Morgan Stanley Investment banking company

CASE STUDY

Morgan Stanley Investment banking company

Morgan Stanley needed a system to help retain its strong brand at target schools while delivering a highly-engaging candidate experience from start to finish.

Morgan Stanley is a forward-thinking investment bank reaping the benefits of talent acquisition software.

Industry

Finance

Main challenges

Processes that were inefficient

Key benefit

Substantial cost savings

A forward-thinking investment bank reaping the benefits of talent acquisition software

0 %
Lower decline offer rate
0
Dollars saved

A global leader in financial services, Morgan Stanley provides services from investment banking and wealth management to investment management services and has done for over 85 years. And with offices across 42 countries and counting, they’re pretty busy when it comes to recruitment. Recruiting can be time-consuming, and finding and onboarding graduates across multiple countries can quickly become a headache.

 

 

The firm’s employees serve clients worldwide, including corporations, governments, institutions and individuals. Which is why they needed an applicant tracking system that helps them effortlessly fill crucial graduate roles worldwide.

“Oleeo helps us focus on getting meaningful results in campus recruitment. Year on year, we are seeing real differences with a significantly improved candidate experience at the application stage.”

Stephanie Ahrens Executive Director, Morgan Stanley

Morgan Stanley needed:

Morgan Stanley needed a system to help retain its strong brand at target schools while delivering a highly-engaging candidate experience from start to finish. The system also needed to support a new interview process currently being trialed to help easily identify high achievers. 

A solution that accelerated hiring, helping them pinpoint talent who exhibited integrity, intellectual curiosity, and the desire to work in a friendly, inspiring environment — and that’s exactly where Oleeo comes into play.

Why Oleeo?

Oleeo’s talent acquisition software offers a complete end-to-end system covering the entire college, MBA and PhD recruitment process. Our decades of experience in campus and early careers hiring means that this platform is perfect for helping Morgan Stanley find, nurture and hire the best new talent worldwide.

Results

Once Oleeo was implemented, Morgan Stanley noticed 
 their declined offer rate lowered by 10% across Europe, the Middle East and Africa (EMEA). And they also witnessed an increased year-round campus presence, with more events outside the busy autumn season, which helped some regions push up their recruitment timeline. 

The platform enables them to continue focussing on their pre-university strategy, helping them fill their spring and summer analyst initiatives recruitment pipeline from school outreach events. Implementing Oleeo also means their workflows and process maps are enhanced and documented, and campus operations risk measures and controls have been improved overall. 

Additionally, Morgan Stanley is the first investment bank to launch a strengths-based interviewing process, which has been piloted across most divisions at different stages of the process — this has been made possible by Oleeo’s intuitive recruitment platform. And lastly, streamlining processes, teams, and programs has resulted in a significant campus recruitment cost saving of $1.1 million.

Morgan Stanley Investment banking company

Oleeo

Oleeo has 25 years experience of delivering award-winning recruiting solutions across multiple industries.

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Book a consultation.

CohnReznick, Leading Accounting & Consulting Firm

CASE STUDY

CohnReznick

Leading Accounting & Consulting Firm Upgrades Their Recruiting Metrics with Oleeo.

Leading Accounting & Consulting Firm CohnReznick Upgrades Their Recruiting Metrics with Oleeo

Industry

Finance

Main challenges

Dispersed hiring process

Key benefit

Substantially reduced time to hire

Leading Accounting & Consulting Firm Upgrades Their Recruiting Metrics with Oleeo

0 +
staff members
0 +
annual hires

CohnReznick have transformed their recruiting system beyond recognition, achieving new peaks in key metrics, including average length of time to hire, number of new hires per year, and candidate satisfaction.

 

 

CohnReznick is the 13th largest accounting firm in the US, with 30 offices across the United States, India and the Philippines, 5,000 employees and over $1B in annual revenue. With thousands of new hires every year, it is essential that their system is efficient, consistent across the business, and provides an outstanding experience for candidates.

