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The process of recruiting for financial services roles has never been more streamlined, thanks to the involvement of technology in hiring practices.
Leveraging the amazing technological advancements that are now at our fingertips has become an essential part of both attracting and retaining top talent.
We discuss this topic in detail in the following article, exploring how technology enhances recruitment drives for hiring managers in a variety of financial services institutions.
AI has had a major influence on the financial services industry, impacting not only recruitment but a host of other areas associated with the sector. This is largely a result of the software’s ability to automate regular, often time-consuming tasks.
From candidate screening and skills matching to scheduling job interviews, AI is improving accuracy in identifying the right talent, while enhancing overall operational efficiency and reducing time-to-hire.
A recent study found that in Ireland alone, more than one in four employers currently use AI in recruitment. Within this cohort, 56% of recruiters noted the positive impact of AI on hiring more suitable candidates. A further 39% revealed that it had sped up the hiring process.
Candidates are equally as impressed with the assistance of AI in their job search, with 38% crediting the software for an improved candidate experience.
Technological innovations in recruiting now enable hiring managers to pinpoint top candidates within a wide talent pool.
Through the use of electronic human resource management systems (e-HRM), the recruitment process becomes immediately more effective. Essentially, e-HRM systems have multiple advantages that make life a lot easier for human resource departments.
Hiring managers can now scan resumes for relevant keywords, assess qualifications, and even rank candidates based on criteria that have been predefined by the company.
Such automation reduces costs associated with reviewing numerous applications, as well as administrative responsibilities on recruiters, freeing them up to engage directly with the most suitable candidates. This inevitably leads to an improvement in the quality of hires.
With the recent pandemic now (thankfully) well behind us, the remote work phenomenon may also soon be a thing of the past, with several prominent companies like Amazon, Dell and JP Morgan announcing return-to-office (RTO) mandates. While companies around the globe are now backtracking on certain post-Covid work models, there is one recent trend that is unlikely to go anywhere any time soon: the virtual interview.
A recent study found that a staggering nine in ten companies still prefer to conduct virtual interviews – and it’s easy to understand why.
Data analytics has become an invaluable asset in recruitment strategies.
Hiring managers are now relying on tools such as predictive analytics to forecast future talent requirements, while big data provides insights into everything from candidate performance and retention rates to time-to-hire metrics.
This software promotes efficiency and improves the hiring outcome by providing HR professionals with the vital information needed to make smart hiring decisions. This is a perfect example of how striking a successful balance between technology and human input can transform a business for the better.
As we’ve learned throughout this article, technology offers numerous benefits when utilised in the context of recruitment. However, it can also pose challenges in terms of cybersecurity and compliance.
When handling sensitive candidate information, organisations must have robust security practices in place to protect this vital data. This involves implementing stringent cybersecurity measures that protect against potential threats.
Such vigilance should also extend to compliance. It is vital nowadays for companies to stay up to date with evolving data protection regulations to safeguard their sensitive data and avoid any potential consequences of carelessness in this area.
At 360 Search, we understand the critical role technology plays in modern recruitment. As an industry-leading financial services recruitment consultancy, we specialise in finding and providing talent solutions for the insurance, finance, asset management, compliance and life and pensions sectors.
Our dedicated team of skilled consultants operates a tailored approach to the recruitment process, leveraging advanced technologies to connect clients with top-tier candidates.
Our services range from immediate hires to long-term and temporary solutions, covering all eventualities such as ad-hoc projects, maternity, illness and general workload increases during busy periods. By integrating technology into our processes, we ensure a seamless experience for both clients and candidates, facilitating successful placements and building lasting professional relationships.
If you’re looking to improve your recruitment processes and want to learn more about our services, our team is on hand to help! Contact us today and let us connect you with the best talent in the market.
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