Competitive Intelligence Prevents Million Dollar Lawsuit for Client
A top financial services institution was slammed with a multi-million-dollar lawsuit and turned to Qualigence for help.
The Department of Labor (DOL) approached the client with a claim that their employee population was lacking a diverse workplace. The lawsuit filed by the DOL attested that the client had to pay upwards of millions of dollars and increase its percentage of diverse employees from 5-7% to 14%.
The client fought back, saying that there was no way their top competitors had a diversity status that exceeded their own.
Market StrategyThe client used Qualigence International’s research capabilities to prove that their competitors did not fulfill the requirements demanded by the DOL. Qualigence set to work to tap into the institution’s top six competitors: high net worth banking institutions in regions specified by the client.
RESULTSAfter Qualigence dug into the competitors’ intel, the research revealed that the client’s competitors had a diversity employee population of a mere 5%. Since the competition’s diversity percentage was at or below the client’s, the DOL didn’t have any grounds to move forward with the lawsuit and it was dropped.
Qualigence packaged a report that included all of the competitive intelligence data gathered throughout the research project—diversity numbers included. The client had complete ownership over the data and later used it as a resource to build a recruiting pipeline for future talent.