Recruitment Methods In the Banking Industry

 

Recruitment methods in the bank always help to attract, assess, and select candidates for employment.  Businesses need to hire talented employees within an rapidly competitive job market, and in many cases, need to pitch themselves to applicants instead of the other way around. The recruitment function needs to be filled with marketing tactics to reach the best candidates, earn their trust, and hopefully convince them to work for you (Al-Kassem, 2019).

There are  Traditional methods include job postings, recruitment agencies & referrals . In the digital era, online platforms, methods and professional networks play vital roles in recruiting employees to the bank.  Employers often utilize applicant tracking systems in the hiring process. Head hunting is common for executive roles in the bank. When there is no proper recruitment methods, the bank will face huge difficulties in pointing  right candidates to the bank (Lee,2018).

1.Employees Selection Method- Referrals

Referrals means when existing employees recommend candidates for an open job. Not only do referrals have a strong likelihood of candidate success, but they’re really cost-effective because they eliminate the need for sourcing and require less heavy screening.

2. Promotions and transfers

Promotions and transfers occur when an existing employee moves into a lateral or more senior role in the organization. These recruitment methods capitalize on your internal knowledge base while reinforcing your company culture. They also demonstrate your commitment to employee development and can aid in retention.

3. Talent pipeline

Using the talent pipeline involves combing the r talent database (i.e., your applicant tracking system) for candidates who are a strong fit for an available or upcoming position. The beauty of a talent pipeline is that it’s evergreen; candidates can enter it at any time and be considered for a role month or even years into the future.

4. Organic job posts

This is the recruitment method most companies use by default. It involves posting a job listing publicly, usually online via the company’s website and job boards. Organic posts are listings you don’t pay for. While it’s possible for these types of listings to produce qualified applicants, they also tend to bring in lots of unqualified candidates who are scrolling job boards and applying for any opening regardless of whether they meet the qualifications. The old adage ‘you get what you pay for’ applies.

5. Paid advertising

With paid advertising, you spend money to amplify your job listing to people who are likely to be qualified candidates. For example, when you advertise a position on LinkedIn, you can target your post to users in certain locations with a specific number of years of experience, who have held certain job titles, and more. There are even targeting capabilities that can reach users who are actively job searching, making your ads even more compelling. 

6. Inbound recruiting

Inbound recruiting  is the process of creating content that draws candidates in and compels them to apply for a job (versus external recruiting, which involves you reaching out to the candidate). Inbound recruiting strategies include blog posts, videos, employee testimonials, and employer branding efforts, just to name a few. While inbound recruiting produces strong candidates, it can take a long time before it starts paying off. 

7. Social media

Around 80% of adults in the use social media, making it a great place to get the word out about your job openings. Social media (with the exception of paid ads) is a form of inbound recruiting where you’re creating content designed to get potential applicants to engage with your brand. Like other forms of inbound recruiting, social media is a long game and works best once you’ve put in the work to build a solid audience by creating great content on an ongoing basis. 

8. Job fairs

Career fairs and other events for job seekers put you face-to-face with prospective new hires. In addition to hiring for jobs you currently have open, they can help you build your employer brand and gather applicants to keep in your talent pipeline. Though career fairs come with a fee for employers to attend, they’re a good outlet for finding available candidates quickly.

9. Professional events

Conferences, trade organization meetings, and other industry-specific events can help employers connect with candidates in a specific field or skill area. They’re a good way to meet passive candidates–candidates who are not necessarily job searching but who may be interested in new opportunities. To recruit using professional events, you’ll need a system for following up with the contacts you make, like using email nurturing sequences to stay in touch and share future job openings. 

10. Internships

Internships aren’t just for helping students gain experience; they’re also meant to help employers cultivate a pool of viable young talent. For best results, internships should be well structured and should involve participants in a range of activities within the business. This enables employers to identify interns’ strengths while helping interns zero in on their areas of interest.

 11. Recruiting agencies

Third-party recruiters are experts in sourcing and screening candidates. They can help companies hire quickly and accurately, especially for specialized roles. A recruiting agency can function as a partner to a company’s in-house recruiting resources or completely manage the full scope of a company’s hiring needs. 

 

Al-Kassem, A.H. (2019). Recruitment and Selection Practices in Business Process Outsourcing Industry. Archives of Business Research, 5(3).

Lee, C. (2018). Screening for Lung Cancer: Effective Recruitment Methods. American Journal of Roentgenology, 210(3), pp.514–517.