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
Have you been wondering how the rise of AI began to trend and spread across the globe?
The rise of artificial intelligence
Consider the Industrial Revolution, which lasted somewhere from 60-80 years. Some are calling the current period “The Fourth Industrial Revolution.” Largely expected to be driven by artificial intelligence (AI) and data analysis, this Fourth Industrial Revolution will be compressed into the lifespan of a beagle.
This means absolutely massive changes for how we work and design processes within our work. AI, specifically, is already beginning to have a large impact in recruiting and hiring.
It is helpful now to look at where AI has been, where it’s at now, and where it might be going. Continue reading
Is a candidate experience platform really a thing?
Indeed, it’s becoming one. Increasingly in the HR Tech and Human Capital Management System market, you’re seeing companies design candidate experience platforms, which are recruiting solutions with a focus on the candidate’s steps foremost in mind.
To understand this market shift, we need to unpack a few ideas first. First: let’s define candidate experience.
What is candidate experience?
The basic idea is treating any job applicant (candidate) to your company in a respectful, transparent manner. This includes:
Letting them know where their application stands
Communicating with them and answering questions about the process
If they don’t get the job, offering some degree of context or explanation
Not spamming them with product/service emails just because they’re in the database as a candidate
Showing up for interviews and other appointments during the process
All of the buzz surrounding the idea of “ghosting” in the hiring process is the opposite of candidate experience. Continue reading
Wait, is AI actual helpful when hiring in retail banking?
It is, we promise
The Baby Boomer exodus is hitting financial services roles harder than most industries. We’ve touched on the issues around the exodus in the insurance industry, and now let’s look at what’s happening with retail banking. For context, retail banking is what you most often think of when you think of banking: mass-market, customer-focused, and centered on going into a branch and completing transactions.
What roles are typically available in retail banking?
There are dozens, but the big buckets include:
Client Service Reps
The commonality of those roles: communication and customer service. Continue reading
Is hiring for CPGs – consumer packaged goods – roles any different than hiring and sourcing in general?
So is it different?
First, by way of quick definition: CPG typically refers to merchandise that customers use up and replace on a frequent basis; examples include packaged foods and household items like Oreos and Tide. The CPG industry is one of the largest in America, with an annual value exceeding $2 trillion.
At the 35,000-foot level, hiring and sourcing for CPGs is similar to other industries and verticals. But CPGs also have a need for very specific skill sets, which we’ll address first. Continue reading
Is recruiting now longer your typical 9-5 job?
It’s no longer a 9-5
To say that technology has changed the traditional 9-to-5 is overly simplistic. Each new invention or improvement on existing internet technologies brings a new wave of innovation across all industries, and recruitment is no different.
Business is already undergoing rapid change, and is no longer relegated to the Monday to Friday “grind.” Case in point: a recent Gallup survey found that 35% of current employees would quit their job for the chance to move into a role that offered full-time remote or flexible work.
As these younger generations – known as Millennials and Generation Z – begin to enter the workforce, non-traditional working cultures are already starting to become the new normal. Continue reading