Millennials and Generation Z are now nearly half of U.S. population, which presents recruitment challenges for banks and insurance firms. With recruiting, onboarding, and talent management best practices changing alongside new generational demands and digital transformation, financial services leadership must adjust or face dimmer hiring prospects.
Despite doom and gloom, there is guidance in this time of transition. I sat down with David Villaseca, Global Director of Financial Services Industry Solutions here at Oracle to discuss how financial institutions can adjust, from recruiting to onboarding.
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What do younger professionals want in a transforming Financial Services industry?
DV: Banks and insurance firms are fighting the war for talent - and nearly all major banks are starting to look more like technology companies than banks. It’s no surprise given the shortage of talent that banks are turning to digital natives that they can attract from the tech startups and consulting firms. Their message is gaining traction. Younger professionals are no longer only interested in fancy perks at work, but also want employers to connect with their career needs and aspirations.
In the post-digital economy, connecting through new technologies is essential for the Adaptive Bank: one that is intelligent, agile, and integral to customers’ businesses and lives. A recent study by Oracle and Future Workplace of 8,370 employees showed that 64% of people trust a robot more than their manager, with 39% of Generation Z believing that their boss will someday be a robot.
What are the best ways to connect with younger professionals and improve the talent acquisition experience? How do we integrate an Intelligent candidate-centric experience?
DV: One of the best ways to attract candidates is through effective employer branding, or the sharing of relevant workplace experiences. One example is a comprehensive volunteer program.
A compelling, candidate-centric experience can also attract candidates through multiple channels and campaigns across social media and websites. In the aforementioned Oracle and Future Workplace study, 38% of the millennials and 31% of Gen Z respondents emphasized the importance of better user interactions (versus 26% of the Baby Boomers and 33% of the Gen X) in driving interest towards working at a company.
These first conversations between candidate and potential employer should follow a seamless process, with automated interactions. Artificial Intelligence (AI) powered digital assistants and customized career pages can also help to provide a personalized candidate experience.
How about onboarding?
DV: After accepting the offer, new employees demand the same seamless process when onboarding. This personalized and transformative employee experience is enhanced with the same automation and digital assistant solutions they already knew as candidates.
The orchestrated onboarding process helps new hires to become engaged employees within the company. As they move up the ranks of the organization, talent management solutions help them develop a meaningful career.
What are the implications for banks: Data-driven talent management?
DV: Financial services businesses are growing with data-driven customer experiences, powered by AI to better understand the financial lives of their customers, offer better advice, and pitch specific products.
Now is the time to enhance the candidate experience. A data-driven talent platform helps to recruit, screen, interview, generate offers, and hire Millennials and Gen Z efficiently and collaboratively. Improving human insights into talent management drive stronger offers and better hiring decisions in the current Experience Economy. Learn more on our website and reach out if you are interested.
About David Villaseca
David Villaseca builds innovative solutions and content for top EMEA banks and insurers at Oracle Consulting, positioning the cloud and apps. Awarded as a Forbes Top Leader Under 40 and recipient of The Coca-Cola Company Marketing Excellence Award, Villaseca has over 20 years of experience leading financial transformation and helping customers navigate a changing technology market.
Do you have thoughts about where the financial services industry is headed? Send David a message to continue the conversation.