As VP of procurement, global workforce sourcing, at The Northern Trust Company, a global financial institution based in Chicago, Scott Farley oversees a contingent workforce of about 5,000 contractors in more than 20 countries, primarily focused on IT and finance.

After seven years with Northern Trust, Farley embraces the importance of cultivating change management practices and open lines of communication in order to drive the strategic vision of the program. That mindset served the company well amid an acute talent shortage and changing internal project priorities due to the global pandemic. Farley saw the changing environment and priorities as an opportunity to reassess and improve.

“It gave us a chance to sit down, look at our data, tools, and strategic direction, and come back stronger, and in a better place,” Farley says.

Farley and his team developed a multipronged approach to improve agility, such as taking advantage of efficiencies, choosing optimal tools, and building relationships internally and externally. He also prioritizes competitive rates, providing transparency to remote work options, and focuses on diversity to attract the best talent.

Farley also repurposed and transformed the company’s existing VMS tool in order to provide stakeholders with streamlined reporting and data tracking, which enables his team and organization to evaluate trends, prepare for the immediate future, and be ready to pivot when necessary.

“It’s adapt or be left behind,” he says. “It doesn’t matter how good your initial plan is. People change, their attitudes change, the market changes, and we have to stay attuned to our business needs and what’s going on in the market in order to be successful.”