Written by: Nilam Oswal
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. But while the challenges of adapting to technology keep growing, so do the innovative technological solutions to counter them.
Human Resources and recruiting have come a long way on the technological front as well and despite what naysayers are prone to proclaiming, many of the tech solutions being used in recruiting today have enabled businesses to cope with the perceived talent void.
Here are 4 innovative practices you can use to recharge the recruiting processes for financial services.
1. Using recruiting software
Today’s recruiting software leverages data to add value and efficiency to your hiring process.
For example, an ATS software will save the resumes of candidates that didn’t make the cut during a previous hiring run, which give you a list of candidates for a new req.
Insights from recruiting software can help your company implement measures to make the job attract candidates that fit the finance profile you’re searching for. It helps you to maintain a consistent brand across various job boards and postings on social media.
Today’s recruiting software includes AI and intelligent automation, which is useful even beyond the initial recruitment stages into the onboarding, training & development stages.
2. Recruiting on social media
Social media recruiting is a well established method to recruit passive candidates. This can be especially true for financial and insurance services where the employee turnover rate can be among the highest across industries.
Recruiting through social media helps you reach candidates who might not even have thought of applying on traditional recruiting platforms.
Features of social media sites have shown to be beneficial to recruiters because you can use Twitter’s advanced search or Facebook’s graph search, for example, to find candidates with specific profiles.
3. Adding a mobile recruiting app
All-in-one mobile recruiting apps are the latest in the wave of innovative recruiting tools.
Any functionality you could want in a recruiting solution, a highly customizable mobile app probably exists to fulfill the same. It makes recruiting easier for you and makes applying simpler for the applicants.
4. Focusing on candidate experience
Most organizations today are looking for ways to enhance the candidate experience. For companies in the finance sector, the talent pool is already competitive, so word-of-mouth can be very important.
Moreover, candidates post their experiences with organizations frequently on social media, job boards, and the like. The goal should be that applicants have a positive experience with your organization whether or not they end up getting selected.
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