Delivering the TA blueprint in Wealth Management.
Moneybox were founded in 2015 by Ben Stanway and Charlie Mortimer to help people turn their money into something greater through their award-winning saving, investing and other money services. In April 2022, Moneybox secured £35 million in Series D funding to propel their ambitious growth strategy and had a hiring target to match.
The Moneybox app is much acclaimed, receiving multiple awards including 2021 Best Buy ISA. A deep understanding of their user base has been key to Moneybox’s rapid success and resulted in approximately 750,000 users in 2021.
To continue to scale and innovate for their customers and keep pace with user growth, they needed to bolster their high performing Product and Engineering teams, quickly.
Culture is vital to the Moneybox employer brand, potential hires needed to not only be technically exceptional, but carry their one-of-a-kind culture, both internally and externally.
- Increase the number of quality hires into their Engineering and Product teams
- Restructure end-to-end interview process and create best-practice hiring solutions to effectively technically qualify potential applicants
- Scale back on invested resources not required in interview resources (to save time) and improve time-to-hire
- Provide a positive candidate experience for everyone who is involved in the hiring process
While ambitious, the Moneybox growth strategy was ever-changing due to a lack of data on talent availability in the market. We provided this data and an in-depth analysis that allowed Moneybox to set achievable and stretch targets for their hiring strategy.
We overhauled their Job Descriptions and undertook salary benchmarking to position Moneybox competitively and increase their top of funnel. To reduce time to hire from six months, we transformed their end-to-end interview process and training standardisation to reduce subjective feedback.
We streamlined their technical task to increase the drop-off rate from 50% and reduce the completion timeframe from 9 days on average.
Our aim was to design, build, run and hand back to a new, high-performing internal talent acquisition team to save Moneybox on expensive agency and contracting fees.
A clear success.
Over three months, we drastically reduced Submissions-to-hire by 96% to 5:1 and saved 90 mins per interview on the Tech task review. This resulted in 31 hours saved on the Tech task review allowing Moneybox to re-dedicate this time saving to other business critical activity. We reduced Moneybox’s Days-to-hire by 88%, introducing new talent to the company quickly than before.
To ensure a successful offboarding process, we created a Recruitment Playbook (first of its kind!) which details the strategic approach their internal team should take to continue to shape their recruitment processes and hiring for the future. Delivering this was key to the future success of the TA function and continue to hire world-class technical experts while building a leading employer brand.