Investment banks are crucial to cultivating financial growth.
From the front to the back office, employees work daily to improve the assets of corporations, governments, institutions and individuals. When investment banks manage trillions in assets, their workforce oversees the financial wealth of a global community.
Our client, Morgan Stanley serves an international community with more than 1,300 offices in 42 countries. Their recruitment process solution represents greater than 2,000 annual hires across 12 business sectors including sales and trading, asset management, research, IT, finance, tax audit, risk, compliance, HR, legal and operations.
During the financial crisis of 2008, Morgan Stanley faced extreme pressure to cut costs while maintaining pre-crisis performance. In this tumultuous time, they needed to continue providing recruitment services despite a market collapse and business slowdown.
With Pontoon engaged, the team went to work to deliver a recruitment process to reduce cost per unit, increase efficiency, absorb staff and eliminate recruitment agency fees. To accomplish these goals, we established a hybrid delivery model to meet fluctuating business demands with an on-site office and 2 managers as well as 4 off-site support resources. Over time, the Pilot program expanded into a full lifecycle, enterprise-wide solution that includes recruiting & filling front, middle and back office investment banking positions. Today, there are 45 experts dedicated to the account providing full lifecycle lateral and campus recruiting services. By managing the entire recruitment process, Pontoon helps eliminate risk and reduce compensation costs.
- More than 2,000 hires annually
- Requisitions increased by 394%
- 19% reduction in third party agency fees
- 5.6:1 interview-to-hire ratio
- Annualized savings over $10million
- Average cost per hire: 2.7% (industry average is 3%)