This US based Fortune 500 member is a multinational financial services company. The firm offers banking, lending, and wealth management services to more than 70 million customers worldwide. With more than 250,000 employees, the firm generates annual revenues of nearly $100 billion.
The firm was aggressively hiring to build a world-class information security team. Like many organizations, they were finding that hiring enough IT security professionals was tough. Although the demand for tech workers is high, the demand for security personnel is unparalleled. According to a recent poll by CIO Magazine, 72% of respondents indicated that information security was their number one category for increased spending – driving demand for information security professionals through the roof.
Their search would be difficult under normal conditions but complicating the effort, because this company is in a highly regulated industry, the minimum requirements for people filling these roles are stringent and must be tightly followed – no exceptions.
MATRIX had been one of the client’s preferred vendors for over a decade filling contract and some perm slots. During this time, the client learned of the firm’s On-Demand delivery model. This model, which has been likened to a project-based RPO, is appealing to many hiring organizations because of its cost savings and the ability to quickly turn it on and off as their needs change, unlike traditional multiyear outsourcing. The client engaged MATRIX exclusively to use their On-Demand model. This approach would focus on candidate quality and augment the client’s overburdened team while streamlining their current recruiting processes.
The MATRIX team consists of onshore sourcers and recruiters partially embedded at multiple client locations. Under the On-Demand delivery model, MATRIX manages all its sourcing/recruiting personnel as well as the sourcing technology. The MATRIX sourcing team is targeting passive candidates using a toolbox that includes social media, online networking, X-ray (Boolean) internet searches, hyper-targeted ad campaigns, as well as other sophisticated sourcing tools.
The types of roles include information security analysts and risk and audit professionals. The sourcing team provides candidates directly to the client’s internal recruiting team for further screening/interviewing. The target for acceptance for interviews by the client’s recruiters for those candidates MATRIX supplies is between 75% - 80%, exceptionally high given that the industry average for interviewing is about 50%. The ability of MATRIX to meet this target underscores the efficiency of their “high candidate quality” approach compared to using multiple staffing agencies scrambling to provide numbers of candidates.
So far, MATRIX has been responsible for over 40 new security hires – an impressive feat given the extraordinary demand for these roles. This level of success underscores MATRIX’s focus on candidate quality and use of effective and innovative sourcing techniques. This has led the client to engage MATRIX to recruit for other types of openings in addition to information security.
This exclusive, onshore, nationwide search for information security talent has resulted in the client quickly filling over 40 positions in multiple office locations throughout the country:
CANDIDATE ACCEPTANCE RATE OF 75% to 80%, vastly exceeding the industry average for roles that are exceedingly difficult to fill.
Because MATRIX’s On-demand delivery model includes a monthly fee that includes sourcing, technology, and team management – costs are much lower and more predictable than contingency recruiting fees.
The client’s internal recruiting team, which was wrestling with having to keep up with the pace of demand for these security personnel, can now work on other pressing staffing initiatives.
MATRIX’s success in filling these tough-to-fill slots has the client now using them to fill other roles.