In the past decade, a drastic change has occurred in the hiring industry across all sectors, which is no different for the Banking, Financial Services, and Insurance (BFSI) sector. The job market is becoming increasingly competitive over the years, and businesses must increase their ability to recruit talented candidates.
As a result, recruitment efforts must be coupled with marketing tactics to attract the best candidates, acquire their trust, and encourage them to work for their organization.
One of the ways is through recruitment advertising which is a form of marketing for candidates to capture their attention and develop a talent pipeline to ensure that the best candidates can fill new positions in the BFSI sector.
In this article, we will cover the best recruitment practices for BFSI hiring in a competitive job market:
Seeing the competitive BFSI sector, it has been difficult for the employer to recruit the best employee for the job. Below we have shared some working strategies to recruit the best talent for your company.
Over the past decade, people have increasingly searched online for jobs. Some traditional recruitment methods, such as campus interviews, are still helpful, but most people today use the internet as one of their primary methods of searching and applying for jobs.
This has led to a change like recruiting as it has evolved from looking for candidates to being about being found.
For the best results, your website should be highly visible in searches conducted on the internet so that candidates can find you easily.
To accomplish this, you need to optimize your website, especially your careers page, by thinking about optimizing it for search engine optimization (SEO).
As part of BFSI's recruitment strategy, social recruitment uses social media to find potential candidates, promote jobs, and communicate with potential recruits on an ongoing basis.
The recruitment strategy has been successful for many brands in attracting quality candidates. Ensure your employer brand is consistent with your social media presence to align with your values.
It would be helpful if your company has a successful charitable campaign history so that you can share photos, videos, or messages about one of them. A company-branded message about job vacancies can also be shared on social media by current employees regarding vacancies within the company.
A referral program is another recruitment strategy for BFSI hiring that can be implemented to increase employee recruitment.
By using this recruitment tactic, you will be able to get your existing employees to refer potential candidates for open positions within your company.
To encourage employee participation, these programs usually offer incentives such as gift cards or cash bonuses to motivate employees to get involved.
Employee referral programs can also assist the company in acquiring more diverse talents. When conveying the importance of diversity to your team and rewarding your staff for recommending diverse candidates, employee referrals can be used as a great recruitment strategy for maximizing diversity in your organization.
It's time to take advantage of an Applicant Tracking System (ATS) to save your hiring managers time and money. ATS software allows companies to post jobs and find qualified candidates more easily. Usually, this includes job posting on multiple sites with one click, applicant sorting, and scheduling interviews on these sites.
ATSs are available in various configurations, so you should learn about them and find the right one for your company and its size and budget.
Even though the recruitment process has shifted to the internet, there is still a place for recruitment events in your BFSI hiring strategy.
A recruitment event is an excellent way to meet potential hires and engage with them more personally.
As a result of an interview, you can gain a better understanding of the candidate than you would be able to with a resume, such as their level of curiosity, the way they communicate, or how well they get along with others.
When you take the time to develop and implement an effective recruitment process for BFSI hiring, you can reap the following benefits:
A new employee is one of the most important steps to increase your business's profitability and performance by ensuring it has a talented team of employees.
As you provide your departments with resources and manpower to fulfill their responsibilities, ensure that they can perform their duties effectively and that your organization's cost per hire is reduced to achieve their goals and become more competitive.
By fast-tracking high-quality candidates, you will be more likely to keep their interest. A long hiring process may leave them disappointed and tempted to look for another job. According to the survey, 92% of the companies give feedback within a week post-interview.
The recruitment process can be improved through an effective recruitment process so that time can be allocated for the HR team to train new and existing employees as needed.
The emphasis on training and development is one of the most effective ways to engage and motivate employees, which will benefit the organization's performance and well-being.
Establishing a legitimate recruiting and selection strategy is essential to ensuring a fair and transparent BFSI hiring process.
There is no discrimination, and they are assured that their personal information will be kept safe and will not be subjected to any type of discrimination.
Recruiting the best talent is challenging, especially in a highly competitive job market.
You must be proactive in developing your employer brand, engaging potential hires through different channels, including digital and in-person advertisements, and ensuring that each candidate has an excellent experience throughout your recruitment process.
If you do not give talented workers a reason to come to you, you will face lots of challenges in finding the qualified employees.