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Finance -

The Question:

How to attract, develop and retain new leadership talent for a worldwide company.

The Client:

A major global financial institution.

The Challenge:

GLA was invited three years ago to assist the client to improve their graduate attraction, development and retention strategy for their annual intake of 200+ graduates in Australasia. Retention rates were 25% below industry standards. The business had set itself the goal of becoming an employer of choice in the graduate market.

GLA's Role:

GLA reviewed the recruitment, orientation, and development practices and strategies, and re-engineered them, whilst maintaining budgeting and operational constraints.
Solutions included:

  • A more effective attraction and retention process
  • A "new look" year long orientation and development program
  • Stronger ongoing support mechanisms through normal line management accountability
  • The use of "high potential" talent to act as informal coaches to individual graduates
  • The creation of business related activities leading to ROI to the business that "pays for the intervention within a year."

GLA has performed these services annually for the past three years and helped keep the client ahead of the increasing competition for a finite and increasingly selective resource.
Results:

Results:

Within the first year:

  • Interest in joining the business rose by 200%, i.e. 11,000 graduates per year submitted interest in joining the organisation for only 200+ positions.
  • Quality of graduates entering the business was rated "highly improved" by management.
  • The retention rate soared to exceed industry averages, rated at 95+%
  • A significantly higher percentage of graduates were recruited to higher positions within their first year, using performance-based selection
  • A significantly larger number of graduates were selected for inclusion in an ongoing "fast track" program for "high potentials" than previously
  • The graduate program received a higher profile in the business, based on the quality of the graduates and the business-focused projects submitted for implementation at Board level

These results were improved in the following year, with an increased demand by managers within the business to hire new graduates (240 in year 2 and 250+ in year 3), and with senior managers volunteering to coach and support graduates from outside their normal area.

GLA is presently completing a third year advisory and implementation engagement, with the informal target of achieving 98% retention.