The selection of learning institutions was most likely significant since top-ranked schools are typically identified to offer learners enhanced training than other lower-ranked learning institutions. SG Cowen understood that selecting candidates from their selection of learning institutions would improve their probabilities of finding an applicant that meets their prospects and profit the corporation by decreasing the rate of employee turnovers. SG Cowen’s director, Chip Rae, prepared a fundamental school policy by recruiting applicants from the top twenty-five higher institutions of learning rather than the usual ten universities. Rae opted to alter the concept since most recruitment agents ended up with applicants considered average at the top ten learning institutions. Individuals tasked with recruiting suitable candidates were assigned to learning institutions to plan for on-campus programs conducted by experts within the banking sector rather than human resource experts. Moreover, the recruitment agents were liable for organizing corporation exhibitions and informational discussions before authorized consultations (DeLong & Vijayaraghavan, 2001). The company’s fresh approach by the company’s director was believed to be an improved approach as the company would have a wide pool of candidates to choose from and attract attention from top learners.
Even though the firm’s chief executive officer, Kim Fennebreske, began as a legal representative, it may not be suitable for SG Cowen to seek graduates from other fields such as technology and law since technology in the banking sector necessitates quantitative and financial abilities. Both professions do not offer sufficient abilities required for the profession. Nonetheless, certain considerations may be contemplated if candidates adequately prove their capabilities despite being graduates in other fields unrelated to the banking profession. In most cases, it may prove challenging to transition to the financial sector with skills acquired from different fields. Wall Street may not be patient enough to let individuals slowly advance in the industry.
“Super Saturday” is regarded as the ultimate round of the hiring process. The goal of Super Saturday involved deciding on 20 applicants that will be awarded various offers. An additional objective of the super Saturday involved, according to senior bankers, the chance of making the ultimate pronouncement regarding the final list of twenty candidates. This ultimate stage of the recruitment process brought the 30 applicants sanctioned in the universities to be cross-examined by 30 senior financiers who would evaluate and deliberate their views of the applicants regarding the probability of long-standing achievements of the applicants’ corporation. Generally, the objectives of Super Saturday were for cross-examiners and interviewees to become accustomed and for applicants to learn more regarding the corporation, their idyllic candidate, and the anticipations. The data gathered through this process entailed every applicant’s technical abilities, background, work history, work ethics, social skills, decision, and understanding of capital markets. The assessors had an idea of every applicant founded on their mode of dressing for the session and their character traits.
I believe that Cowan’s recruitment process certainly exhibited various positive aspects. For instance, the multiple-phase approach develops the prospect for multiple standpoints to serve as backing for the pronouncement of every applicant. Particularly, I favor the concept of according to the associates and senior bankers the authority to evaluate applicant’s abilities as they are more linked to the everyday tasks of an associate does and that the senior bankers follow up with the ultimate pronouncements. I adore the concept of engaging individuals from learning institutions listed among the 11-25 for prominent main institutions. This method exemplifies the company’s keen perception and trusts that an institution does not determine an individual’s working abilities in the future. This approach also aligns with the boutique-sized idea, displaying the belief that an individual does not have to be all dressed up to be recognized. Applicants turned away by the corporation’s pressure to sparkle would be more fascinated with a long-time profession with a corporation such as SG Cowen. Another affirmative facet of Cowen’s recruitment processes is the pronouncement of a poised mixture of in-house and outside applicants. By doing this, the corporation authenticates its assurance to the candidates’ professional development from the placements and members of the analyst team. Another benefit of conducting an internal hiring process involves accessibility to reliable data from administrative input and performance evaluations. Integrating candidates from the outside generate fresh concepts to maintain a competitive atmosphere amongst the personnel.
I trust that the company received an adequate level of detail on their applicants due to the interviews and observations made earlier and after Super Saturday. Assessors had the chance to assess each applicant’s prospective value, competence, level of intelligence, and features. Even though the recruitment agents gathered sufficient data, interviewers appeared not to have a distinct picture of particular credentials they should be looking for in the applicants, or specific facets of the position were most significant. Having diversified standpoints and input concerning every candidate is an affirmative facet of the procedure as it aids in sidestepping concealed prejudices. Moreover, there were short intervals, therefore, failing to give the interviewers an extended period to reflect upon a candidate’s responses. As a result, there is a restricted data for reference by bankers to justify their view.
