As financial service organizations grapple with enormous changes in technology, customer expectations and regulations, the quality of talent will be crucial to capitalize on market opportunities. More than three quarters (72%) of financial service business leaders see skill gap as a threat to growth. Given the dynamics of acute skill crunch, how can financial service organizations find the right talent to achieve their goals?
Pre-employment assessments can create a distinct competitive advantage for industry players by helping them identify skilled candidates with the right aptitude and personality to succeed in a given role. Here are three ways in which financial services organizations can leverage pre-employment assessments for competitive differentiation and success:
#1 Leverage cognitive aptitude testing to measure problem solving and critical thinking skills
Most financial analysts are expected to examine markets, understand company financials and make informed investment decisions for their clients. Similarly, loan and mortgage lending companies require detail-oriented talent with problem solving capabilities and critical-thinking skills. Cognitive aptitude tests are often well-suited for companies trying to measure candidate’s critical thinking and quantitative analysis. They help assess numerical aptitude, data analysis ability and candidate’s ability to leverage details, thereby streamlining the hiring process and reducing the time-to-hire. Take the case of Barclays. The multinational investment bank leverages numerical and logical reasoning test to recruit best-fit candidates.
#2 Measure sales aptitude tests for sales personnel
For sales personnel to succeed in their roles, certain traits such as strong ability to troubleshoot, customer comprehension and decision-making skills are vital. Sales aptitude tests assess candidates on various parameters such as customer service, sales management, marketing, and public relations capabilities – enabling companies to predict sales success. HDFC Bank assesses sales officers responsible for selling banking assets and policies through a program called Aarambh. The program selects candidates for a personal interview after evaluating their sales acumen through online assessment tests.
#3 Gauge customer service aptitude for customer facing roles
With customer service becoming a critical brand differentiator, identifying top performers in customer facing roles is a business imperative. Customer service aptitude tests are a great way to measure behavioral traits and statistically compare them with the traits of other candidates. Through these tests, companies can measure candidates across various dimensions including respect for customer, diligence, service orientation, poise and self-management. Take a leaf from ICICI. The bank measures passion, social confidence, resilience and problem solving skills through sales skill assessment.
As financial institutions fight for a skilled workforce in order to better compete and innovate in today’s technology driven environment, pre-employment assessments will be a key enabler in clinching the best talent available. Organizations that apply effective pre-employment tests will not only be able to attract and retain people with the right skills and expertise but also prepare for technology-driven disruption. The outcome: increased focus on ways to improve efficiency and offer superior customer service, in turn, leading to improved profitability.
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