Opportunity | Poaching high performers from competitors is a common – and costly — practice on Wall Street. A global investment banking and advisory firm seeking to grow needed to reduce turnover of its most experienced professionals in order to focus hiring efforts on adding capability vs. simply replacing lost resources. The real opportunity was to strengthen its high-performance culture and increase employee satisfaction and engagement to ensure effective execution of its growth strategy while stemming the departure of key contributors.
Approach | After a comprehensive assessment of human resources practices and the supporting infrastructure, Axiom developed a detailed two-year roadmap to empower the HR function as an essential contributor to the firm’s growth strategy. Actions included: creating clarity firm-wide about strategy and future direction; establishing a “career ladder” so that employees understand the competencies they need to advance in their careers; improving performance management and development processes to promote employee advancement; revising the processes associated with assigning staff to opportunities where they can make the most valuable contributions; improving hiring and onboarding processes so new employees more quickly become productive contributors in implementing the firm’s strategy.