JP Morgan boosts internal hires
Clare Haynes, head of leadership and diversity for Europe, Middle East and Asia at JP Morgan, says 40% of openings are filled internally because of the new system, which was set up in October.
She did not give the figure for the period before October, but says it was much lower. She says: "We are trying hard to deploy people who are already in the firm in the best way. That includes staff who would otherwise be made redundant."
Internal hiring has also saved money in search fees. Haynes says the bank struggled with a culture in which managers had a tendency to recruit from outside using headhunters, rather than looking for staff within the bank.
She was speaking at a seminar in London on staff management organised by Penna, the human resources consultancy. In a Penna survey, JP Morgan was voted best company for the way it manages talented staff, by human resources managers at 36 financial services firms.
The survey also found that while two thirds of the organisations felt they were able to attract talented staff, more than half believed they did not know how to retain them and did not monitor their departure systematically.
The most common methods of assessing talent are subjective, the survey found. Appraisals by managers were used by 96% of the companies surveyed, followed by 360-degree feedback (64%) and assessment by human resources staff. Only 24% of respondents used an assessment centre, which can include psychometric tests.
