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AI IN TALENT ACQUISITION: KEY TRENDS SHAPING THE FUTURE IN FINANCIAL SERVICES

AI IN TALENT ACQUISITION: KEY TRENDS SHAPING THE FUTURE IN FINANCIAL SERVICES

Discover How AI Can Revolutionise Your Hiring Process, Improve Quality of Hire, and Enhance Diversity & Inclusion.

The financial services industry faces mounting pressure to find top talent, build diverse teams, and boost efficiency—all while dealing with burnout, budget limits, and competing priorities. AI offers a solution, yet many firms hesitate due to uncertainty around risks and implementation.

This independent report by Aptitude Research, based on insights from over 150 director-level talent and HR leaders, provides a comprehensive look at AI’s role in talent acquisition. It delivers practical recommendations to help organizations leverage AI effectively and responsibly to elevate recruiting and team productivity.

AI IN TALENT ACQUISITION: KEY TRENDS SHAPING THE FUTURE IN FINANCIAL SERVICES

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Key Insights You'll Discover

  • The top 3 priorities for finance TA teams in 2024 (and the challenges they face in achieving them). 
  • How AI is being used to improve quality of hire, enhance diversity recruitment and retention, and support internal mobility. 
  • The biggest obstacles to AI adoption and how to overcome them. 
  • Real-world examples of how AI is making a tangible impact on TA KPIs, including cost per hire, time to fill, and quality of applicant. 
  • Actionable recommendations for getting started with AI, even if your organisation is in the early stages of adoption.
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Who Should Download This Report?

  • Talent Acquisition Leaders in Financial Services
  • HR Professionals responsible for recruitment and talent management
  • Executives looking to stay ahead of the curve in talent acquisition
  • Technology Leaders & IT Professionals tasked with evaluating and implementing HR tech solutions
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About Aptitude Research:

Aptitude Research is a leading human capital management (HCM) research and advisory firm based in Boston. Committed to advancing HR technology conversations, Aptitude helps HR leaders navigate the complex landscape of HCM solutions to make informed, strategic purchase decisions. Through in-depth research and objective vendor assessments, Aptitude provides HR and talent acquisition leaders with essential insights into recruitment, engagement, and workforce management technologies.

 

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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.

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Finance Solutions
Seamlessly Manage End-to-End Recruitment For Your RPO Clients

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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CohnReznick, Leading Accounting & Consulting Firm

CASE STUDY

CohnReznick

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

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Finance Solutions
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.
Find out more
“Even before we were looking for another ATS we kept being engaged by the team at Oleeo. And I think what they were interested in was understanding the challenges that we were facing from a recruiting perspective. So by the time, we got to a point where I received approval to go explore other technologies, Oleeo was there to help along the way.”
Imad Khoury Head of Talent Acquisition at CohnReznick

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Finance Talent Acquisition 2024 Outlook

Finance Talent Acquisition 2024 Outlook

Insider Perspectives on Financial Services Recruiting

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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.

"I could bring you a limitless supply of young talent, but then you have to decide what you’re going to do with them to get them first-job ready.”"
Simon KhoVice President, Head of Campus Recruiting at Raymond James
Simon Kho
"People don’t feel comfortable moving from one company to another because of the uncertainty. And that’s a lot of what I hear…even when I’m doing interviews, that people aren’t comfortable making that move because of the unknown.”
Zoya NaseemRecruiting and Business Development Manager at Prudential Financial
Zoya Naseem
The onus is on the employer to differentiate themselves within this space.”
Zoya NaseemSenior Talent Manager Manager at TA Associates
Zoya Naseem
Previous
Next

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.”

Activating the future of 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.

"Look at the new technology and leverage it to what works best for you. Especially when you’re working in high volume, there’ll be new technology that makes it easier for you to reach out.”
Felisha WatkinsNorth America Talent Acquisition Business Partner at Allianz Partners
Felisha Watkins
"Our leaders in campus recruiting really need to listen to the voices of those students… because an interview is both ways. It’s them interviewing you, and us interviewing them. And if they don’t like it, they don’t have to come.”
Lisa BlatterFVP/Director of Campus Recruiting and Career Development at SouthState
Lisa Blatter
"Candidates really value the personalized touch of connecting with an actual human at a firm, and having continued personalized outreach makes a big difference in who will be interested in coming to work for you.”
Whitney Profitt,Senior Talent Manager Manager at TA Associates
Whitney Profitt,
Previous
Next

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.”

