A recent PricewaterhouseCoopers (PwC) report founds disruptive new technology, evolving customer expectations, and changing regulations are all affecting the ability of financial services to recruit the right talent for their firms.
The kind of talent that financial services now require has shifted as well. There is a greater need to build a more diverse workplace, both in terms of the kind of skills your employees possess, or in terms of their demographics such as gender, age, and ethnicity.
The new highly specialized skills coupled with the requirement of diverse candidates has made the task of recruiting for financial services more challenging. Continue reading
Annual turnover rates in retail range from 50% to over 100% for some retailers.
With the average cost to replace an entry-level retail employee calculated to be $3,328, turnover gets expensive quickly. As an example, if Walmart replaced 50% of their 500,000 entry-level employees in an year, it would cost them approximately $850,000,000!
It makes sense then that quality of hire for retail generally focuses on turnover. The responsibility for increasing quality of hire by decreasing turnover usually falls on the recruiting department.
Here are 3 tips for improving quality of hiring for retail.
Strategy 1: Offer a competitive salary and incentives
A survey of retail employees by Korn Ferry found the #1 reason for leaving a job was “better opportunities / promotions” followed by more money. Continue reading
As the finance sector continues to be a strong source of economic growth, recruiting for financial institutions faces a new set of challenges.
Among the highest levels of demand for talent for financial institutions are tech- and data-related roles such as data scientists and quantitative analysts. This means institutions such as major banks have new competitors for talent.
Here are the 6 facts recruiters need to know to successfully hire for today’s financial institutions.
Watch our video on 6 tips to help you successfully recruit for today’s financial institutions:
1. Recruiting AI and automation is becoming common
The financial sector is an innovation leader. Continue reading
According to Silkroad, employees referrals are still the top source of hire at 30% of all hires. With the market getting even tighter, leveraging referrals is more important than ever.
Your current employees are likely to know people who would be good fits for roles you need. When a referral program works well, recruiters are a lot less stressed.
Why don’t more companies use referral programs?
The main reason is that referral programs are time-consuming.
At a RecruitingDaily event in Atlanta, the consensus among recruiters was that while referrals are an effective channel for them, it can take up to 70% of their time in a given week to manage it. Continue reading
With recent accusations against Intel and IBM and a new lawsuit alleging companies used Facebook ads to screen out older job seekers, age discrimination in hiring is making headlines.
The Equal Employment Opportunity Commission defines age discrimination as “treating an applicant or employee less favorably because of his or her age.” In the U.S., the Age Discrimination in Employment Act (ADEA) forbids age discrimination against people who are age 40 or older.
According to Dice’s 2018 Diversity and Inclusion Report, a depressing 76% of respondents believe ageism exists in technology.
Research has shown that age discrimination at the screening phase does exist. Continue reading
With AI’s growing adoption, recruiters are enjoying the clear benefits of the increased efficiency provided by intelligent automation.
However, AI continues to capture the attention of recruiting professionals for another major reason: according to LinkedIn’s Recruiting Trends 2018, 43% believe it removes human bias.
In a new interview with Canadian HR Reporter, watch Ideal’s data scientist, Ji-A Min, explain how AI technology like Ideal can be used to reduce unconscious bias and improve workplace diversity.
Optimize Your Hiring Using AI Continue reading
According to LinkedIn’s Recruiting Trends 2018, 67% of recruiters say AI helps them save time, 43% believe it removes human bias, and 31% say it delivers the best candidate matches.
So if you’re in talent acquisition, investing in AI seems like a smart move. But how do you decide which AI tool is right for you?
I break it down in our new 11-point buyer’s checklist on AI for recruiting software.
Section 1: Questions for your team
Your decision making process for buying AI for recruiting software starts with the questions you ask your team (and yourself).
A good starting point is asking yourself: what’s our biggest pain point? Continue reading
Have you ever heard the term “shelf-ware?”
That’s when your company buys software but no one inside the company really uses it once it’s bought, so it sits on the shelf. Get it?
Shelf-ware is extremely costly to a company. Basically, buying something for a bunch of money, never adopting it, and likely renewing it at the end of the contract.
No one wants to throw money away. So how do you make sure that the software you invest in actually gets used and doesn’t become shelf-ware?
Here are three important factors to consider when you buy recruitment technology.
#1: Integrations with your current recruiting stack
Make sure whatever you are considering purchasing integrates with your existing workflows. Continue reading
At its core, hiring is trying to predict the future: how do we predict which candidate will become a good employee? And how can we know who will be retained?
New approaches in talent prediction have emerged with the adoption of AI for recruiting to complement the predictive power of psychometric assessments.
Industry analysts agree that AI technology is a force multiplier for pre-hire assessments.
In our new video, Kathryn Christie, Director of Talent & Strategy at Self Management Group and I explain the intriguing way AI and assessments are being combined to help recruiters find better talent.
Integrating AI and assessments into your recruiting workflow looks like this:
A candidate applies; their resume enters a company’s ATS. Continue reading
With the rise of chatbots, conversational recruiting has become the hottest strategy in talent acquisition.
A recent demonstration of Google’s Assistant scheduling a haircut blew people’s minds and hints at the intriguing future of what conversational recruiting could look like.
Conversational recruiting is defined as attracting, qualifying, and engaging candidates with real-time, continuous one-on-one messaging. These conversations are flexible and take place where candidates already are: on mobile, social media, and messaging apps.
Already common in sales and marketing, conversational commerce is the adoption of real-time messaging with people, brands, products, and services.
The technological advancement that enabled conversational commerce to happen was the merging artificial intelligence with everyday consumer interactions. Continue reading