Financial Services Company
This is a case study of one of our Financial Services clients that we cannot mention publicly at this time. It is wholly accurate and reflects the work carried out by Futurestep and subsequent results from the project. For more information on what Futurestep can do for you, please select an expert from the options list on the right.
Financial Services Company offers global, multi-asset brokerage services on a range of listed and OTC derivatives and securities. Formed from a joint venture between two other financiers, it supports in excess of 85 exchanges in twenty five locations and has over 3000 employees based in fifteen countries. In 2010, revenues were over Euro 1.2billion.
As a rapidly growing and recently formed business, Financial Services Company faced several key recruitment issues, primary amongst these the need to create a professional resourcing function to cover their global talent acquisition needs. This was a “build or buy” strategic decision for Financial Services Company as, up to the point of engagement with Futurestep, Financial Services Company had not previously had a dedicated internal recruiting team. Financial Services Company’s decision to purchase was based on the fact there were a number of challenges that needed to be brought to focus: the fluctuating recruitment demands of the business, and the need to attract niche talent from more established brands in a highly competitive market, finance.
The solution would need to include dedicated recruiters, technology systems and design of specific process and policy to overcome performance related challenges, such as process consistency, risk mitigation, reducing the time to hire, candidate and hire quality and costs associated with a level of dependency on recruitment agencies.
Once created this new recruiting framework would cover the entire recruitment process for Financial Services Company, namely sourcing and screening, assessment and selection, interviewing and offer management, for both permanent and contingency workers.
Futurestep’s’ ability to customize a solution to meet the fluctuating needs of the business was a key factor in Financial Services Company’s decision to partner with Futurestep. Our heritage as the leading global search firm and significant expertise in the financial services sector was equally important. Finally, as a growing, global business, Financial Services Company needed a partner that could quickly deploy a multi-country solution, which Futurestep could deliver through its extensive global footprint and experience of delivering multi-country solutions.
The three year deal beginning in 2010 would see Futurestep design and implement an entirely new outsourced recruitment framework for the Financial Services provider. During a thirteen week implementation, Futurestep created professional onsite recruiting teams in London, New York, Chicago, and Hong Kong, supported by Futurestep sourcing infrastructure in Shanghai. In addition, a global ATS platform was deployed and process and policy created and/or reviewed and revised to ensure global consistency with local application across the diverse requirements of the Financial Services Company business.
Futurestep’s team of eleven made hires of 650 permanent and around 300 contract staff across fifteen countries, for the wealth of front, mid and back office, and executive level positions.
In establishing new processes and a dedicated, focused delivery team, immediate qualitative and commercial impact was achieved. Process management was improved and a clear focus on direct sourcing has increased direct hiring and delivered agency cost savings in both permanent and contingent labour supply. Futurestep has provided Financial Services Company with much greater visibility of the process, costs and issues to help manage and improve the overall recruitment capability. This performance data is new to this specific organisation, and is enabling data-based strategic decisions to be made in the development of the resourcing function moving forward.