The State of Organizations 2023: Ten Shifts Transforming Organizations

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.

"We have templates that we use, but there has to be some sort of personalization in every communication to give it a more human approach."
Zoya NaseemRecruiting and Business Development Manager at Prudential Financial
Zoya Naseem
"A person is not just what they list on their resume. Oftentimes…you find out things when you’re speaking with someone that weren’t on their resume that are super valuable, or maybe just 
 fit the specific needs 
 that you have at 
 this time."
Whitney ProfittSenior Talent Manager Manager at TA Associates
Whitney Profitt
"For somebody that just needs a little bit help with candidate follow up…I would definitely recommend [intelligent messaging]…for candidates that have been unresponsive."
Felisha WatkinsNorth America Talent Acquisition Business Partner at Allianz Partners
Felisha Watkins
Previous
Next

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.

The State of AI in Financial Services in 2023
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.

"Because of the end of the year, Christmas holidays coming up, this is the best time for me to…look at my processes, redo them, enhance anything I feel could use more of my attention."
Zoya NaseemRecruiting and Business Development Manager at Prudential Financial
Zoya Naseem
"Online internship programs can help students who are curious about a potential career in finance determine if banking is in their future. Virtual sessions, webinars, and the ability to meet with senior leaders provide students with insight into bank operations, employee success stories, the company s mission, and core values."
Lisa BlatterFVP/Director of Campus Recruiting and Career Development at SouthState
Lisa Blatter
"We have a lot of touch points for candidates coming in…so they’ll talk to somebody from my team, they will talk to me…they ll talk to a trainer as well as a training manager all before they make it to class. So they already have a couple of familiar names and faces 
 by the time they make it to their first day of training."
Felisha WatkinsNorth America Talent Acquisition Business Partner at Allianz Partners
Felisha Watkins
Previous
Next

Transparency and Communication:

Candidates in 2024 will likely expect clear, consistent, and transparent communication throughout the hiring process. They want to know where they stand, what the next steps are, and receive feedback, even if it’s not in their favor. Talent acquisition teams will need to ensure that their communication is frequent, honest, and informative. 

[ChatGTP]

Additional Resources

“Employees, recruiters, and HR professionals are increasingly advocating for 
 a greater employer focus on mental health in the workplace…A focus on mental health enhances the overall quality of life for employees, leading to higher job satisfaction and engagement. This contributes to higher retention rates, lower absenteeism, and reduced healthcare costs for the organization. Prioritizing mental health also creates a positive work environment, which strengthens team cohesion and enhances the company’s reputation.

Recruitment Trends in 2024: What's on the Horizon?

What skill-sets will most be in demand by talent acquisition professionals in the financial services industry in 2024?

Responses:

  • Candidates with relevant licenses will allow them to slot into a new role quickly, making them easily stand apart from most applicants.
  • Transferable skill-sets can be valuable if you know what you’re looking for – people who have experience working in sales, for example, may make good financial advisors.
  • Just because someone lacks experience doesn’t mean they don’t have desirable traits reflected in other areas of their lives – someone who is engaging in an interview setting is worthy of attention.
  • Communication skills are a key focus, as are strong analytical skills, and basic grit and drive – these so-called soft skills can translate well into the workplace just as well as academic achievement.
  • People skills and emotional intelligence are sometimes overlooked when finding financial industry candidates.

Key Takeaway:

These responses are arguably the most surprising because they’re almost all about soft skills. This only further emphasizes that, while technology can help streamline many of your recruitment operations, it must be underpinned by a strong human-centric approach. Any candidate can claim to have good communication skills or emotional intelligence, but these are the kinds of abilities that can only really be assessed by spending time with the person in question.

