Human Resource Management of SG Cowen - Case Study Example

Report on SG Cowen Recruitment and Selection Process Student Name Student Number Name of Institution Course Code Instructor Date 1. Two Candidates to be Selected by the Recruiting Committee (40 %) As a member of the Super Saturday recruiting and selection panel, and on behalf of SG Cowen, my plight is to come up with a decision that will impact greatly on the human capital at the company in a two way process. Primarily, as part of the corporate staff, the success of SG Cowen directly translates to greater achievements of my career goals as a financial investment professional working for a sterling investment firm. Therefore, selecting the best candidates from the group ought to be the first priority of the selection process. Further, any hitches in the selection process from my part may impact indirectly on my credibility and reputation from fellow recruitment panellist, fellow workers and my seniors. Thus, my focus targets candidates who possess both functional and cultural qualities that fit the SG Cowen corporate goal with the financial market sector. From my analysis, the two candidates to fill in the two remaining slots are: Natalya Godlewska and Andy Sanchez. Natalya Godlewska comes out as the strongest candidate among the four. She presents a high calibre of academic qualification with the best grades in respect to her undergraduate studies in Finance and Master in Business Administration qualifications. She also has a strong backup of positive reference from her former employers; a trait that puts her above par in comparison to others and emerges as reliable and professional. Her interaction with the company that developed software for major Wall Street firms places her at the forefront in respect to the current global IT era. In context, she stands out well acquainted with the happening in the IT aspects of finance and investment. Further, she has a good knowledge of the financial markets, background of the finance sector, as well as possesses excellent analytical skills which are very crucial in the investment and capital markets. From analysis of the interview process, she presents positive qualities that make her come out from the rest based on her determination, focus, assertiveness and willingness for achieving the best through hard work. On critically looking at the reservations by two members in the Super Saturday recruiting panel; they surround her lacking in English fluency, as well as her stiffness and lack of comfort during small talks at the onset of the interview. However, the aspect of language fluency does not appear to be a hindrance from a personal view keeping in mind that the lady is a go getter and would not settle for less than a win in her tasks. Her cultural background, as well as her knowledge of other languages may work positively in her appreciating people of different backgrounds and cultural settings who frequent the Wall Street. Therefore, the reservations do not merit disqualifying her from hiring as she stands out as the strongest candidate among the four, thus, an excellent addition to SG Cowen. The second choice of Andy Sanchez is fundamentally pegged upon his endurance and capability to manage his education, as well as running a successful business which adds more credibility to his skills. This brings out his capability to multi-task effectively although his grades seem to have been affected by the initiative. In this regard, his undergraduate GPA grades caught the attention of the panellists but his explanation was evident that the academic credibility cannot hamper his ability to learn fast once hired at SG Cowen. The ability to manage education and successfully run the business venture merits approval as a hard working person. Further, it is evident from the SAT and GMAT scores which are very good that he is a high performer, and of cognitive ability. His outgoing personality also will expose him to more professionals which are a plus in garnering crucial experience necessary at SG Cowen. With a clear focus and reference to the positive traits exuded by this candidate, I find him better placed than the other remaining two to take up the second slot of candidates needed by Rae. Finally, I would summarise Andy Sanchez’s competence based on his genuine interest in investment banking and specifically to do with SG Cowen; he has outstanding interpersonal skills with a bias towards entrepreneur ventures which covers a larger proportion of business-persons interested in the Wall Street investments. These qualities form a conglomerate of useful aspects that SG Cowen is looking for in a professional to permeate its objective of excelling in the investment banking sector at Wall Street. 2. Recommendations to Improve SG Cowen Recruitment and Selection Processes On analysis, the case study presents a well cut out recruitment and selection process by SG Cowen aimed at having the best employees in the banking and investment sector. The on-campus process of hiring has a very reliable course of action to acquire fresh graduates and equip them with relevant skills (Allen 2010). This is commenced with a thorough evaluation process to establish the best placed candidates as per the company’s requirements. However, there need for concerted efforts to be imparted within the aspect of recruitment goals that are targeted by SG Cowen. As a corporate financial entity, and with the changing global capital markets, defining new recruitment goals is imperative. Further, enhancing aspects of measuring the outcome of the hiring process should be prioritised coupled with classifying specific pointers that act as metrics for the recruitment and hiring process (Gardner and Wright 2009). The current hiring and recruitment processes have gone a notch higher with technology and thus, there are more aspects that need to be incorporated in respect to determining an effective hiring process. On the same note, in regard to Fernandez-Araozz, Boris and Nohria (2009) opinion, there is need to gather