How The BFSI Sector Is Banking On HR Tech To Attract & Retain Talent

The Banking, Financial Services, and Insurance (BFSI) sector is rapidly evolving, and it is becoming more important than ever to implement new recruiting strategies.

As technology continues to reshape the sector, HR professionals increasingly turn to advanced tools and analytics to develop talent strategies that align with their business goals. From blockchain and the metaverse to AI-powered tools, HR tech is transforming the recruitment process, enabling companies to automate tedious tasks, assess soft skills, and prioritise the candidate experience.  

However, recruiting top talent in the BFSI sector can be challenging. The industry is highly specialised, and candidates with the required technical skills and experience are in high demand. Moreover, the sector is facing disruption from emerging technologies such as fintech, blockchain, and AI, which are changing the nature of work and the skills required to succeed.

Developing A Talent Strategy That Aligns With Business Goals

In today’s highly competitive BFSI sector, talent management is a critical aspect of organisational success. Companies must develop effective strategies to attract and retain top talent that aligns with their business goals. 

To develop an effective talent strategy, companies must first understand their business goals and objectives. This involves identifying the key competencies required for success in the sector and developing a comprehensive recruitment plan that focuses on these competencies. It also means leveraging HR analytics and other data-driven tools to identify potential candidates and measure the effectiveness of recruitment strategies.

Utilising Tech Such As Blockchain, Metaverse & More To Your Advantage

The BFSI sector is at the forefront of adopting new technologies, and HR tech is no exception. Companies are increasingly using blockchain and other decentralised technologies to streamline recruitment and hiring processes. 

For example, blockchain-based platforms can be used to create secure, immutable records of candidate qualifications, skills, and experience, which can be easily verified by potential employers.

Another emerging technology that is poised to transform HR is the metaverse. This virtual world enables companies to create immersive experiences for potential candidates, allowing them to showcase their culture, values, and work environment in a more engaging and interactive way.  

Implementing AI To Speed Up The Hiring Process

One of the most significant advantages of HR technology is its ability to speed up the hiring process. By leveraging AI-powered tools, companies can automate many tedious and time-consuming tasks involved in recruitment, such as resume screening, candidate matching, and interview scheduling.

AI can also be used to identify the most promising candidates based on their qualifications and past performance. This can help companies narrow down the pool of candidates and focus their efforts on those who are most likely to be a good fit for the role and the organisation. 

Focus On Soft Skills Apart From Technical Abilities

While technical skills are undoubtedly important in the BFSI sector, soft skills are becoming increasingly critical for success. As the industry becomes more competitive and customer-focused, companies are looking for candidates who can demonstrate strong communication, interpersonal, and problem-solving skills.

To identify candidates with these skills, companies are using a variety of assessment tools, including personality tests, situational judgement tests, and role-playing exercises. These tests can help identify candidates who are not only technically proficient but also have the right personality traits and behaviours to thrive in the industry.

Prioritise Candidate Experience

Finally, companies in the BFSI sector must prioritise the candidate experience to attract and retain top talent. This involves creating a positive and engaging recruitment process that reflects the company’s values and culture. It also means providing candidates with timely feedback and communication throughout the hiring process.

To enhance the candidate experience, companies are using a variety of tools and techniques, including video interviews, virtual job fairs, and gamification. These tools can help make the recruitment process more interactive, engaging, and personalised, enhancing the overall candidate experience. 

In conclusion, the BFSI sector is a highly competitive industry where talent plays a crucial role in achieving long-term success. As the industry continues to evolve, the integration of HR tech will play a vital role in creating a workforce that is agile, adaptable, and equipped to thrive in a constantly changing landscape. By embracing technology, organisations can create a competitive advantage and achieve long-term growth and success in the BFSI sector.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.