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Setting-up of a Financial Shared Service in India for a Fortune 100 Engineering Automation Giant

In 2019, our client approached us with the task of establishing a Financial Shared Service Unit. They had
several key recruitment priorities, including streamlining the hiring process for faster results, enhancing
the quality of new hires, and bringing talent on board across various domains such as finance, legal,
digital transformation, and supply chain management.


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About the company

The client is a US-based global Fortune 100 technology company that provides commercial and consumer products and services in various sectors, such as aerospace, automobiles, building technologies, performance materials, and more.

Industry: Engineering Automation
Employee Size: 110,000

The Impact

Challenge:

  • Talent Scarcity: The competition for top talent in fields like finance, legal, digital transformation, supply chain management, finance techno functions, is extremely fierce, and identifying high-quality candidates can be difficult.
  • Evolving market conditions: The job market landscape is constantly evolving- be it new technologies, changing candidate preferences, or a wider focbus on balancing work and personal life - we have to be ahead of the curve to attract and retain top talent.
  • Compensation Range: Another challenge was to attract top talent while not exceeding the budget. We had to spend considerable hours brainstorming with the client to develop a competitive compensation package that would attract the best talent while also meeting the company's budget.
  • Diversity Criteria: The client was aiming to fulfill its DEI goals, which included hiring candidates from diverse backgrounds. This was challenging because it was difficult to find diverse talent pool in certain sector, and identifying candidates that meet the criteria while also being qualified for the position is difficult.

Outcome:

  • Our strategic talent acquisition management onboarded approximately 350 people in one quarter.
  • Reduced the time-to-fill (TTF) to just 30 days.
  • Achieved an 80% conversion rate by implementing cutting-edge technologies that assisted us in quickly identifying immediate joiners.
  • 10% of candidates were hired from non-tier 1 cities.
  • Our team's focus on meeting the diversity criteria enabled the client to achieve a 35% diversity hire rate, fulfilling their diversity and inclusion goals.
  • Our efforts to ensure a positive candidate hiring experience resulted in an 85% offer-join ratio.
  • We received an all-time high Hiring Manager Satisfaction (HM-SAT) score of 4.7 and Client Satisfaction (C-SAT) score of 4.6.

Key Asks

  • Streamlined Recruitment Process: Implement a recruitment process that reduces turnaround time and enhances efficiency.
  • Quality of Hires Improvement: Ensure that the candidates hired meet high-quality standards in terms of skills, experience, and qualifications.
  • Diverse Talent Acquisition: Recruit talent across various domains, including finance, legal, digital transformation, and supply chain management, as well as finance techno functions.
  • Varied Job Titles: Fill open positions with candidates for a range of job titles, such as Controllership Specialist, Assistant Entity Controller, Entity Controller, Senior Controllership Supervisor, Controllership Manager, and Senior Controllership Manager.
  • Diversity and Inclusion Goals: Work towards achieving a 30% diversity and inclusion target by hiring candidates from diverse backgrounds, genders, ethnicities, or cultures.
  • Market Intelligence: Provide insights and market intelligence on the available talent pool to facilitate informed recruitment decisions.

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