How Canopy Saved 45% by Building a Remote Engineering Team

Case Study: How Canopy Saved 45% in Costs by Building a High-Performing Remote Engineering Team with Globy

Challenge

Canopy faced significant challenges in scaling its engineering team to meet its ambitious roadmap goals:

1. Need for First-Class Ruby Engineers: To accelerate its engineering roadmap, Canopy required highly skilled Ruby engineers who could contribute immediately and effectively.

2. Cost Optimization: As an early-stage startup, Canopy needed to balance the urgency of rapid development with the necessity of minimizing hiring and operational costs, all without compromising on the quality of talent.

3. Previous Recruitment Issues: Earlier partnerships with other recruitment and staffing agencies resulted in the receipt of numerous irrelevant candidates, causing disruption within the core engineering team. This inefficiency not only failed to yield successful hires but also jeopardized Canopy’s ability to meet its planned milestones and expectations.

Solution

To address Canopy’s challenges and ensure successful recruitment of top-tier Ruby engineers, Globy implemented a comprehensive and strategic solution:

1. Strategic Recruitment Planning: Globy conducted a thorough analysis of the talent market to identify the best regions for sourcing skilled Ruby engineers. This included evaluating local talent pools, compensation expectations, and cultural fit with Canopy’s remote team structure.

2. Targeted Candidate Sourcing: Globy assigned a dedicated team of experienced recruiters to focus exclusively on sourcing and vetting Ruby engineers. This team utilized advanced sourcing techniques and networks to find candidates who met Canopy’s stringent technical and cultural criteria.

3. Rigorous Screening Process: To ensure only the most qualified candidates were presented to Canopy, Globy implemented a rigorous multi-stage screening process. This included initial resume reviews, technical assessments, and in-depth cultural fit interviews. Each candidate was thoroughly vetted to match Canopy’s specific requirements.

4. Comprehensive Operational Support: Globy managed all aspects of the recruitment process, including compliance, payroll, and onboarding. This allowed Canopy to focus on integrating new hires into their team without administrative burdens.

5. High Conversion Rate: The focused and strategic approach resulted in a high conversion rate of presented candidates to hires, ensuring that Canopy could quickly and efficiently build their engineering team with top-tier talent.

Recruitment Pipeline Performance and Results

Testimonial

“We are very satisfied with the level of professionalism and support we received from Globy. We’ve got very good feedback from you on some of our job descriptions. It is a great partnership that I hope we’ll continue to grow as our company grows.”

Sameer Siruguri | Co-founder, Canopy Analytics

Summary of Achievements and Savings

• Efficient Recruitment Process: Maintained a high efficiency rate with 71.4% of candidates passing the initial interview stage, 42.9% passing technical assessments, and 28.6% passing culture fit interviews.
• Cost Savings: Achieved 45% cost savings compared to hiring similar talent in the US, including both salary and operational costs.

These results highlight Canopy’s success in building a cost-effective and high-performing remote engineering team, positioning the company for continued growth and innovation in the fintech sector.

Conclusion

Canopy’s strategic partnership with Globy led to the successful recruitment of highly skilled Ruby engineers, significantly enhancing their engineering team. The recruitment process, characterized by a rigorous vetting system, ensured that only the most qualified candidates were hired. This approach not only met Canopy’s immediate talent needs but also resulted in substantial cost savings.

By hiring through Globy, Canopy was able to save 45% in costs compared to hiring similar level resources within the US. This includes both salary and operational expenses, underscoring the financial efficiency of their global recruitment strategy.