An injured victim is conscious and bleeding severely. after telling someone to call 911 obtaining consent and putting on disposable gloves, what is your next step?

The correct answer is "press firmly against the wound with a sterile dressing".

Pressing firmly against a bleeding wound, may counter the severe bleeding and may also stop the bleeding, since the pressure that causes blood to gush out, is given a counter pressure to stop. Using sterile dressing while doing this to an open wound may also prevent infection.