Is recruiting in banking something that you’ve thought about at at your organization?
Like almost every industry these days, banking is changing a great deal and becoming more technologically-focused. The disruptive arm of the financial services industry is called — logically — “fintech,” and it’s already making a pretty big dent. Millennials and Gen Z, broadly-speaking, are either quick to change banks or abandoning banks altogether, which will consistently adjust the broader industry in the next 10-15 years.
As the industry evolves, though, what about recruiting within the industry? What do you need to know there?
Some broader ideas about recruiting for the banking industry
The good thing for recruiters focusing on banking is that finding people — the sourcing part of the equation — is usually easier than in other industries. Continue reading
Have you been wondering about what the quantitative difference between quality of hire and time to hire is?
Recruitment involves dozens of metrics. It’s easy to fixate on each one without improving the hiring process. But there are two metrics that employers tend to value: quality of hire and time to hire.
We’ll explore the benefits and drawbacks of these metrics. We’ll also provide best practices for striking the ideal balance between the two.
Quality of Hire
Quality can be a difficult aspect to measure. After all, it’s a subjective metric. But quality comes in many forms: ROI, productivity, and manager satisfaction. Continue reading
Have you been wondering how to solve your challenges with quality of hire in your high volume hiring landscape? Unemployment is at a low, and it’s time to take action to ensure you hire the right people.
The landscape around high-volume hiring
Look at the lines representative of “unemployment” and “jobs added” in America from 2008 to 2017:
2009 wasn’t a great time for companies, as they were immediately post-recession and laying people off like crazy, hence the 9.9% unemployment rate. Only about 129,000 jobs were added on average per month. You could argue that’s a good time for recruiters, though: while their companies might be in a hiring freeze, there’s still a huge amount of available talent on the market — at least 1 in 10 people, and more not represented in these stats (i.e. Continue reading
Is this the best job market ever? And what does that mean for hiring?
This question has been circling around North America for a bit now. The Wall Street Journal just referred to this period as “the hottest job market in a half-century,” which was primarily a reference to the U.S. job market. The U.S. job market has added jobs for 100 consecutive months, and is broadly seen as “hot,” although there’s some nuance to that which we’ll discuss in a second.
The Canadian job market is also seen as surging, largely based on a massive uptick in private-sector hiring, although again, there’s some nuance to all the good news. Continue reading
Has the idea of a skills gap been brought up in your organization?
Does a skills gap exist? And what should you do about it?
The idea of a “skills gap” has gotten considerable attention in the past year or so. The basic argument is very logical: Technology is evolving rapidly, and that’s created “gaps” where employers need specific skills, but it’s increasingly hard to find them. Considering the Internet itself is only 30 years old and many professions today have Internet skills/capabilities tied to them, it makes perfect sense that the “skills gap” must exist.
Or does it not?
There are arguments to the contrary on the skills gap
Recently there have been a number of discussions on the idea that the skills gap never really existed, notably here and here. Continue reading
Have you been wondering what stats your recruiters need to know?
Thanks to the record-low unemployment rate, hiring and recruiting are more difficult than ever. Job-seekers have their pick of positions, so keeping your process as streamlined and efficient as possible is key to convincing candidates to choose your company.
The hiring process is often treated as an indicator of how the job itself will be. According to a recent CareerBuilder and SilkRoad survey, 68% of employees believe their experiences as job candidates reflect how the company treats its people.
That same survey found nearly half of employers reported it’s taking longer to fill jobs than ever before. Continue reading
Candidate Experience at North American Banks
In 2019 we struggled to find current research on the candidate experience at North American banks, so we conducted our own!
We wanted to understand exactly what today’s candidates experience at every step of the job search. To uncover meaningful results, we applied to 140 jobs, at 35 different banks. This article provides a deep dive into the recruiting process of key financial institutions in the North American market. To close, this article also summarizes examples of great candidate experiences and areas for improvement.
You might be surprised by what we found.
The State Of High-Volume Hiring at Financial Institutions
As the finance sector continues to be a strong source of economic growth, recruiting for financial institutions faces a new set of challenges. Continue reading
Have you ever considered HR tech in financial services?
You probably wouldn’t expect a large bank to dabble in HR technology. HR seems compliance-driven, and what banks do seems very revenue-driven. Those are often very different lines of business/business models. But banks are increasingly entering the HR space. Note this from The Wall Street Journal:
Investment banks better known for big trades and mega-mergers are descending from the C-suite to pitch for business managing companies’ employee-benefit programs. It isn’t a glamorous business but it offers the type of sticky, predictable revenue that bank shareholders want—and executives are willing to embrace—as core Wall Street businesses struggle. Continue reading
Have you ever considered the idea that your employees are also your customers?
Let’s think through a new idea here: What if you started viewing your employees as internal customers? This might be a leap of thinking for a lot of people who run organizations, but it makes sense: employees work on the products and services that you ultimately sell for money. We tend to have developed strategies for our customers — customer service, customer success, customer experience — but our strategies around employees are less developed. Yes, we’ve talked more about employee experience and employee engagement in recent years, but we still spend way more time focused on customers than on employees. Continue reading
Second interviews are not just a formality, they are an essential way to really understand how your candidate ticks and whether they are the right choice for the job. These 15 second interview questions will help you select the cream of the crop of talent available to you and can make it much easier to choose between equally matched candidates.
What’s the point of a second interview?
Second interviews have a very different dynamic to first interviews. You’ve already established the candidate could be good for the job. You know their background is broadly relevant, they seem to have good interpersonal skills, they come across well in person, etc. Continue reading