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
Have you been curious about the best ways to hire for strong cultural fit in a high-volume setting?
It used to be that companies would hire based solely on skills and qualifications. “Culture” – if that word was ever used – was mostly a way to exclude candidates from the pool.
Of course, as you would know, this has changed drastically in recent years. More and more companies are using culture as a primary selection-criteria, even more so than skills or qualifications. One study even found that only 11% of failed hires are due to poor technical skills; the rest are due to poor cultural fit. 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
Jobvite recently published their 2017 Recruiting Funnel Benchmark Report, an analysis of data from over 50,000 posted job listings, 15 million job applications, and 69 million job seekers.
Phew! That’s a lot of data.
Having an accurate grasp of your recruiting metrics is important for optimizing your processes and showing the business value of your recruiting activities.
An important aspect of assessing metrics is knowing where you stand compared to industry benchmarks.
Here are the stats from Jobvite’s 18-page report I thought were the most insightful. How does your recruiting process compare?
Applicants per open req
The number of applicants per open req is going to vary greatly depending on the size of your organization, the industry, and the role. Continue reading
According to a recent SHRM/Mercer survey, only 20% of recruiters said they were confident in their employers’ ability to assess applicants.
This lack of confidence in traditional screening methods has given rise to some recent headline-grabbing innovations.
Here are three applicant screening tools that are getting a lot of attention right now.
1. Facebook’s resume posting feature
Facebook’s foray into applicant screening means LinkedIn is no longer the only game in town.
According to Jobvite’s annual recruiting survey, 67% of candidates use Facebook as a resource during their job search. Facebook is the second most popular social network for recruiters to screen candidates after LinkedIn. Continue reading