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The global economy is experiencing a powerful transformation beyond the traditional boundaries of the Banking, Financial Services and Insurance (BFSI) sector. The industry is progressing toward digitization, leaving behind common customer experiences and legacy frameworks.
A reaction to this change can be observed in the consumer behavior. For instance, according to a CAPCO survey, 72% of the customers agreed that personalization is highly imperative for them in the financial sector. Another derivative of the ongoing transformation is the need for reskilling employees, with about 28% of businesses explaining the need to reskill a third of their tech talent by 2025, as per a study by EY.
These numbers indicate a shift requiring optimum talent management and hiring in the BFSI sector. The HR priorities are moving toward building the right tech and sales talent while leveraging a multi-generational workforce.
The demographics of India promise a younger workforce, highlighting the requirement for niche skills and improved learning curves in the BFSI sector.
Entry-level candidates require innovation, logical reasoning, and analytical skills. Mid-level candidates need a strong understanding of customer-based processes and workflows. And top-level candidates require a pioneering transformation in the BFSI landscape, involving the development of a growth mindset in the workforce, nurturing the top tech and sales talent, and ensuring upskilling programs for continuous career advancement.
According to Mercer | Mettl’s research, the top skills in the BFSI sector are:
Sales competencies have also evolved in the BFSI sector in the past decade. With more companies focusing on results, collaboration, stakeholder management, and learning agility, it is time to explore these in-demand sales skills recommended by Mercer | Mettl:
According to Mercer | Mettl’s research, result orientation is the top skill used for candidate assessments. It involves evaluating sales candidates’ competencies in proactively connecting with customers and offering valuable solutions.
On the other hand, learning agility is one of the top three skills used in Mercer | Mettl assessments, as it helps find candidates with skills in quick technology adoption and change acceptance.
Similarly, other skills such as business acumen and stakeholder management that help effectively communicate with customers and stakeholders while presenting the company’s values and policies are also necessary.
The BFSI industry is rapidly growing and experiencing a transformation in sales and tech processes. Explore ongoing hiring trends in the BFSI industry to nurture, acquire, and leverage tech and sales talent for optimized and efficient processes.
Sourcing in the BFSI sector today involves using social media and digital hiring techniques that are highly interactive and dedicated. Hiring managers are using these techniques to focus on candidates with the ability to solve specific industry challenges with dedicated skill sets.
Companies are increasingly using tools like psychometric assessments, pre-employment tests, etc., to gauge talent accurately. These dedicated assessments evaluate candidates’ decision-making, emotional intelligence, psychometric intelligence, behavior, and other similar traits. As a result, HR managers are able to make informed hiring decisions by assessing candidate fitment and willingness for the job position.
Along with hiring and sourcing the right tech and sales talent, the industry is focusing on reskilling existing talent. The HR managers are building innovative learning and development (L&D) programs to engage a multi-generational workforce. This blend of different age groups workforce helps drive business success in key areas, such as innovation, compliance, technology, customer service, etc.
As employee skills evolve in the BFSI sector, hiring processes should match the pace. HR managers need to realign talent management strategies for the company’s future. This involves attracting skilled talent and continuously building their skills according to market demands.
While competitive compensation always takes precedence for the current workforce, these candidates also look for career transparency and growth. As a result, it is imperative for HR managers to create career frameworks containing job architecture demonstrating progression for different business areas. This includes succession planning, learning and development, promotion, career mobility, and performance management. It allows employees to envision their career options in the future.
To hire and nurture non-traditional talent, companies must revise their employee value proposition. Millennial and Gen Z employees require more than compensation benefits. They are motivated by flexible work options, remote opportunities, and continuous career progression. These employees are driven by purpose, and they enjoy involving a workplace environment that seeks trust, transparency, and empathy.
Therefore, a company in the BFSI sector should create an EVP that is reflective of its values and culture. For example, an EVP contains a unique purpose, optimum L&D opportunities, and competitive performance rewards.
Forecasting and data analytics tools help hiring managers plan L&D and hiring according to skills gaps and overlaps in the workforce. HR managers can use this data to benchmark metrics for L&D and skill development.
It also allows identifying high potentials, which leads to succession planning for crucial organizational positions.
Given the skill requirements of the BFSI industry, it is necessary for HR managers to engage a multi-generational workforce. Every mid and large organization contains Gen X, Gen Y, and Gen Z workforce, and changing the employee experience across these generations attracts the right talent.
Engaging a multi-generational workforce allows BFSI organizations to extract capabilities across these generations and ensure successful outcomes.
Measuring competencies helps understand employee characteristics needed for job role success. Therefore, Mercer | Mettl allows assessing primary competencies of employees and potential candidates to evaluate their job fitment.
This includes the candidate’s inherent personality trait that helps them analyze situations and react appropriately.
It measures a candidate’s logical reasoning, fluid intelligence, crystallized intelligence, and critical reasoning skills. Fluid intelligence is the ability to assess and process new data, and crystallized intelligence is using accumulated knowledge to solve challenges.
This includes a candidate’s behavior in crucial and difficult situations. Their ability to maintain their calm and handle circumstances smartly.
This measures the candidate’s domain-specific skills to solve business use cases and related challenges.
The BFSI industry is experiencing a transformation toward digital processes, secure interfaces, and connected customer experiences. Whether online banking and insurance services or seamless customer services, multiple advancements will occur in the BFSI industry in 2023. Using valuable and driven recruitment and talent management strategies can prepare BFSI businesses for successful outcomes.
The skills required for the BFSI sector are:i) Result orientationii) Customer focusiii) Learning agilityiv) Business acumenv) Stakeholder managementvi) Numerical reasoningvii) Analytical and problem solvingviii) Negotiation and influenceix) Accountabilityx) Collaboration
BFSI recruitment contains personalized hiring strategies used in the BFSI sector. Dedicated hiring techniques are utilized based on the range of services in the banking, financial services, and insurance industry.
Originally published July 7 2023, Updated July 7 2023
Vaishali has been working as a content creator at Mercer | Mettl since 2022. Her deep understanding and hands-on experience in curating content for education and B2B companies help her find innovative solutions for key business content requirements. She uses her expertise, creative writing style, and industry knowledge to improve brand communications.
The primary objectives of recruitment and selection are to ensure high-quality candidates who are culturally fit and work toward shared organizational goals and vision.