"The candidates I find most suitable for our entry level financial planner roles usually have experiences in business fraternities/ sororities, sports teams, and working in customer service."
Zoya NaseemRecruiting and Business Development Manager at Prudential Financial
Zoya Naseem
"Soft skills is a major, major gap with financial industry students major, specifically those that are in analytics."
Lisa BlatterFVP/Director of Campus Recruiting and Career Development at SouthState
Lisa Blatter
"Post-COVID…there can be a gap for some candidates on the communication front; people kind of forgot how to interact and build relationships and be a strong communicator, which is a really important skill."
Whitney ProfittSenior Talent Manager Manager at TA Associates
Whitney Profitt
Previous
Next

Technical + Soft Skills Emphasis:

In 2024, candidates for entry-level roles in the financial services industry will need to possess a combination of technical and soft skills to be competitive and successful. With the ongoing fintech revolution, candidates must also be adept at using financial planning software, data analysis tools, and digital communication platforms. Understanding cybersecurity principles to protect client data is also vital.

[ChatGTP]

Additional Resources

“In a Deloitte survey of technology industry leaders, workforce issues were seen 
 as both a top challenge and a top opportunity. They have held steady as the 
 second-highest top strategic challenge over the past six months (with competition and market disruption ranked number one). Looking a little closer, nearly 90% of leaders said that recruiting and retaining talent were a moderate or major challenge. 
 In addition, 72% ranked “meeting workers’ broader needs” as a moderate or major challenge (figure).”

Tech talent is still hard to find, despite layoffs in the sector

Key Recommendations for Talent Acquisition in 2024

Here’s a summary of the three key takeaways from this report to help you in 2024:

What skill-sets will most be in demand by talent acquisition professionals in the financial services industry in 2024?

Technology is a great co-pilot, and effective automation can relieve recruiters of the numerous manual burdens that take away time from having meaningful conversations with candidates. However, there's an ever-present danger that an over-reliance on technology will alienate candidates and replace the human touch that people crave when going through your recruiting process. While AI may seem irresistible and progressive, ensure that you strike a balance and maintain a human-centric approach. When utilizing AI for candidate-facing conversations, make certain that the model you employ is tried and tested, and has been developed to be safe, unbiased, and reliable. Otherwise, you may inadvertently expose candidates to potential harms without even realizing it.

Use technology for the high volume projects

Desirable candidates know their worth. In a highly competitive job market, identifying the right individuals from your candidate pool before your competitors can make all the difference. While we cannot rely on technology to make selection decisions for us, as that may introduce unfair bias into the process, we can leverage technology, such as predictive analytics, to provide recommendations on which candidates to engage with first. This is particularly useful when recruiters are stretched thin managing a high volume of applications.

Look for relevant soft skills among your candidates

You never really know someone’s potential until you’ve met them. It’s likely you’ve come across a unicorn candidate who has everything you look for on their resume, only to find that they are poor communicators or lack the soft skills required to be successful. And let’s face it, it’s difficult to train someone to be a strong communicator. That’s why cutting through the noise quickly is so important. Of course, you’ll want to engage a candidate with a great resume, but you’ll also want to find out quickly if they are truly a good fit. The time from application to the first human interaction with a recruiter is more important than ever.

Case Study

75% Reduction in Time-to-Offer: Bank of America’s Digital Recruitment Revolution with Oleeo

Bank of America (BOA), a leading financial institution employing over 200,000 staff across 35 countries, embarked on a digital transformation journey to revolutionize its recruitment process.

Challenges

The digital era has revolutionized recruitment, and BOA faced several challenges:

  • Enhancing Candidate Experience: To attract top talent in a competitive market, they needed to offer a seamless and engaging candidate experience.
  • Meeting Diverse Candidates Where They Are: The goal was to tap into a wider, more diverse talent pool.
  • Improving Operational Efficiency: Streamlining the recruitment process to make it more efficient was essential.
  • Reducing Time to Offer: Lengthy recruitment processes were a barrier to securing top talent.
  • Consistency and Unconscious Bias: Ensuring a fair and unbiased assessment of candidates was crucial.

Solution

Bank of America’s solution was multifaceted, leveraging Oleeo’s technology:

  • Unified Recruitment Platform: Oleeo’s ATS provided a consistent and streamlined experience across global locations.

