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QUICK FACTS
CLIENT: Multinational Investment Bank
LOCATION: New York, London, Hong Kong
TALENT SOLUTION: Enterprise Total Talent
CHALLENGES:
- Undersized Recruiting Team
- Agency Dependency
- De-Centralized Recruiting Process
- Diversity
RESULTS:
- Reduced Talent Acquisition Spend
Background
When the largest US-based investment banking leader looked to the future in 2018, they identified winning top talent as a strategic objective. However, their recruiting team was undersized for their growth projections, and the company relied heavily on high-cost agencies to direct source candidates.
A decentralized recruiting process allowed hiring managers to “own” their process. Often, they bypassed the internal TA going directly to agencies. Without a centralized process, they lacked accurate reporting, and were not able to measure agency performance or effectively move the needle on strategic diversity hiring objectives.
Approach
Launch Centralized Total Talent Solution
Through a thoughtful implementation and change management plan, we launched a Total Talent solution that established processes for opening reqs for perm and contractors, approvals to engage high-cost agencies, and technology solutions to track and improve processes. Our solution delivered:
- Multi-tiered Sourcing Strategy
- Build Diverse Talent Pools
- Agency Vendor Management Program
- Process Improvement
- Data Driven Decision Making
Impact
Reduced talent acquisition spend by 63 percent over three-year period.
LevelUP executed a plan to reduce TA spend over the course of three years, by transitioning from agency usage to low fee / no fee sourcing strategies, passing cost savings to the client.
The program was able successfully reduce the spend by 63% in year three while doubling total hires.
In a competitive industry, LevelUP’s sourcing and recruiting strategies have proven effective with high-profile hires, garnering attention from financial services news outlets.