 

 

However, in the words of CohnReznick’s Head of Talent Acquisition, Imad Khoury, their ATS was “the most basic… I had ever worked with.”

 

“Oleeo was the top choice for us because it allowed our entire business to operate on one platform, unlike other organizations that use different platforms for different parts of their business. We did not want that.”

Imad Khoury, CohnReznick, Head of Talent Acquisition

CohnReznick needed:


● A platform that could be used consistently across the entire US business
● A way to centralize all their hiring processes under one system.
● Increased efficiencies and automations (e.g. – automated letters and the ability for candidates to accept job offers within the system)
● Specialized campus recruitment software (approximately 50% of their recruiting efforts are in this area)
● Removal of manual processes (to avoid potential errors)


The last item of this list was arguably the most important because inconsistent recruitment practices and shadow processes created risk for the firm. Mitigation of that risk was one of CohnReznick’s key goals in adopting a new platform.

Why Was Oleeo the Preferred Solution?

The core reason why Oleeo was the natural selection was because their solution was the best fit for what CohnReznick wanted to achieve, especially in terms of bringing all elements of the recruitment business onto one platform. From lateral hires through to early careers, we use Oleeo for all types of recruiting. It is common for organizations to try to stitch together multiple platforms, and this was something they were determined to avoid. Oleeo’s platform molds around your needs, rather than you having to change your needs to fit the platform.


Beyond the practicalities of the decision, CohnReznick also appreciated Oleeo’s commitment to understanding their challenges and building a fruitful, long-term relationship. We sought a true partnership with our provider, not just a piece of technology, and Oleeo clearly shared our vision of working as one team.

“The Oleeo platform has proven to scale with our business growth plans, when our hiring increased from 600 to 2,000 per year. “

Imad Khoury, CohnReznick, Head of Talent Acquisition

The Results

Upgrading their recruitment platform to Oleeo quickly produced the outcomes that CohnReznick were seeking.

These included…

Thanks to the extensive automation Oleeo provides, there was an overall improvement in efficiencies.

The candidate experience was significantly enhanced, streamlining communication, and providing a user-friendly platform for all interactions. Successful integration of the Oleeo platform with CohnReznick’s third-party background check provider.

CohnReznick has cut their hiring time by 58%, now averaging just 42 days per hire. Over the last few years, they have increased their annual hiring from about 600 hires to an astonishing 2,000. This represents a staggering growth of nearly 233%, translating to an average of 10 new hires every single day—a testament to their remarkable expansion and efficiency. 

Of course, no technology upgrade of this size is completed without some challenges to overcome. While initially, CohnReznick planned to keep customization of the Oleeo system to a minimum, it eventually became clear that changes would be needed to avoid compromises to their existing workflow. 

The decision was taken after around nine months to make the adjustment and Oleeo’s technical team quickly stepped up to make the needed changes. This well demonstrates the importance of working with a supplier who is committed to providing ongoing support and the Oleeo platform is fully configurable to fit the unique needs of the user.

The Future

CohnReznick are pleased to continue working with Oleeo, and are especially interested in some of the new developments that are currently in the works.


In particular, the AI components of Oleeo – an invaluable tool for employers who receive large volumes of applications – are powerful, but are only the first step in a number of planned future features like on demand video screening (great for high volume hiring), hiring manager UI improvements and strategic behavioral assessment and scoring.

Oleeo

Oleeo has 25 years experience of delivering award-winning recruiting solutions across multiple industries.

Want to know more?
Book a consultation.

Finance Talent Acquisition 2024 Outlook

Finance Talent Acquisition 2024 Outlook

Insider Perspectives on Financial Services Recruiting

Finance talent acquisition

Introduction

Attempts to forecast the future of recruiting in the financial services industry tend to rely heavily on big data analytics. While such data can reveal trends and patterns, it often fails to capture the nuanced judgment and diversity of perspectives that comes from experienced professionals in the field. Ultimately, the human element remains indispensable.

