Case Study: Balancing Stability and Innovation: Addressing Skills Gaps with Low Turnover

Client Overview

Client: A mid-tier financial services company

Industry: Financial Services

A mid-tier financial services company found itself confronting a significant challenge: although it enjoyed low turnover rates, critical skills gaps within its workforce potentially hindered its potential for growth and innovation. Company leaders understood that while maintaining a stable workforce was essential, immediate strategic intervention was necessary to fill key roles where these gaps existed. Recognizing the urgency of the situation, the management team opted to partner with an external recruiting firm to develop targeted candidate pipelines. This proactive strategy was designed not only to attract top talent for critical positions but also to create robust candidate pipelines, fostering meaningful engagement with potential future hires.

Challenge

While the executive team appreciated the benefits of low employee turnover—such as reduced recruitment costs and heightened productivity from seasoned staff—they began to confront the risks associated with this stability. As concerns increased, leadership recognized the potential for innovation stagnation, challenges in identifying and addressing underperformance, and rising dissatisfaction among high-performing employees it became increasingly clear that decisive action was essential for the organization’s future.

In response to these challenges, the management team embraced the necessity of a strategic "reset." This transformative initiative was designed to revamp their talent strategies, focusing not only on filling key corporate roles but also on strategically targeting essential positions, including loan officers, tellers, bankers, credit analysts, and branch managers. By bringing together their talent acquisition practices with the company’s long-term vision, the management team aimed to create a strong, stable, dynamic workforce of skilled professionals poised to drive innovation and ensure enduring success.

Their mission went beyond key hires and involved cultivating a pipeline of engaged potential candidates who could be onboarded quickly as opportunities arose. With full commitment from the management team to this comprehensive talent acquisition strategy, they aimed to foster agility and responsiveness in the company—positioning it for sustained growth and success. By continuing to invest in their workforce, they sought not only to strengthen their organizational foundation but also to inspire a culture of continuous improvement and advancement.

Solution

SGA's recruiting and research teams were integrated to collaborate closely with the Talent Acquisition team and the head of Human Resources, all with the shared objective of fulfilling the management team's strategic goals. Working in tandem, our research team focused on building robust talent pools, while our recruiting team concentrated on sourcing top talent for critical roles and cultivating engaged candidate communities. To maintain momentum and ensure accountability, we established weekly meetings with all stakeholders, which not only kept the project on track but also ensured that key milestones were consistently achieved. This structured approach fostered transparency and collaboration, ultimately driving the success of our talent acquisition initiatives

Strategies Implemented

1. Building Comprehensive Talent Pools: SGA’s research team's mission was to strategically cultivate robust talent pools that meet both current and future organizational needs. This process involved pinpointing key competitors and companies known for their exceptional talent. The team meticulously gathered names, contact information, and detailed profiles of potential candidates, equipping our recruiting team with valuable data to effectively create recruiting efficiency.
2. Targeted Recruitment Campaigns: Our recruiting team launched tailored campaigns designed to resonate with potential candidates through personalized messaging that highlighted their unique backgrounds and demonstrated how they could potentially align with our client’s needs. Employing a multi-channel outreach strategy—utilizing phone calls, emails, and InMail—we established meaningful connections with candidates. This focused approach resulted in an impressive engagement rate, successfully connecting with over 85% of targeted professionals within just five business days. By ensuring that our communications were relevant and compelling, we were able to effectively source talent that closely matched our client's requirements.
3. Establishing Talent Communities: SGA’s recruiting team embarked on a mission to build meaningful connections with potential candidates by delving into their backgrounds and career aspirations. Through engaging conversations, the team aimed to genuinely understand each professional’s goals and ambitions, assessing how well they align with the specific needs of our clients. This personalized approach was targeted to foster relationships and ensure that our talent communities are carefully curated to suit our clients’ requirements. By prioritizing this alignment, we were able to deliver potential exceptional talent that met our client’s vision and objectives.
4. Continuous Engagement Strategy: By fostering a strong partnership with the Talent Acquisition team, we established a seamless collaboration that enabled us to maintain ongoing communication with professionals in our engaged talent pool. This proactive approach involved regularly sharing updates on corporate developments, industry insights, and relevant news, ensuring that our candidates remained informed, connected and engaged.

Results

1. Successful Targeted Hires: By collaborating closely with the Talent Acquisition team and the Human Resources leader, we successfully achieved our objective of securing key talent for the organization. This partnership not only streamlined the hiring process but also ensured that we identified and selected candidates who perfectly aligned with our strategic goals and cultural values.
2. Increased Candidate Engagement: The targeted campaigns led to a significant surge in interest from top-tier candidates, culminating in a curated shortlist of qualified candidates for each role. This strategic approach not only enhanced our candidate pool but also ensured that we were presenting highly qualified individuals who aligned closely with our clients' specific needs.
3. Accelerating Hiring: Leveraging Curated Talent Pools: By establishing talent communities, the bank tapped into a curated pool of engaged and vetted professionals poised to join the organization. This proactive strategy empowered our client to quickly fill open positions as they became available, significantly enhancing hiring efficiency. Consequently, the bank not only streamlined its recruitment process but also positioned itself to attract top talent in a competitive market.
4. The Benefits of The Strategic Reset: The management team was happy with the success that the engagement initiative brought to the organization. Within just months, the positive impact became evident, reflected in rising employee satisfaction rates and a refreshing wave of enthusiasm throughout the company. This momentum contributed to their growing confidence in the reset. While some turnover occurred as a natural result of the transition, management chose to focus on the positive outcomes, emphasizing their commitment to cultivating a more engaged and motivated workforce.

Conclusion

Addressing low turnover through purposeful talent acquisition strategies became a cornerstone of the client’s reset initiative, empowering the mid-tier financial services company to proactively confront critical skills gaps while driving growth. By implementing targeted recruitment practices and cultivating engaged talent communities, the management team effectively positioned the organization to attract top-tier professionals who aligned with their vision.

The robust collaboration between SGA and the client streamlined the recruitment process, not only filling key positions but also establishing vibrant talent communities ready to be tapped as opportunities arose. As the initiative progressed, the positive ripple effects—manifested in heightened employee satisfaction and renewed enthusiasm—confirmed the management team’s decision to embark on this reset strategy.

Although some turnover occurred, management regarded it as a natural evolution towards fostering a more dynamic and engaged workforce. Ultimately, this comprehensive approach laid the groundwork for sustainable success, equipping the company to navigate future challenges with confidence and resilience while nurturing a culture of continuous improvement and innovation.

About SGA Talent:

Since our establishment in 1989, SGA Talent has dedicated over three decades to connecting corporations with the talent they need to thrive, specializing in name generation, organization chart development, and industry-specific recruiting, a commitment that was recognized in 2024 when we earned the prestigious accolade of being one of the Top 250 Recruiting Firms in the United States, reaffirming our position as an industry leader in providing tailored solutions for our clients' unique recruiting and research needs.

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