information on a recruitment and selection process, coupled with assessment of recruits performance, as well as comparing with other firms within the sector. In spite of the fact that the utilised hiring process at SG Cowen has been effective, it is worth stating that there is need for an overhaul to improve and align the process with the current dispensation. Over-reliance on bankers by SG Cowen for recruitment and selection process goes contrary to the tenets and objectives of HR aspects. Although the bankers have a clear overview of the job requirements, they are not well placed to effectively determine the best placed candidates as HR standards and they may end up being biased towards their career inclination. Recruitment process is a human resource phenomenon that requires professionals with a high calibre in hiring and firing of personnel (Van de Voorde, van Veldhoven and Paauwe 2010). There is need for SG Cowen to invest heavily on a competent HR department that will carry out the recruitment and selection process rather than overreliance on the bankers whose interest will be in the personal traits and other preferences based on the career. Cappelli (2008) opines that it is imperative to note that a career is process that a professional grows in; therefore in respect to this case study, there are candidates who may possess qualities to learn and perform but fail to meet the grades or lack to be in the category of colleges chosen by SG Cowen. In addition, due to the fact SG Cowen is out to expand its staff and get competent individuals with great skills that meet the company’s objectives, there need for venturing into other institutions that are not ranked highly. There are students in low ranked institutions that are not only intelligent, but also possess high calibre skills for investment banking as per SG Cowen focus. Thus, by limiting its focus on the first 25 institutions constricts the scope of getting flexible and better candidates from a different background to the already existing staff. The recruitment process should also incorporate a training programme whereby candidates who qualify but lack perfect specific skills relevant to SG Cowen like investment banking can be trained. Such undertakings can be made a reality through workshop trainings to acquire relevant skills and competence (Rousseau and Barends 2011). Selection can also be conducted online with advent of technology and social media conferencing which will allow candidates to have comfort rather than travelling to the company’s offices for the recruitment process. However, these online sessions can be incorporated in the recruitment process but the final candidates will have to appear before the recruiting panel in person to prove credibility and competence. Finally, the achievement of success in any given company is pegged upon its staff. Thus, the morale and motivation of any given worker translates directly to the overall outcome of corporate achievements (Krell 2015). Workers who fail to perceive or focus any benefit within their career process tend to seek other avenues. Therefore, the SG Cowen recruitment and selection process ought to strategise on a clear process that culminates towards empowering the workers and making them comfortable and grow professionally. Gardner, Stansbury and Hart (2010) states that retention of workers is also vital towards saving the company time and resources for new recruitment processes for replacement purposes. Thus, a worker’s centred strategy that goes beyond the laid down strategic plan to include actions and practices at work is worth being invested by a company of SG Cowen status. It is imperative to also have a management team that embraces positive attitude towards success trickles down to the employees of lower cadre and impacts holistically to the company (Timmerman 2010; Park, Gardner and Wright 2004). Thus, incorporating skills like security of employment, enhancing recruitment process benchmarks and incorporating individual centred analysis of success coupled with continuous staff retraining and skill empowerment. Finally, the recruitment process should majorly target candidates who show great interest of working and growing professionally at SG Cowen rather than selecting the best candidates who might not have interests in long term service in the banking and investment. Reference List Allen, D., 2010. Retaining Talent: Replacing Misconceptions with evidence-Based Strategies. Academy of Management Perspectives. Vol. 24, pp. 48-64. Cappelli, P., 2008. Talent Management for the Twenty-first Century. Harvard Business Review. Vol. 86, no. 3, pp. 74-81. Fernandez-Araozz, C., Boris, G. and Nohria, N., 2009. The definitive Guide to Recruiting in good Time and Bad. Harvard Business Review. Vol. 87, no. 5, pp. 74-84. Gardner, T. and Wright, P., January, 2009. Implicit Human Resource Management Theory: A Potential Threat to the Internal Validity of Human Resource Practice Measures. International Journal of Human Resource Management. Vol. 20, no. 1, pp. 57-74. Gardner, T., Stansbury, J. and Hart, D., 2010. The Ethics of Lateral Hiring. Business Ethics Quarterly. Vol. 20, no. 3, pp. 341-369. Krell, E., January/February, 2015. “Staffing Management: Look Outside or Seek Within?” HR Magazine, pp. 61-64. Park, H., Gardner, T. and Wright, P., 2004. HR Practice or HR Capabilities: Which Matters? Insights from the Asia-Pacific Region. Asia-pacific Journal of Human Resources. Vol. 42, no. 3, pp. 260-273. Rousseau, D. and Barends, E., 2011. Becoming an Evidence Based HR Practitioner. Human Resource Management Journal. Vol. 21, no. 3, pp. 221-235. Timmerman, T., 2010. Misconception about HRM Start Early. Journal of Resources Education. Vol. 4, n. 1, pp. 31-40. Van de Voorde, K., van Veldhoven, M. and Paauwe, J., 2010. Time Precedence in the Relationship between Organisational Climate and Organisational Performance: A Cross-Lagged Study at the Business Unit Level. International Journal of Human Resource Management. Vol. 21, no. 10, pp. 1712-1732. Read More