  • Mobile-First Approach: Implementing Oleeo’s mobile solutions for first-round video interviews enhanced accessibility and convenience.
  • Virtual Engagement Tools: Through Oleeo, Bank of America enhanced their virtual presence, reaching candidates where they are most active.
  • Data-Driven Insights: Oleeo’s analytics helped in making informed, unbiased recruitment decisions.

Results

The collaboration with Oleeo led to transformative results:

Rapid Hiring Porcess

Process Time to hire was drastically reduced from months to

2-5 weeks

Increased Candidate Pool

22% increase

in candidates screened, thanks to the mobile interview process.

Diversity Milestones

Notable increases in female (28%), Black/African American (32%), and Hispanic (57%) candidates.

Operational Excellence:

Elimination of external trackers,

saved 1,600 hours

in data entry and

$200k in costs

Award Recognition:

Brandon Hall Excellence Award

jointly received by Oleeo and Bank of America for their innovative talent acquisition approach.

The partnership between Bank of America and Oleeo exemplifies the power of digital transformation in talent acquisition. Through strategic use of technology, they achieved a more efficient, inclusive, and competitive recruitment process, setting a new standard in the industry.

Thank you for taking the time to read this report. We hope that you are able to move the needle on your initiatives in 2024, and wish you and your team every success.

Remember, standing still is moving backwards…

So, let’s keep moving forward.

All the best,

The Oleeo Team

oleeologo

About Oleeo

Oleeo helps enterprise businesses improve their recruitment strategy. Unlike other applicant tracking systems, companies don’t need to change their processes to fit the software, Oleeo Recruit is completely customisable.

The system uses AI to help recruitment managers quickly sift through thousands of applications and automation nurtures candidates through the recruitment process. Oleeo Recruit enables companies to attract a more diverse workforce by de-biasing job postings and offering blind application screening. You can even benchmark your 
 data to ensure you’re moving diverse candidates through every step of the hiring process.

With clients such as the UK Police Force, Amazon Stores and Morgan Stanley, Oleeo guarantees to halve your 
 time to hire. Recruit the best talent, your way with Oleeo.

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Evercore Investment Bank

CASE STUDY

Evercore Investment Bank

 Automating the referral program through Oleeo has revolutionized Evercore’s tracking process!

Schedule A Demo
Finance Solutions

Industry

Finance

Main challenges

Manual processes that were inefficient

Key benefit

Substantially reduced time to hire

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

0 +
staff members
0 +
annual hires

Evercore is a premier global independent investment banking advisory firm. They are dedicated to helping their clients achieve superior results through trusted independent and innovative advice. They advise on matters of strategic and financial significance including, but not limited to, mergers and acquisitions, strategic shareholder advisory, restructurings, and capital structure.

 

For the past 10 years, Evercore has integrated and leveraged Oleeo’s cutting-edge recruitment technology. Oleeo’s platform has proven to be an invaluable asset, providing an end-to-end talent acquisition system that excels in identifying and securing top candidates. It supports campus, earlier careers and experienced recruiting by accommodating workflows and processes for each hiring type.

“Streamlining the process by adding a dedicated referral field to the applicant report has not only reduced significant time spent on tracking, but it also ensures accuracy in our process.”

Chelsea Herritt, Head of US Campus Recruiting at Evercore

Evercore needed:

  • More automation and less admin
  • More time to focus on value-added tasks
  • Improve candidate, hiring manager and in-house recruiter experience 

The process of managing a high volume of referrals originating from senior leaders at the Firm involved manually tracking each referral during peak season. This method was time-consuming, lacked efficiency and left the team vulnerable to mistakes.The need for an automated approach to handle the influx of referrals was evident.

How did you come up with the solution?

Partnering with Becky, Evercore’s Oleeo Customer Success Manager, proved instrumental in gaining valuable insights and guidance on how we could create a custom automated  process within Oleeo. 

Oleeo’s functionality allows Evercore to track each candidate’s process (ie. applications, interviews, events) in an effective and streamline approach. By integrating Evercore’s referral data into Oleeo, it has allowed for a more robust candidate tracking process.

