Like many banks, Fifth Third Bank relies on temporary help to round out its workforce. Now, the Cincinnati-based institution has an automated system for hiring, evaluating, and paying for these temporary workers.
In February, the Cincinnati offices of Fifth Third implemented Covendis Technologies' eProcurement (SeP) platform, which automates the process of hiring temporary and contract personnel. The platform allows the bank to work with temporary agencies directly and electronically, automating every step of the hiring process.
When the bank has a need for an administrative or clerical temporary, a hiring manager or recruiting officer goes into the system and enters information about who is needed, the skill sets needed, and when that person is needed. The system relays the information to several preprogrammed vendors, who have 24 hours to respond with a person who is available to fill the position at the requested price. The bank can then compare offers, and choose the service that's most competitive. The other services receive a message that they were not chosen because of a better bid. They can re-bid if they wish.
"It forces vendors to be more competitive," said Mary Sue Findley, vice president of human resources at Fifth Third.
Once the temporary worker is hired, he or she submits timesheets through the Covendis system. After the work is completed, the worker's manager submits a performance report which is stored for reference when making future hiring decisions. In the final stage of the process, the system bills the bank for all of the temporary workers hired each month from all different vendors and distributes payments to the vendors.
A big benefit of the system is cost savings; according to Findley, the bidding process allowed by the new automated system has led to a 20% to 30% reduction in agency fees paid by the bank.