financial services company speeds up hiring while driving down recruitment costs.
with greater visibility into the talent pool, the company identifies and engages the right talent faster using recruitment process outsourcing (RPO) and talent intelligence
client
multinational financial services companychallenges
With a lack of visibility into the talent pool, the company faced high recruiting costs and a long time to hire at a time when it needed to rapidly increase staff in India.solution
The company adopted a project recruitment process outsourcing program, or project RPO, to manage the end-to-end hiring process for full-time employees.key results
Through project RPO, the company reduced time to offer to an average of 40 days (well within the 60-day benchmark), increased candidate gender diversity to 44% and received a 4.7 out of 5 rating for its candidate experience.
the opportunity to improve hiring processes
Hiring the right people for its Indian operations is crucial to carrying out the core business objectives of this major global financial services company. This is especially true as the company strives to expand and fill key positions across its business, HR, operations, corporate risk and enterprise functions to support its growth. But, with increasing competition for a limited supply of top talent who possess the necessary skills at all levels of seniority, the company found it more difficult to reach the right candidates.
Part of the challenge was a lack of full visibility when it came to the local talent pool. With a more complete understanding of the qualified talent available to the organization, the company could better identify and engage the candidates who could be a good fit.
Sourcing and hiring strong candidates for these roles was a lengthy process — and the company had to spend more resources as a result. Additionally, the company struggled to engage female talent in India and achieve its priority of improving gender diversity.
The banking leader also was seeking ways to improve its candidate experience in this market. Under previous processes, candidates often had less-than-optimal experiences and longer than expected times to offer. The company also wanted to better support new hires through the onboarding process, ensuring they receive compliance training in a timely manner — a critical factor in the highly regulated financial services sector.
Recognizing that the gaps in its current recruitment process were affecting its ability to hire the best people in a competitive environment, the company sought out external recruitment expertise to supplement its internal talent acquisition efforts.
unlocking the power of talent intelligence
When considering a recruiting partner, the financial services leader wanted to work with a provider that could deliver on both scalability and size, but with true local expertise, as it was considering using one vendor globally. The company selected Randstad Sourceright to deliver on these needs, and adopted a project-based recruitment process outsourcing program, or project RPO, that would elevate its hiring process and ensure it identifies, attracts and engages the talented candidates who can support company growth.
Through the project RPO program, the company relies on experienced recruitment professionals to handle the end-to-end hiring of full-time employees, spanning various roles and experience levels as the company expands further in India. With support from Randstad Sourceright’s TalentRadar talent intelligence tool, the financial services employer now unlocks powerful robust data from its applicant tracking system (ATS) to help guide hiring decisions and measure recruitment success.
From better understanding the skills needed for its roles to identifying the best sources of qualified female talent to expand its talent pools, the company gains the labor market visibility it previously lacked. As a result, it can proactively reach qualified candidates who might not have considered pursuing new opportunities with the company in the past — and engage with them faster. The program also enhances the onboarding process, ensuring new employees receive proper compliance training in a timely manner.
Through a strong relationship with the project RPO team, the company is better positioned to attract talent, interview them and extend offers much more quickly. The partnership and more streamlined processes have also improved the experience for candidates and hiring managers alike.
a smarter, faster hiring process
Equipped with an effective strategy for talent acquisition, the company has implemented a streamlined, analytics-based hiring processes to overcome talent scarcity and to find and hire qualified, diverse talent in a highly competitive market.
One of the main goals of adopting project RPO was to reduce the time to hire; the company now has an average time to hire of 40 days, well below the company’s benchmark of 60 days. It also expanded access to talent and increased the number of female candidates applying to its positions, achieving a gender diversity slate of 44% in the latest quarter.
The company now also delivers a much improved experience to its candidates and hiring managers alike. For example, applicants rate the company’s candidate experience an average of 4.7 out of 5, highlighting the benefits of a streamlined and faster process. Meanwhile, hiring managers rate their experience with the project RPO highly as well, surpassing both the minimum performance benchmark of 4.0 and the goal of 4.5 out of 5.
The company has also made significant progress in its onboarding processes, now that it can extend offers and get new hires up to speed with the company’s policies more quickly. It has achieved a 100% completion rate for new hires undergoing compliance training in the given time frame.
In its quest to transform its recruiting strategy, the company embraced external expertise to fill in the gaps of its processes, leverage talent intelligence, and ultimately hire talent more quickly and at lower cost. As a result, this major player in the financial services industry can stay ahead of the competition to find and hire the talent it needs to achieve its growth objectives.