Staffing and Selection
Case study 2
SG Cowen’s biggest strength in their overall hiring process is how invested they are in the whole process. The amount of time, effort and money SG Cowen puts into finding the best candidates is a strength they play upon to retain their clients and to make sure they stay focused in their market. Another benefit I see in their hiring process is the fact that they are fairly specific in what they are looking for, it allows them to hone in on a particular group and narrow the field. Their specificity also narrows down the selection pool but makes the recruitment process far more customized, which is what they want for their organization. Internally recruiting is fairly simple in terms of the guidelines they follow. The role of associates can be filled by analysts who are currently employed with SG Cowen, usually after 3 years of service they can apply for the position. Another way that SG Cowen hires associates is by hiring the interns that work for them between their first and second year of business school. This is beneficial for the company because it allows them to really view if these employees would excel in the position for the most part. They are familiar with the culture of the organization, which is a major factor in determining whether a candidate is the right person for the position. External recruiting is where SG Cowen takes a variety steps to make sure they get the kind of candidate they’re looking for. SG Cowen only takes candidates that have an MBA and their recruiting starts at their specified core schools. Which due to Rae’s strategic planning evolved. The core schools used to be the core schools of most top business and banking institutions. Eventually SG Cowen understood this may not be the best strategy to attract the top talent they were looking for. Although the organization was a well-respected international organization there were larger firms that attracted start students at these schools. So rather getting second tier mediocre students from these major universities, SG Cowen decided to go a different route and go to the next 15 schools and recruit from the very top of their class. I felt this was an excellent strategy, the students at the following schools understand what a position at an organization like SG Cowen means, and may realize that these opportunities are few and far in between, allowing them to be motivated and enthusiastic in trying to get a position as an associate. The actual presentation that SG Cowen gives at these core schools I believe address key items that people entering in the work force look for. Recruiters look to address 4 major questions right away, who SG Cowen is, what they do, what makes them different from other banks, and what they’re looking to do as an organization. A lot of the recruiting is based on the potential candidate’s ability to initiate. The potential candidates that take the time to reach out to their designated recruiter with questions and serious interest in SG Cowen are looked upon more favorably. Candidates who make time to come visit the actual firm are looked at in higher regard because it shows the great interest they have in the organization. Also another major positive aspect in their recruiting process is the ability to give a potential real life timeline as to where they should expect themselves to be if they stay with company and perform consistently. After three and a half years as an associate they can expect to move up to Vice President and then eventually a managing director.
One potential issue with the recruiting process of SG Cowen Certain items in recruitment and selection SG Cowen can look to improving could include the places they look do their core recruiting. They should possibly invest in looking at other schools to add to their core school list; maybe look to see what other schools are...
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