Robinhood is an online discount brokerage and trading platform, known for pioneering commission-free trades of stocks. The company has had three acquisitions in the past, the latest one of which is Binc, a small recruiting firm of about 80 people to help with their hiring needs.
Finding talent with a specific expertise is a challenge for many corporations. This has become even more difficult in the recent past since many of the midsize firms are competing with the bigger firms who offer more lucrative compensation. An acqui-hire is when one company buys out the other one specifically to take the employees. It’s a popular strategy with tech startups. A good acqui-hire can bring in a lot of new talent at the same time. Plus, the employees have experience working together as a group. Robinhood has taken this one level further by acquiring a staffing and recruiting agency with expertise in technology. This acquisition nearly doubles the size of the recruiting function in Robinhood over a short period of time. Acquihire is a strategy to make big strides in forming teams and augment your workforce for new products or other needs.
In the future articles we will look at case studies and how situations may have been covered using the scenario based planning framework.
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