Time and money constraints often force employers to shrink the overall talent landscape down to a manageable size, leading them to focus the majority of their time and attention on a narrow set of candidates coming from a small set of target schools and who meet certain GPA thresholds. The result is an artificially limited talent pool that can exclude high potential candidates.
Additionally, when investment banks are deciding which candidates to call back for their interview process, they are most often relying on a combination of the candidate’s resume and some brief interaction or first round interview. Resumes provide very little insight into how an individual will perform or who they are as a person, and a single 20-30 minute interview doesn’t permit deep evaluation of a candidate’s potential.
Suited was created to address these two recruiting related challenges by providing additional data points to firms early in the hiring process, creating a more equitable, efficient and effective system for all.
Suited has developed an industry-specific assessment that adds predictive and unbiased information to the Analyst hiring process. To develop this assessment, we conducted hundreds of hours of focus groups and surveys with current investment bankers, HR and recruiting leaders, and firm leadership to understand what tasks are required for successful performance in the position, and the competencies (knowledge, skills, abilities, or personal characteristics) required to perform those tasks.
We develop custom hiring models for each firm that uniquely maps what traits and competencies lead to high performance in their organization. To do this, we have current bankers at our partner firms take the same assessment that candidates complete, and also collect performance data from the firm on those same bankers. Using machine learning technology, we create models that help determine how specific personality traits and competencies combine to drive performance. As part of this process, we systematically remove any bias present in the data and strenuously test every model for potential adverse impact. Suited will never deploy a model unless it passes our rigorous testing protocols and meets or exceeds the standards set forth by the Equal Employment Opportunity Commission (EEOC).
Across the board, we have observed that typical resume factors are not particularly accurate predictors of future on-the-job performance. However, the traits and competencies that Suited measures have been shown to be very highly correlated with future performance of successful investment bankers. And unlike metrics such as GPA, these metrics are systematically de-biased to provide an equitable process for all candidates.