As Credit Suisse and just about every other bank on the street ramp-up their junior hiring efforts in an effort to take the pressure off existing staff, a new-old method of finding talent is coming back to the fore: paying current staff to recommend their friends.
Alongside its $20k special bonus and higher salaries, Credit Suisse is understood to be thinking of increasing the amount it pays staff for referrals.
The bank didn't comment on the strategy change. At the moment it pays juniors $3k-$5k to refer friends and find new staff. This is now likely to increase.
The Swiss bank is looking at other inventive ways of finding new juniors too. For example, it's invited its new graduate recruits to start a few months early, on June 1st.
Meanwhile, Credit Suisse attempting to retain its existing juniors not just with the additional money but friendships within the bank. All the social events for 2020's graduate hires that didn't happen last year are being rescheduled for this year as soon as the COVID restrictions lift.
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