Other parts of this series:
Digital technology is reshaping consumers’ expectations of their banks—they want customer experiences that are seamless, personalized and available on demand. Banks’ workforces, too, are consumers and come into the workplace expecting to get access to work services and tools that are as easy to use, attractive and personal as the digital technologies they use in everyday life.
Over the course of this series of blog posts, I’ll explore how banks can deliver the sort of digital experience today’s top talent expects from their employers—from recruitment to engagement and performance management. Those that get it right can position themselves to attract high-performing talent, particularly younger people and professionals with highly coveted science, technology, engineering and mathematics skills.
I’ll kick off with the natural start of the relationship between an employer and an employee—the recruitment process. Using digital technology for talent acquisition isn’t simply about using job portals and social media to seek and interact with qualified candidates. It is also about building a strong employer brand, offering a better candidate experience, and identifying the jobseekers that have the best potential to be high performers.
Companies can even use technology to draw on an employee’s social networks to target and recruit new hires with the right skills for an open position. One example might be a program that makes it simple for employees and others to upload a friend or college’s resume or LinkedIn profile to the bank’s site to refer him for an open job. People who have referred others can track the status of all their referrals throughout the recruiting process; if their suggested candidate is hired, they benefit from a reward.
Digital technology can help to streamline the process of evaluating a vast pool of candidates so that those with the best potential are invited for an interview. More organizations are using gamification and digital assessment solutions to offer an engaging job application experience while improving their success at selecting the right talent.
For example, one financial services group in the UK invites jobseekers to apply for roles online and then complete some simple but tough numerical and verbal tests on its portal. Those that perform well and have attractive CVs are chosen for interviews. This is a process that saves time for the bank and for job candidates alike.
One can also use a range of artificial intelligence (AI) tools to engage with candidates before or after they apply for a job. For example, banks could use a chat bot and AI for prescreening questions, reducing manual worker for recruiters and ensuring that the best candidates are selected to proceed further into the recruitment process.
AI can enable organizations to personalize interactions with candidates after they apply. Many jobseekers find a lack of feedback after they send an application or go for an interview to be frustrating. With AI, banks can automate candidate engagement in ways that go beyond simple automated emails or messaging workflows. The messages can be personalized to each individual candidate, not simply driven by simple factors like tags, positions, locations or categories.
This sort of approach becomes even more powerful when complemented with advanced analytics tools. As a bank collects more data about job applicants and the career paths of those that are successful in the business, it could begin to predict which candidates will succeed in the organization. This reduces not only the risk of making a poor hire, but also the possibility of rejecting strong candidates.
Statistical analyses can also give insights into the efficiency of recruitment processes—for example, whether a candidate’s success in the tests and assessments predicts his success in the organization and whether conducting a larger number of interviews with a candidate improves the likelihood of making a good hire.
My next post in this series will be about digital learning.