Staff Augmentation Model Boosts Financial Company’s Productivity
At a glance
To better meet project deadlines, a leader in the financial services industry needed to rapidly scale and supplement its product team with skilled workers who had expertise working in a niche technical area. In turn, we loaned both newly recruited and existing engineers from our talent pool to seamlessly integrate into their team. Our tailored approach met our client’s unique needs, increased their productivity, boosted return on their engineering talent investments, and ultimately helped strengthen their competitive advantage.
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The future of talent management
By 2025, companies around the world are predicted to spend around $81.87 billion on staff augmentation. Staff augmentation is an approach used by companies to fill staffing gaps by supplementing in-house teams with external talent on a temporary basis. The method has quickly gained popularity, specifically among product teams, for its ability to address the various, unique challenges they regularly face.
Financial services leader seeks cost-friendly way to grow team capacity
A leader in the financial services industry needed to quickly scale its product team to better meet project deadlines. Our client was looking for a cost-effective solution to grow the team’s bandwidth and gain access to a group of professionals with a specialized skillset and relevant platform expertise.
Providing niche expertise through a flexible working model
To supplement our client’s team with highly skilled talent in a specialized niche, we built a comprehensive staff augmentation service that provided the following four key elements:
- Engineering lead talent acquisition: we worked with the financial services company to identify and prioritize their top competency gaps. We then selected qualified professionals from our existing talent pool and recruited additional engineering professionals to address our client’s unique needs.
- Seamless integration: we facilitated a smooth consolidation of the two teams by establishing an organized communication structure and onboarding process.
- Flexible engagement model: we maintained an easily adjustable working model to give our client the flexibility to modify project requirements, scope, and initiatives.
- Continuous improvement and adaptability: we prioritized using an agile approach that incorporated continuous feedback loops to achieve a faster rate of success.
Our firm uses a unique framework to lead effective staff augmentation. Not only did we give our client access to skilled professionals, but we also provided proactive managerial support and a deep level of subject matter expertise directly related to the challenges its customers commonly face. Further, we implemented a team-based approach that fosters a sense of belonging and collaboration, giving us the ability to establish clear communication channels and facilitate streamlined project management.
Client increases productivity and strengthens competitive advantage
Our collaboration with the financial services company successfully allowed their product team to quickly scale and gain access to a range of enhanced, unique skill sets. Staff augmentation increased our client’s productivity, giving organizational leaders the ability to dedicate more time to strategic planning and leave more room in their business efforts for innovation and creativity.
Additionally, implementing staff augmentation allowed our client to optimize their budget and maximize their return on investment (ROI). Hiring external support on a temporary, flexible basis prevented our client from having to account for full-time employee expenses such as salary, benefits, and onboarding costs when building out current and future projects.
Access to highly skilled product professionals, an overall increase in team productivity, and a greater ROI for talent management all played a role in increasing our client’s agility, ultimately improving their competitive advantage.