Schroders transforms talent management processes, reporting, and analysis; grows completion rate for talent reviews to 97%
Schroders is a global asset management company with US$462.1 billion of assets under management. Schroders aims to create long-term value for its clients and manages funds on behalf of institutional and retail investors, financial institutions, and high net worth clients, investing in equities, fixed income, multiasset, alternatives, and real estate.
“With Oracle Human Capital Management Cloud, for the very first time we can perform a global talent review of all our 4,000 staff at the touch of a button. We now have an accurate, holistic view of talent, performance, and salary to enable well-informed management decisions.”
Business challenges
- Attract and recruit the best talent from a global pool of candidates to help grow Schroders’ asset and wealth management business
- Improve efficiency throughout human capital management (HCM) processes from recruitment and onboarding to compensation, performance, goal, and talent management
- Analyze resource and talent data to improve reporting and management decision making around performance management and compensation
- Ensure that HCM systems remain fully supported in the long term
Why Schroders chose Oracle
“We chose Oracle over Workday as Oracle proved more advanced both for compensation management and recruitment, and we wanted the functionality and agility that Oracle’s Cloud services could offer. Oracle has been both flexible and supportive throughout—we have a great working partnership.”
—Marietta Connery, Head of HR Solutions, Schroders
Results
- Gained a more thorough understanding of employee performance by increasing completion rates for performance reviews by 3-4% and growing overall completion rate for talent reviews to 97% with intuitive, user-friendly interface
- Delivered global talent reviews and reports for the first time across 4,000 employees, analyzing staff experience and qualifications, performance, and compensation against consistent ratings to gain an accurate global overview
- Sped goal, talent, and compensation management data analysis with the ability to deliver just one report that covers all aspects of employment, instead of creating up to six different reports as before—gaining a holistic view of each employee for the first time and enabling more informed decision-making
- Eliminated manual processes to extract, analyze, and present data, and enabled senior managers to compare and contrast performance of individual fund and portfolio managers with absence and leave data—paving the way to link employee performance with financial performance of funds under management in the future
- Simplified systems throughout HCM processes with the ability to approve absences or expenses with just one click within an email and improved efficiency throughout review and goal processes, with individuals able to work on documents in tandem—completing performance review tasks faster
- Helped to effectively recruit, retain, and manage staff in the competitive global financial services market, by ensuring that Schroders remains on cloud, up-to-date, fully supported systems for its global HCM processes, with HCM product upgrades aligned to business cycle to minimize disruption while maximizing business value
- Streamlined recruitment process for around 300 new recruits per year in 28 countries, across all roles from fund managers to portfolio managers, to secretaries and IT support, to new graduates and interns—improving efficiency on a global scale
- Attracted the best talent from the global market via a variety of sources including job boards, LinkedIn, Facebook, Twitter, and recruitment agencies and analyzed which sources are most effective against cost and time to hire
- Integrated Oracle Recruiting Cloud Service directly with Oracle E-Business Suite, so that information about new hires is automatically uploaded to create a new employment record—eliminating manual processes, reducing errors, and saving time and costs
Partners
“Following an in-depth selection process, we chose Certus Solutions as our implementation partner as they demonstrated a high level of expertise, detailed knowledge of Oracle Human Capital Management Cloud, and had the capacity to deliver on time and within budget.” Marietta Connery, Head of HR Solutions, Schroders