In that spirit, we’ve spoken with five experienced recruiting leaders working in Financial Services. Each conversation brings its own nuanced reflections on the year ahead, delving into predictions, trends, and pressing topics such as the impact of emerging technologies, AI, and the widening candidate skill gap.

The “wisdom of the crowd” is the closest thing we have to a crystal ball. When individual perspectives converge, consensus reveals itself. We found areas of agreement that provide valuable takeaways for fellow recruiting leaders to consider in shaping their strategy for 2024.

In this report, we have highlighted key findings related to five questions pertinent to recruiting in Financial Services. Additionally, we provide recommendations on how you can use these insights to inform your own strategy over the next 12 months.

And for a different perspective…

We also interviewed ChatGPT, using the latest version (V4) which pulls and collates information directly from the search engines. Since this AI learns from multiple sources, it should in theory provide a good overview of the feelings and outlook of many more industry professionals.

The results were… well… see for yourself.

Best wishes for 2024!

— The Oleeo Team

What will be the biggest challenge faced by finance talent acquisition professionals in the financial services industry in 2024?

Responses:

  • Keeping up with the volume of applications while still meeting candidate expectations for communication and professionalism.
  • Encouraging people to consider moving to new positions while there are uncertainties in the economy.
  • The intensifying competition, not just from other financial service companies but from overlapping industries going after the same talent.
  • Diminishing numbers of candidates with the right specialisms and/or degrees for a career in financial services.
  • Needing to attract candidates well in advance to counter the competition, while also coping with contract reneging and low retention.

Key Takeaway:

This question received the broadest range of answers, but three of them can be traced back to the challenges of competition, not just in financial services but in recruitment as a whole. There’s no escaping the need to attract college and university candidates early in the process, which means it’s all the more important to manage the volume, identify the brightest talent early, and use strong engagement techniques to keep them interested in joining your firm.

Intense Competition for Finance Talent:

The financial services sector is no longer the only game in town for top-notch graduates. With the advent of tech giants and startups venturing into financial services, the competition is fiercer than ever. These new players often offer roles that are perceived as more innovative or exciting, luring away talent that might have traditionally headed straight to financial firms. This competition isn’t just about salaries anymore; it’s about the entire package — company culture, career progression opportunities, and work-life balance.

[ChatGTP]

Additional Resources

“Moving forward, leaders should focus on the fundamental issue, which is the design and practice of the work itself, as the work will dictate the mix of physical and digital workplace required to meet business outcomes. Unfortunately, only 15% of respondents to the Deloitte 2023 Global Human Capital Trends survey cited the way work is designed as one of the most important attributes in creating the future workplace.

What is the biggest piece of advice you can offer to talent acquisition professionals in the financial services industry in 2024?

Responses:

  • Don’t rely on communal talent pools — develop your own candidate database and fish in your own pond.
  • Know the role, the product and the company you’re recruiting for inside and out, even (and especially) if you haven’t personally worked in this field — candidates will question everything.
  • Campus candidates are never too young to be exposed to your company branding — take every opportunity to get in front of your target audience and sell the opportunity.
  • Gen Z is different which means we have to think differently as well — interviews work in both directions as both parties seek relevant information.
  • Recognize that retention is every bit as important as the initial hire — otherwise you’re just inviting the competition to profit from your investment.
  • Be data-driven with stakeholders when reporting your activities so that, when the financial crunch comes, campus recruiting isn’t merely seen as a “nice to have.”.

Key Takeaway:

The majority of the responses can be traced back to the discipline of treating candidates as individuals and not taking their participation and interest for granted. Making efforts to properly understand the current generation of future graduates, and what matters most to them, is time well spent. And while it might sound like a paradox, it’s also important to treat each candidate as an individual and not rely too much on generalizations.

