How much say does HR have on return offers?
Does HR actually have a say about who gets a return offer or is it all based on reviews from the team? Thanks in advance!
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HR has zero impact on return offers (cannot speak to diversity hires).
HR will definitely be concerned if you plan to not give a return offer to a diversity hire -- they don't care at all about anyone else, because they are being judged primarily on their diversity scorecard of # offers to diversity, # accepted, % returning... which is all we ever discuss with HR every single year on their calls. By diversity I mean female + URM aka yes to rich white females, no to Indian/Asian males, etc.
That being said, if that person has poor performance and the MD doesn't want them in the team, they can either get placed somewhere else at the bank (more typical), or if it's really bad, not receive an offer (with expectation that this is made up for FT hiring).
HR at Macquarie carries a lot of weight and it tends to be heavily involved during and after the onboarding process. I interned at MacCap last year and landed at Barclays/Citi/BAML through FT recruiting. As far as I can remember HR had a say during the process, but this is mainly bank-specific. Either way always be cool to HR regardless, you never know
Can attest to this as I was also at Maccap. They were involved more than they should've been in my opinion, making opinions about interns that were based on uninformed information sometimes, and hosting roundtables with the directors to discuss all the interns instead of the directors just picking the interns to return...
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