With more than $163 billion in assets, GE Money is a leading provider of credit services to consumers, retailer, and auto dealers in fifty countries around the world. GE Money Americas offers a range of financial products, including private-label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. Goldsmith, 2010) 1. Provide a brief description of the status of the company that led to its determination that a change was necessary. Three things led to the determination that a change was necessary at GE Money America: (1)
Staffing Dilemma – the cost per hire averaged more than $8,000 and the time to fill a position typically exceeded three months was an unsustainable process for GE Money Americas. The use of a decentralized staffing process and inconsistent interview practices also contributed to the staffing dilemma. 2) Technology – existing technologies did not enable them to execute a highly successful, high-volume recruiting program with the ability to produce metrics on demand. (3) Strategy Sourcing – although the internet was and remains an important weapon in recruiting, GE money Americas want to find a more successful channel or advertising media to increase the flow of candidates. Also, they wanted to improve the they tracked their advertising spending in order to accurately calculate cost-per hire and manage their annual budget. (Goldsmith, 2010) 2.
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Identify the model for change theory typified in the case study of your choice. The model for change theory typified in GE Money was an outsourcing DIME model. Regardless of what model an organization uses, the model should have five main processes to ensure that necessary talent is available to achieve their business strategies: (1) Attract and select talent to the organization. (2) Assess competencies and skills in talent. (3) Review talent and plan talent actions. (4) Develop and deploy talent. (5) Engage and retain talent. (Silzer, 2010)
Discuss what led you to identify the model that you did. I identified the outsource DIME model because GE Money Americas hired Kelly Outsourcing Consulting Group (OCG), who used the Recruitment Process Outsourcing practice (RPO).
Kelly OCG had the competitive advantage in employing experienced, caring people; which partnered well with GE, because GE’s HR team understood that people make the difference. Kelly OCG also, used the DIME model: Driven by business strategy Integrated with other processes Managed as a Core Business Practice Engrained as a Talent Mindset
Kelly OCG understood the company’s business strategy and had a strong focus on achieving them. They aligned talent management initiative and HR activities, systems and processes so that they were fully integrated. Senior executive had limited contact with talent programs processes. Realizing that talented employee were the heart and soul of an organization talent planning and management process in now becoming a core business practice driven by business strategy and talent strategy. (Dowell, 2002).
Jeff Immelt, GE’s CEO, stated, “developing and motivation people is the most important part of my job.
I spend one third of my time on people”. (Lawler, 2008).
Many companies rely on HR to design, implement and monitor various talent management programs and processes. The creations of a talent mindset need to start at the top with the CEO’s commitment. Larry Bossidy, who spent many year in GE, states, “There is no way to spend too much time on obtaining and developing the best people” (Bossidy, 2001) 3. Illustrate the types of evaluation information that were collected and how they are used to benefit the company.
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Key solutions that Kelly OCG launched were a centralized staffing process and a dedicate team included a customized candidate application website and standardized, more thorough screening methods to enhanced candidate quality and service lever. They also combined: A hiring logistics strategy to ensure consistency, standardization, and efficiency from interview to offer; Management of an Internet-based application tracking system; Automation of processes once done manually; Measurement of staffing activity cost; and New benchmarks and goals were established.
Kelly OCG helped GE Money Americas realize significant saving at virtually every level of the staffing process. They also streamlined a time-intensive prescreening process, enabling more interviews of well-qualified candidates during fewer recruiting visit to a diverse range of campuses in a shorter time frame. (Goldsmith, 2010) GE staffing costs decreased 54 percent. The saving were largely attributable largely to a halving of sourcing expenditure and an 80 percent reduction in travel and relocation cost, and the average cost per hire fell to $4,900 from $8,300.
The time to process in a new hire was reduced to 47 days from 115 days. (Goldsmith, 2010) They also, sought a technology vendor to address the technology challenges. That vendor offered an applicant tracking and recruiting software system with advanced applicant screening capabilities. By strategically integrating the right technology partner, they were able to optimize the recruiting process and achieve significant results for GE Money. In the first year 15,332 new applicants were tracked and managed through the hiring process.
As the hiring demands and process continue to change, the flexibility of the vendor helped to seamlessly accommodate their requirements and enable better hiring decisions. GE Money Americas strategy for sourcing was also refined. Dissatisfied with their current methods of generating and implementing an effective method for research and advertising, GE needed assistance in finding a more successful channel of advertising media to increase the flow of candidates, they also wanted to improve the way they tracked their advertising spending in order to accurately calculate cost-per-hire and manage their annual budget.
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Kelly OCG developed a nationwide annual media plan. These plans allowed GE to reference the overall strategy and implement the best tactics for a specific market with a two- week timeframe. Effective sourcing strategies reduced GE spending by over 70 percent. (Goldsmith, 2010) 4. Speculate about success of the changes within the next five (5) years and how adjustments could be made in the results become less than ideal. Kelly OCG has helped GE Money Americas obtain year-over-year ost reduction, while continuing to manage a best in class staffing process. With a focus on operating more efficiently and sharing best practices, they have improved both candidate quality and the interview to hire ratio. As new challenges surface, GE Money will demand more from Kelly OGC, and they look forward to the future because, through flexibility, scalability, and strategic thinking, they will be able to successfully manage the talent acquisition within GE Money.