“We’ve greatly appreciated our collaboration with Oleeo as our applicant tracking system. It streamlined our recruitment processes, automated manual and outdated tasks, ensured data accuracy, and offered a positive, user-friendly application experience for candidates”

Chelsea Herritt, Head of US Campus Recruiting at Evercore

Results

  • Better candidate engagement
  • Better experience for hiring manager
  • Significantly reduced admin

 

The enhanced referral program has significantly reduced the amount time spent on administrative tasks. The transition from manual to automated tracking through Oleeo has been a game changer and has saved the Evercore recruiting teams several hours of manual work throughout the recruiting season! 

The system now strengthens accountability and promotes responsibility among those who make hiring recommendations to the Firm. Additionally, the process will extend to experienced hire referrals, incorporating a tracking mechanism for the referral bonus and documenting the sequence of recommendations, thereby providing a transparent and fair process for all parties involved and enhancing Evercore’s lateral hiring strategy.

The Future

Looking ahead, Evercore’s focus involves optimizing its reporting tools to extract even greater value from them.  The goal is to leverage Oleeo’s capabilities to their fullest extent, thus enhancing the efficiency of different reporting processes.

Additionally, the Evercore recruiting team is interested in integrating attendance management into Oleeo to further enhance candidate tracking.

These forward-looking steps align with Evercore’s commitment to continuous improvement by utilizing technology to maximize productivity and operational effectiveness.

“As we look ahead, we envision several new ways to leverage Oleeo’s capabilities, particularly in data management and reporting tools. Evercore’s ongoing commitment to enhancing the recruiting processes will involve the creation of a recruiting dashboard in Oleeo, allowing us to assess ROI and make informed decisions for the future”
Chelsea HerrittHead of US Campus Recruiting at Evercore

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Recruiter’s Guide – How to Unlock Hidden Talent in the Finance Industry

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Unlock hidden talent in the finance industry.

In today’s climate filling an open position with top talent can be  challenging. Your choice of talent could either set your organization up for years of success or leave you hiring again in a month. 

Often, the success of your recruitment efforts depends on the quality of candidates in your talent pool and how you utilize the recruitment data at your disposal.

At Oleeo, we’re experts in finance recruitment. In our guide you will discover the importance of looking closer to home when trying to fill vacancies- your next great hire could be hiding in plain sight!

You’ll learn:

  • How to keep candidates in your talent pool engaged.
  • The importance of maintaining neutral phrasing in job postings.
  • To keep job requirements brief.
  • How to create a compelling employer brand.
  • How an ATS can help with your recruitment efforts.
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To build a successful business and stay ahead of competitors, it’s important to attract, source, recruit, and hire top talent. 

Finance recruiting can be difficult, the field is competitive and you need to stand out to attract and retain the best employees.

But have no fear! At Oleeo, we’re experts in finance recruitment. In our guide, you’ll learn how to use best practices in finance recruitment to find and place the top talent – before your competitors do.

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Your campus recruiting playbook.

When done well, campus recruiting can help you find and attract the top graduate talent. 

But if you want to land the best that Generation Z has to offer, you’ll need to revamp old strategies. Both recruitment channels and jobseeker priorities have changed, and a competitive market makes it necessary for employers to adapt.

Oleeo’s guide shares our top tips for campus hiring and best practices for early career recruiting.

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More than ever before, job seekers concern themselves with employer branding or the perception of an organization and its values, culture, and benefits. In fact, 75% of prospective employees consider an employer brand before applying.

However, a strong employer brand is not just important to candidates — it’s just as advantageous to you as a recruiter. A developed employer brand ensures you attract the top talent! And, as an extra bonus – it also decreases the cost, time, and resources needed to hire the best applicants.

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Supercharge your high-volume hiring.

Volume hiring. Bulk recruiting. 24/7 sourcing. Whatever you want to call it, high-volume recruitment isn’t for the faint-hearted. 

Fuelling a never-ending demand for new talent to enter the pipeline is stressful to say the least. When it feels like you have a constant stack of open job roles that hiring managers are demanding you fill as soon as yesterday, you need to find practical ways to source and hire people – fast.

Oleeo’s guide will help you to recruit the best employees for your open positions – fast.

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