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Improving Recruiting Outcomes

An investment bank faced significant recruiting challenges with its Analyst program. An incoming class of 30 analysts hailed from 25 schools with only 3 women. Leadership was dissatisfied with composition and overall quality. The issue stemmed from a lack of strategy around sourcing and execution.

Challenge

Our diagnostic revealed key gaps in the recruiting process:

  • No Overall Strategy

  • No Applicant Tracking System (ATS): There was no system for tracking candidates, which led to inconsistencies and missed opportunities.

  • Lack of Sourcing Strategy: Resumes were submitted via the website, reviewed by a junior recruiter, and passed along without any structured criteria.

  • Absence of a Defined Process: There were no set timelines for candidate responses or structured evaluation criteria.


Our Solution

To overhaul the recruiting process, we created and executed a comprehensive plan that included several initiatives:


  1. Comprehensive Strategic Overhaul: Created and sold a comprehensive plan. Set goals and created strategy which improved efficiency, efficacy and candidate experience.

  2. Implemented an Applicant Tracking System (ATS): Selected, purchased, and implemented an ATS to streamline candidate tracking, establish consistent timelines, and apply standardized evaluation criteria.

  3. Defined Hiring Criteria: Developed clear hiring criteria, including specific questions and key evaluation points, to ensure each candidate was assessed fairly and thoroughly.

  4. Hosted "Supernights": Organized evening events where candidates met with multiple pairs of senior and junior bankers. After each event, the interviewers convened to discuss candidates and make quick decisions.

  5. Established School Teams: Senior leaders formed recruiting teams aligned with their alma maters, allowing us to focus deeply on specific schools and leverage diversity organizations to attract a broader pool of talent. Also expanded ownership of hiring process and thus candidate quality.

  6. Personal Outreach to Top Candidates: Conducted extensive one-on-one conversations with top candidates, especially women, to emphasize the opportunities our firm offered and make a compelling case for joining.


Results

Our structured approach led to impressive outcomes:

  • Improved Quality and Diversity: The analyst program more than doubled in size with higher-quality candidates.

  • Increased Gender Diversity: Women represented over 50% of the analyst class, and more women joined at mid-level ranks.

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