Scout helps asset management firm better manage their search firms.

One of the world’s largest asset management firms, this U.S.- based company employs 15,000 employees and has offices in 70 countries around the world. With continual growth both organically and through ongoing acquisitions, the company is always expanding the breadth and depth of their offerings.

Situation

To maintain a competitive edge, this asset manager’s growth required a rapidly-expanding roster of specialized, diverse talent. Putting a strain on the company’s internal TA team, average time to fill was 100 days; too slow to meet their business needs. The firm had always also used third party search firms to help find critical hires.

The firm had always used third party search firms to help find critical hires. However, they didn’t have consistent criteria to evaluate or even onboard additional search firms as their business needs expanded rapidly. What’s more, without any data on the performance of the search firms they were using, the company was operating solely on opinions.

They also had concerns about compliance and payments because there was no centralized system for search firm contracts or payments. And, finally, without any systems integration the company didn’t know their total spend on third-party search firms or what they were paying for candidates who were already in their ATS.

Goals

  • Centralize contract management to ensure compliance and a streamlined process.
  • Standardize contract terms to maintain compliance.
  • Provide a solution that would integrate into their existing technology and processes.
  • Expand their reach to qualified, high-performing search firms for access to a pipeline of qualified candidates.
  • Reduce time to fill.

Achievements

Scout’s ATS-integrated permanent-direct hire solution ultimately decreased time-to-fill by 29%, from 100 to 71 days, and provided a 90-day money-back guarantee on all hires through our marketplace. We also saved the company $1.25 million thanks to lower placement fees and not having to pay duplicate fees for candidates already in their ATS. Ultimately, the asset management firm:

  • Consolidated third-party search firm contracts and invoices into one contract managed and paid by Scout, reducing administrative burden.
  • Benefited from Scout’s easy integration into their ATS and existing hiring processes at no cost to them.
  • Expanded their network of qualified providers and top talent through Scout’s marketplace and recruiter/position matching technology.
  • Used geographical, cost and competitor data provided by Scout, to plan for hiring specific roles in targeted locations.
  • Achieved one point of contact for all third-party search firm management, relieving the burden on their internal recruiters and hiring managers.
  • Used objective AI-driven metrics to manage the performance of their internal recruiters and assess the performance of the third-party recruiters.