How a Skill-Based Hiring Approach Can Help Banks Build the Workforce of the Future

As banks increasingly embrace a tech-based, digital architecture, people with skills related to technology and analytics will drive their growth. These employees are in high demand as firms across all other industries seek the same talent.

In a competitive employment market, banks must improve their hiring process to attract the right employees. This means they need to cast a wider net in search of talent. To help, more and more employers are recognizing the benefits of skill-based hiring. A skill-based hiring approach focuses more on a person’s skills than simply looking at their degree.

Source: The Paper Ceiling Org

Workers skilled through alternative routes rather than a bachelor’s degree (STARs) make up most of the US workforce. A skill-based approach enables employers to assess diverse experiences and hire qualified candidates from overlooked talent pools.

Getting Started with Skill-Based Hiring Is Easy

Banks must turn to unexpected sources and remove degree requirements from job descriptions. Instead, they should identify the critical skills required and draft skill-based job descriptions that focus more on skills and less on degrees and even years of experience. Most banks have a recruiting approach tailored to college graduates; those best at recruiting have developed a similar system for skill-based talents.

In a skill-based hiring process, machine learning models can evaluate each person’s fit to your requirements based on Skill Score and Profile Score. Banks must assess their organization’s talent needs for areas best suited for skill-based sourcing, identify the required competencies, and evaluate candidates through pre-interview skill tests, interviews, and other methods.

Furthermore, banks must identify the channels that best fit their sourcing and recruiting needs. Access to external data will help find top candidates.

sing data and predictive insights, you can strengthen your ability to find and compete for top talent. HR analytics can go even further to identify an ideal STAR candidate’s concerns, personalities, or preferences and create an offer that will significantly improve acceptance rates for your key positions.

Moreover, skill-based hiring supported by data analytics can help build a more diverse workforce and continue to broaden your future talent pipelines.

Final Thoughts

Equipped with the right tools and mindset, banks can excel in a competitive market, get a jump on their competition, and build their workforce of the future.

Are you ready to build your future workforce?

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