Leverage Technology Wisely:

AI and other tech tools are becoming increasingly important in recruitment. They can automate time-consuming tasks like scheduling and sorting through applications, allowing you to focus on engaging with candidates. AI can also help in finding candidates for roles they may not have considered, optimizing resumes, and preparing for interviews. However, remember that technology is a tool to enhance your capabilities, not replace them. Striking the right balance means maintaining a human centric approach, technology is a powerful enabler, but ultimately the most powerful interaction you can have with a candidate is a real conversation.

[ChatGTP]

Additional Resources

People are revising their attitudes both to work and at work. Organizations can respond by tailoring employee value propositions to individualized preferences in ways that can help close the gap between what today’s workers want and what companies need…39% of respondents in a survey conducted in 7 countries say they are planning to leave their jobs in the next 3-6 months.”

What technology and AI tools do talent acquisition professionals in the financial services industry need to be aware of in 2024?

Responses:

  • Use intelligent messaging to automatically nudge candidates to take the next step in the process if they don’t respond to the first prompt.
  • Set digital reminders for following up with the most valuable candidates, but always personalize your approach – technology can only take you so far.
  • LinkedIn continues to be the recruiter’s best friend.
  • Al can be used to automatically qualify or disqualify candidates based on certain criteria which can save a huge amount of time reviewing applications.
  • Be aware that candidates are increasingly using Al to write their resumes and their application responses – although this isn’t necessarily a bad thing (technology-savvy candidates are valuable).
  • Technology and Al is speeding things up but it’s critical to maintain a human touch in the process.

Key Takeaway:

As a recruitment tech company, we were especially interested in this question and the answers are exactly what we hoped they would be. Naturally, we agree wholeheartedly that technology and Al can streamline and improve the talent acquisition process, but a human should always be driving the hiring. This is important for both the quality of the hiring process, as well as the satisfaction of the candidates who appreciate being viewed as an individual.

Enhanced Candidate Matching:

AI algorithms are becoming more sophisticated in matching candidates with job vacancies. By analyzing a broader range of data, including not only resumes and job descriptions but also soft skills, cultural fit, and past hiring outcomes, 
 AI can more accurately predict successful hires. This evolution means a more efficient and effective matchmaking process between candidates and roles.

[ChatGTP]

Additional Resources

“[The] versatility of AI has not gone unnoticed within the financial services industry, with many organizations striving to optimize their budgets and digital infrastructure to accommodate AI technology…Now, it seems as though AI adoption for financial services is finally picking up again. 
 In a 2022 market research report, the global AI in banking market is predicted to grow to a value of more than 
 $64 billion by 2030, up from just $3.88 billion in 2020.

As of 2020, roughly 0 %
of banks had already adopted AI to help build a more competitive advantage for their institutions.

What will candidate’s expectations be when engaging with talent acquisition professionals 
 in the financial services industry in 2024?

Responses:

  • Professionalism is the minimum price of admission-with the tools currently available there’s no reason not to stay organized, even when dealing with high numbers of applicants
  • Candidates love getting a look behind the curtain of the firm and the industry- an infoship (requires less commitment than an internship but still provides experience and a certificate of completion) is a great way to get them more involved.
  • This generation of graduates were weaned on technology, so they expect it to be used throughout the process so they can apply for, and find information on, the roles quickly and easily.
  • Don’t rest on your laurels – when you have quiet moments, use the time to review your performance and gain feedback from your candidates.
  • Multiple touch points are a sensible method for maintaining candidate engagement no one enjoys feeling like they’ve been forgotten.

Key Takeaway:

These comments reflect our own ethos at Oleeo, especially around using technology every step of the way. In 2024, if you ask any student to fill in any form by hand, you may be negatively influencing their view of your firm as stuck in the past. The “infoship” idea is also illustrative of how competitive the market has become. Recruiters are going to extraordinary lengths to set themselves apart and provide candidates with unique and valuable experiences.