SG Cowen started its operations in 1998 after SocieteGenerale purchased Cowen and Company. SocieteGenerale founded in 1864 in France and became one of world’s largest bank in 2000. SG Cowen’s branches are located at many
places in the Erope and they are in the process of expanding their operations further to Asia and other parts of the world.
The firm’s hiring process has taken place in the early winter and spring of each year. They have followed internal and external sources at the recruitment process. This case study describes theoretical and contextual analysis of the issues in recruitment process and other Human Resources Key issues in SG Cowen and provide recommendations using appropriate academic materials and conventions.
Theoretical analysis of recruitment and selection.
Throughout stages of recruitment and selection process employers should ensure that their selection methods are treated fairly, without discrimination or bias and based on the candidate’s ability to perform the role which contribute to the organisation development.
Richard and Frederick (2002) described the various factors impact on interviews judgments such as personality, attitudes and behaviour. Gabor Dargai (2010) stated competency based recruitment and selection process has several benefits than general recruitment and selection process. Gupta (2013), stated that recruitment process forms a major part of an organization’s overall resourcing strategies, which identify and secure people needed for the organization to survive and succeed in the short to medium-term. Akash (2013), was emphasized on “Recruitment and Selection Practices in MNC’s”. He described success of MNCs in emerging economies is depend on the extent they cope with competitive market dynamics in various sectors. Christopher & Rebecca (2009) revealed based on contingency theories there are multiple systems of recruitment and selection systems which could match employee workforce requirements.Attracting candidates is primarily a matter of identifying, evaluating and using the most appropriate sources of applicants. Armstrong, M (2006) stated employers should study the factors attracting candidate’s strengths and weaknesses. They can conduct an attitude survey to obtain the views of existing employees. A survey conducted byCIPD (2013) on Resourcing and Talent Planning revealed the main reason for recruitment difficulties was a lack of necessary specialist or technical skills. Looking for more pay than could be offered was another common problem across sectors, while lack of relevant sector/industry experience was a particular issue for manufacturing and production organisations.
The key decision points used by SG Cowen in making hiring decisions.
Students were recruited directly from the campus. They have offered internship program and subsequently upon successful completion of the internship program they have recruited as full-time employees. The importance of offering internship programs is to attract young talent at a lesser cost and train them to hold higher positions in the company in the future. In the meantime, SG Cowen doesn’t require to invest on advertising campaigns to attract the candidates.
On Campus Recruitment Process
Within the campus premises SG Cowen has started recruitment process. The schools were chosen from Chicago, Columbia, Cornell, Emroy and Washington locations.
Accepting resumes from students at noncore schools.
This process has introduced for the people who do not participating on campus recruitment process.
Initially SG Cowen conducted informal interview sessions with the participation of professionals from the company just to ensure how serious and enthusiastic candidates are performing the job role. From this process, the candidates had the opportunity to learn more about the institution and the industry prior to prepare for the formal interview.
Super Saturday began on Friday afternoon followed by dinner inviting candidates from various schools. Saturday morning interviews started at nine providing each candidate and each interviewer with fiver and half hour sessions. Rae was able to achieve his objective successfully through these sessions.
Evaluation of the SG Cowen Selection criteria
The recruitment and selection process starts with employment or personal planning. This is the process of deciding what positions the firm will have to fill, and how to fill them. The institution initiated different types of interview sessions in formal and informal structures. Out of both the structures they have followed informal interviews to attract candidates who fit for their positions. The internship strategy SG Cowen used can be win-win situation for both candidates and employers. The company can use interns to make useful contributionswhile evaluating them as full-time employees and candidates to learn business skills while discovering potential job opportunities. The on campus recruiting process is time consuming and recruiters have to be prepared well in advance. The advantages of this type of interviews that SG Cowen can build close relationship with career centers to achieve their future manpower requirement. Jessica (2006) stated global recruiting sites help employers to acquire the talent they need and save million dollars a year.Mary Connerley and Kevin Carlson (2002) explained three sources of variance that control recruitment process is seasonal differences in labor market factors, gross differences in job descriptions and differences due to failures to properly execute recruitment plans.
Employee referral campaigns are an important recruiting option. If the employer give employees the opportunity to make referrals, they suggest high caliber people because they are the stakeholders. There are advantages and disadvantages in this system. The biggest advantage is that SG Cowen can generate high quality potential candidates. The referrals can also facilitate diversifying the workforce. A survey by the Society of Human Resource Management found that of 586 employer respondents, 69% said employee referral programs are more cost effective than other recruiting practices.However the success of the campaign depends on employee morale and it can be backfired if the firm rejects the employee’s referral, and he or she becomes dissatisfied. Garry Dressler (2009) stated at the initial screening process most organizations begin with an application form and the data in the application form can be used to predict about the applicant’s future performances. SG Cowen has been obtained references from the previous employers at the final decision-making process. However, the creditability of those information is questionable as no proper sources to prove has been provided.
Evaluation of the Candidates
Evaluation of the candidates is very critical at the recruitment process. The candidates have to screen carefully inorder to select the best fit for the company. The decisions taken at the final evaluation process should be fair and equal without any biased. The evaluation criteria used for each candidate by SG Cowen is given below.
She is a very hardworking, well qualified and ambitious worker. Her only barrier is the stiff and steady qualities along with poor English language skills. As she already has the ability to speak many languages while she deals with other people she will be able to improve her English language skills further. Nataliya also have 4 years working experience which will be helpful for her to learn things quickly than others. SG Cowen would have obtained references from other employers before making the final judgment. Counselling, mentoring and outbound training sessions can be introduced to change the cultural fit issues.
- MBA student.
- Has worked 4 years in the military
- Leadership skills
- Dynamic personality
- No business experinces
- Too much involve in other events
- Issues with his grades
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