By Paul Kaptein, Director of Product Marketing, Oracle
Digital technologies are changing how financial services organizations operate. Many smaller banks and credit unions are using technology to better service customers and to differentiate themselves against competitors. With growth, comes a need to increase recruiting and retention efforts, which is another area that financial service organizations are successfully automating.
A good example is STCU, based in Spokane, Washington. A rapidly growing credit union, STCU sought an HR solution that could handle the talent acquisition process more efficiently. So it turned to a cloud-based talent management system, and quickly experienced significant results.
Since deploying Oracle Talent Management Cloud, STCU has:
Here’s how STCU achieved such significant gains, and how your small or medium business can do the same to attract and retain top talent as it grows.
At the time it started seeking a talent management solution, STCU was growing at a rate of nearly 10%, adding about 1,800 customers per month. The credit union struggled to manage the recruiting process as it tried to build its workforce to serve its growing customer base.
STCU depends on highly skilled employees to deliver professional and personalized service in a competitive market. But HR was relying on recruiting processes that were mainly paper-based. Every application was individually managed, including follow-up communications with candidates and hiring managers across multiple branch offices. As a result, something as simple as gathering sign-offs for a new job requisition drained STCU’s limited resources.
In the fast-paced financial services industry, STCU couldn’t afford any delays that could impact its service levels as it grew. So it looked for easy-to-use technology. The credit union chose Oracle Talent Management Cloud because it could be easily configured and administered by everyday staff members.
STCU first implemented the system for recruiting, and later added onboarding. The organization issues automatic job-board postings and emails; applicants can opt-in for job notifications, which are optimized for mobile. If they’re interested in a posting, candidates fill out two-tier questionnaires—which identify qualified applicants based on certain criteria and eliminates unqualified candidates early in the process.
Any HR manager knows their work doesn’t end with the recruiting and selection process. Onboarding can be incredibly time consuming and overwhelming. Benefits packages, company policies and training documents can require hours of review and signatures.
To save time and increase accuracy, STCU now uses fully automated onboarding. It allows for electronic signatures and creates a new-hire task list with triggered system alerts.
Cloud-based talent management also brings efficiencies to the training process. When you’re adding thousands of customers per month, you need employees who can take charge of accounts almost immediately. STCU accomplished this by adding a learning module to its platform. It schedules and manages both in-person training and online learning programs. The system tracks and administers scheduling, attendance, and grading. Administrators and supervisors receive automated alerts when it’s time to renew their training.
These automated features allow financial services organizations like STCU to maintain their margins while focusing on growth—instead of getting bogged down with time-consuming administrative tasks. More importantly, it helps STCU connect with its most valuable asset—its people.
Learn more about how Oracle solutions can help you advance your SMB’s talent management capabilities and grow prudently.