Robert Walters worked with a leading European bank to overcome their challenge to recruit for their anti-financial crime department. They were faced with a combination of attrition and regulatory headcount requirements.
The company’s strategic shift to trialing a remote working pilot as a result of Market Intelligence data allowed our client to increase their hires per quarter by 36% to an average of 40 offers.
The Challenge
A leading European Bank required 150 new roles to be filled within their anti-financial crime department at their US locations. Many of these roles were analyst and associate roles based in Jacksonville. The bank was faced with a challenging combination of attrition (which had increased by 21% compared to 14% previously) and regulatory headcount requirements.
Competition for the right talent was high in Jacksonville with some competitors offering significantly higher salaries. Previously candidates had shown an appetite to relocate from other US locations but that stalled when remote work began being broadly accepted by employers across the US.
The Solution
We used our Talent Mapping module from Market Intelligence to provide an overview of the local talent pool within Jacksonville, as well as on a national level to project how remote working would benefit sourcing for the required skillset and others. Comparisons were drawn on criteria such as talent supply, competitor demand, attrition, growth, salary, experience levels and seniority. An evaluation of how competitors within the sector had successfully implemented hybrid and remote working was also provided.
The Results
Our client signed off on offering remote working in the United States at a board level, this opened up the bank’s talent pool tenfold when sourcing for financial crime, technology and front-office roles. Data on cities such as Atlanta, Chicago, Boston, Miami, Dallas, Washington DC and the Baltimore area revealed where the right skill sets could be sourced to match the bank’s needs. Their remote working pilot has now become a standard working practice allowing them to hire talent from across the US. In addition, our Talent Mapping provided essential data that allowed the bank to:
• Adjust their reward structure to be more competitive with the market, making it easier to attract top talent and enhance their employee retention strategies.
• Launch a branding campaign with a refocused EVP.
• Increase hires per quarter by 36% to an average of 40 offers.
• Reduce the interview offer ratio from 5:1 to 4:1.
• Reduce offer dropouts from 22% to 16%.
• Decrease time to offer from 110 days to 60. Additionally, the consultant’s bonus structure is tied to the client's milestones, guaranteeing continuous alignment with their objectives.
Market Intelligence is our one-stop market intelligence platform, powered by 100+ data sources and a global team of data scientists. Our easy-to-use, cloud-based platform contains 3 key modules offering clients access to an always-on, personalised talent analytics resource.
If you’d like to discuss how we can help, get in touch with our team today.
