first recommendation was to create a new panel of suppliers, which would enhance coverage in the localities and ensure a regular supply of temporary staff. de Poel was able to advise Provident Financial on the selection of agencies and liaise with potential suppliers on their behalf.
In order to create uniformity across the panel and ensure that no single agency had any financial advantage, a fixed structure of pay, charge and overtime rates was introduced and implemented via legally binding service agreements.
de Poel's internet based timesheet and invoice processing system, e-tips® was then integrated into the business, facilitating central billing, providing 100% invoice accuracy and establishing quick and easy levels of approval.
Client and agency users were then fully trained by de Poel's support services team via online Webex training sessions, who remain on hand to provide support and query resolution over the telephone or by email.
Result:
11% cost savings delivered on annual temporary workforce spend. A new panel of suppliers established, noticeably improving staff quality and availability, geographical supply and value for money.
100% compliance achieved, with all temporary agency workers sourced directly from panel agencies. Provident given full access to de Poel's Gold Standard Agency Panel for additional resource. Supply criteria formalised under a new legally binding service agreement.
e-tips® has been introduced throughout the company, delivering real time management information, easing administration, significantly improving invoice accuracy and enhancing procedural efficiency.
Additionally, regular review meetings and savings reports provided by a dedicated de Poel senior account manager have ensured that Provident Financial remain fully updated on the project's progress.
The success of the project in this area of the business has encouraged Provident Financial to look at implementing the de Poel solution across the call centre side of the business.
