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Driving down cost of hire and improving the talent acqusition process


Irish Commercial Bank


Improving candidates experience


200+ hires up to date

What was the impact?
  • Average cost per hire reduced by 17% for direct hires

  • Candidate satisfaction: 100%

  • 3 out of 4 hiring managers reported being "very satisfied"

  • Average cost per hire reduced by 60% for referrals

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This Irish commercial bank wanted to reduce costs, streamline and improve its recruitment processes, and raise its employer brand profile. An RPO solution drawing on M3S’s breadth and depth of expertise in financial services met the brief, with more than 200 successful hires over the course of the first year.

The client

With offices in Dublin, Cork, Limerick, Galway and Belfast, employing more than 1,000 staff our client provides a wide range of banking services including current accounts, savings and investments, loans and credit cards.

The challenge

The bank approached M3S with the objectives of helping its talent acquisition function to deliver a better quality of service to hiring managers, reducing the cost per hire and implementing a set of processes and business rules that transformed the experience of hiring managers and candidates.

The solution

M3S addressed the challenge by designing and deploying a recruitment process outsourcing (RPO) solution, comprising an onsite team and an account manager, who together took responsibility for meeting the bank’s hiring needs either directly or by managing second-tier recruitment agencies. M3S built a dedicated pool of candidates for our client. “The recruitment Administration process is run much more efficiently now and we have reduced the time to hire,” reports banks HR Manager. Weekly activity reports provide their HR team with an overview of progress while a governance structure around service level agreements ensures that hiring managers are always up to date on processes. “Hiring managers know, for example, when CVs are going to land on their desks”.

The benefits

So far the RPO arrangement has continued for a year and has covered a broad spectrum of professional disciplines including customer advisors and relationship managers, financial planners, branch managers, banking operations and administration staff, risk managers and marketers. The hoped-for cost savings have materialised: cost of hire was reduced by 17% for direct hires (accounting for 90% of hires) and almost 60% for referrals. This leading commercial bank is  also now getting professionals on board faster than ever, with the average time to hire now at 22 days for high volume hires, 25 days for mid-level hires and 30 days for more senior positions.

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