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Case Study: StarMine
Industry: Business Software & Services
Business Description: StarMine Corp. develops software that allows investors to make informed decisions about analyst ratings. Founded in 1998, StarMine provides objective ratings of equity analyst performance, enabling investors to find and pay attention to the best research. Hundreds of institutional buy-side investment firms use StarMine's equity research platform to extract more value from sell-side research in less time, anticipate trends in analyst sentiment, predict surprises, evaluate financial statements for measures of earnings quality, and more.
The Challenge:
StarMine faced a unique recruiting challenge due to the quantitative nature of their business. The talent pool for professionals with a track record of success in quantitative analysis of the financial markets is very small, and the competition includes some of the top financial services firms in the world. In addition, 2005 was a period of intense growth for StarMine, which exacerbated an already difficult recruiting challenge. The recruiting effort was led by a Human Resources department that lacked sufficient resources to keep up with the increasing hiring demand and competitive market for talent.
The Accolo Solution:
Accolo was originally engaged with the goal of streamlining StarMine’s recruiting and hiring processes by becoming their internal recruiting department. After early success in a project-based capacity, both StarMine and Accolo determined that a dedicated on-site Recruiting Consultant would provide the capacity and efficiencies needed to fuel their growth and accomplish their recruiting objectives. In August 2005, Accolo deployed on-site resources at the StarMine corporate headquarters. Through a performance-based recruiting approach and immersion into the StarMine company culture, Accolo is the company’s core internal recruiting department, providing its patented technology, methodology, staff and proprietary career network.
Results:
After the engagement of an onsite Recruiting Consultant, the time from job launch to accept date decreased from 53 to 28 days.
Hiring Manager satisfaction with Accolo’s process is 4.0 on a 5.0 point scale.
StarMine’s Recruiting Cost Ratio with Accolo is 7.7%, well below the national average of 14.9%*, translating into an estimated cost savings of $67,791 per quarter.
Would you like to find out how Accolo can help your company achieve breakthrough results as well? Contact us today
*Staffing.org - 2006 Recruiting Metrics and Performance Benchmark Report
