Sg Cowen Case Analysis
Ernest Jamison
Dr. Heisler
HRM6622
21 July 2009
SG Cowen Case Analysis
Chip Rae and SG Cowen have a very demanding candidate recruitment, selection and hiring process for new external associate hires. It is without a doubt directed to securing only the most talented personnel that is available to them. Only the top notch candidates with exceptional education and/or job accomplishments are even considered for interviews.
The stringent process consists of multiple “rounds” and begins in the fall of each year when SG Cowen’s recruiting team starts making company presentations at its ”core business schools” where it has participated in the schools recruiting programs. SG Cowen’s concentration is on its core business schools; however they do accept resumes from candidates at noncore schools. The process comes to a close at the end of “Super Saturday”. Super Saturday is considered the final round of the process. Super Saturday is a day of interviews between 30 bankers and 30 associate candidates.
The choice of core schools was essential. The method used to decide at which schools to recruit was initially met with resistance from the senior management. It was viewed as “going downstream”. The initial strategy was based the top 25 business schools at that time. The concept made sense because one would not go to an architectural school for medical interns. The concept behind Rae’s initial strategy was to focus on recruiting at the top 10 of the top 25 schools and at first glance it seemed like an excellent concept. Realizing that larger organizations, “with huge recruiting budgets, recognized brand names and…, larger hiring needs”, had chosen to use a similar strategy Rae revaluated his initial plan.
Rae then developed a second strategy that was focused on recruiting at the later 15 schools of the top 25. The second strategy was actually a better idea and more in line with an “employers market”. An employer’s market is a scenario in which the field of
Dr. Heisler
HRM6622
21 July 2009
SG Cowen Case Analysis
Chip Rae and SG Cowen have a very demanding candidate recruitment, selection and hiring process for new external associate hires. It is without a doubt directed to securing only the most talented personnel that is available to them. Only the top notch candidates with exceptional education and/or job accomplishments are even considered for interviews.
The stringent process consists of multiple “rounds” and begins in the fall of each year when SG Cowen’s recruiting team starts making company presentations at its ”core business schools” where it has participated in the schools recruiting programs. SG Cowen’s concentration is on its core business schools; however they do accept resumes from candidates at noncore schools. The process comes to a close at the end of “Super Saturday”. Super Saturday is considered the final round of the process. Super Saturday is a day of interviews between 30 bankers and 30 associate candidates.
The choice of core schools was essential. The method used to decide at which schools to recruit was initially met with resistance from the senior management. It was viewed as “going downstream”. The initial strategy was based the top 25 business schools at that time. The concept made sense because one would not go to an architectural school for medical interns. The concept behind Rae’s initial strategy was to focus on recruiting at the top 10 of the top 25 schools and at first glance it seemed like an excellent concept. Realizing that larger organizations, “with huge recruiting budgets, recognized brand names and…, larger hiring needs”, had chosen to use a similar strategy Rae revaluated his initial plan.
Rae then developed a second strategy that was focused on recruiting at the later 15 schools of the top 25. The second strategy was actually a better idea and more in line with an “employers market”. An employer’s market is a scenario in which the field of