The following are questions I would ask candidates if I were a senior banker at SG Cowen.
As the interviewer, I would be seeking to ascertain how well the applicants would fit into the role they are applying for. Moreover, this question would be used to assess whether the candidate is goal-oriented or money-oriented.
Ethical practices are vital in enrolment and selection as it is vital in guaranteeing that all applicants are correctly reviewed and possess the precise KSAOs for the role. Moreover, it is crucial to evade legal disputes as court cases, possible fines, and a detrimental repute may be expensive to every company. Based on the article, various issues arise regarding the recruitment process. They include discrimination, cronyism, and sexual harassment.
Sexual harassment is one of the prevalent issues in modern society. Because alcohol was involved in SG Cowen’s recruitment procedure, it raised a probable threat of sexual harassment since alcohol damages an individual’s judgment. For instance, one of the cross-examiners could have demanded sexual favors in exchange for a company role. To avert sexual aggravation or possible assertions, Super Saturday ought to be a non-alcoholic affair, and it would be best if an HR delegate is existent during the interview. These approaches appear effectual and practice lawful compliance.
Discernment is the most common distress that all companies have. It is deemed illegitimate to fail to hire an individual because of their “protected characteristic.” According to Farnsworth (2018), Title VII forbids unequal treatment based on race, color, religious conviction, gender, or national origin. Based on the case study, members failed to talk about their concern with Ken Goldstein as it would be regarded as discernment. Each member commended Goldstein, but several members were concerned that he might not balance his career and family. There is an increasing likelihood that an interviewer may have posed a discriminating query to be aware of Goldstein’s family, igniting a wake-up call. To avert this concern from arising, an HR expert ought to be present during the interview session. This process would make certain lawful and moral compliance.
Another challenge involves cronyism. Cronyism involves hiring an individual due to friendly relations while disregarding if the individual is qualified for the role. Proprietors depend on personnel to achieve maximum output. Based on the case study, it is apparent that Martin Street failed to meet most of SG Cowen’s stipulations for the role. Nonetheless, if Street were known to the interviewers, they would have hired him on friendly grounds. There is an increasing likelihood of remunerating higher salaries despite not meeting the company’s stipulations, leading to a higher employee turnover rate. To avert any instances of cronyism, the company should integrate various mechanisms such as engaging outside interviewers to conduct the interviews to prevent biases and enhance conformity to ethical practices.
If I were a member of the hiring committee, I would first select is Natalya Godlweska. Natalya exhibits a very impressive resume that seems to be in line with the stipulations of the role. Specific items that are noticeable include advanced financial knowledge; highest GPA in Cornell’s finance department. Moreover, Godlweska possesses the technical skills the role would necessitate and, most expected, has practical knowledge with the modeling software at CommScan. Because Godlweska is multilingual, I trust that she would be a valued asset to the corporation while managing global clienteles. Godlewska expressed interest in SG Cowen, and most evaluators trust she would develop a great relationship with clients. These areas highpoint capabilities may be directly linked to the qualities Cowen is looking sought by the company and would be extremely valuable to an associate position. Although several interviewers voiced their concerns regarding her culture regarding language obstacles, the applicant remains suitable compared to other candidates based on capability and experience as she has four years of experience with financial modeling software corporation.
The second candidate I chose was Ken Goldstein. While studying at Berkeley, Goldstein gained a five-year working experience at PWC and was among the company’s top employees. During his stint at the company, Goldstein was involved in financial and technological roles at the company through making presentations, drafting budgets, managing numerous audit teams, and solving technical accounting concerns. Apart from his academic achievements, Goldstein is viewed as a team player, a significant attribute highly regarded by the company. Even though the evaluation forms were equally affirmative, every individual was similarly tentative regarding Goldstein. They are afraid that he may not live up to his potential without a family. It would be unreasonable not to hire Goldstein because of his personal life as it would be considered an act of discrimination. I trust that his dedication would be steadfast at the company.
DeLong, T., & Vijayaraghavan, V. (2001). SG Cowen: New Recruits. The Economist.
Farnsworth, L. (2018). Inferentialism, Title VII, and legal concepts. The University of Chicago Law Review, 85(7), 1775-1818.