The pandemic has significant impact on recruitment globally. HR practitioners & recruiters in all industries had to re-evaluate their process due to the changes, and the banking and finance industry is no exception. These changes created new job opportunities an position in the industry, but fulfilment hasn’t been easy. According to the Indonesian Statistic Office 2021 reports, job openings in the banking and finance industry rose to 45%, however hiring in the industry is down with over 600.000 positions not yet filled.
Out of those +600.000 vacant positions, many of those are newly created positions are created due to the pressures of the pandemic which has propelled fintech into normality, and most banks are playing catch-up to adopt, resulting in a need for digital finance experts, IT, social media marketers, and much more. This causes new problems, as they adopt digital transformation, they compete in hiring not just with other industry rivals, but also tech companies.
Challenges in Banking & Finance Recruiting
There are many new challenges the banking and finance industry face in recruiting, one of them is the skill gap, where recruiters must find people with significant ability in banking /finance, but with a grasp, awareness, and up-to-date knowledge of digital, such as blockchain, data science, crypto, metaverse, and current developments ahead. This is something most economic students don’t learn in college.
Poor candidate experience in most banking and financial industry hiring is also a problem as it contributes to low retention and high turnovers of employees. A survey by Price Waterhouse Cooper shows that 49% of candidates of high-demand sectors like technology, energy and banking are likely to turn down job offers when they have poor candidate experience. Those who do continue will likely to leave once their contract expires if not onboarded correctly. A millennial at work study by PWC shows that 48% of millennials who do not have an affinity with the company they work with in the beginning are actively looking for new roles outside the company.
Poor candidate experience also hurt a company’s reputation. 56% of respondence with poor candidate experience will discourage others to not apply. Millennials want a fast swift process, as they think they can be more productive with technology. Most tend to leave hiring process when its slow or tedious, such as filling out a paper form, sending CVs, resumes and diplomas by mail. Millennials prefer to communicate electronically and have results faster.
Improving Banking & Finance Hiring Process
If it is any indication, a good candidate experience has a large influence on hiring today. Studies have shown that a fast and communicative process is the preferred choice by job seekers in high-demand sectors. Creating an End-to-End Mobile First oriented recruitment is one option to create a good candidate experience, as 58% of job seekers look for jobs on their mobile devices, and 35% of them prefers to apply online. The pandemic has pushed people to do most tasks using their device, and why should hiring be any different.
With mobile hiring, comes the need to be able to test the candidate’s skill and also personality. These factors are important as hiring the wrong candidate can hurt your business. With great candidate experience should come with proper assessment and interview. Video interviews helps recruiters to know more about a candidate’s attitude and aptitude beyond what is written on a CV. Millennials love to do online interviews as it helps them express their message in their own way.
Astronaut’s End-to-End Mobile hiring and assessment tool provides you to do so. Our highly rated iOS and Google Play app is easy to understand and provides a fast way of a mobile first hiring process with its assessment and asynchronous video interview features. Not only does it create good candidate experience and great employer branding, it also reduces the time-to-hire process as of the case for MBSM Bank of Malaysia and Indonesia based Neo Bank. Automating their hiring process through technology also have lead to more candidates response and candidates recommendation to their peers or to company recommendation websites, helping to draw in candidates for future hiring.
