Benoît Cœuré, head of the Bank for International Settlements (BIS) Innovation Hub, says, “The talent pool, resources and need for expertise is without a doubt major issues for both supervisors and banks. The demand for data scientists and engineers is higher than supply and continues to grow as both incumbents and firms build digital infrastructure, from storage on the cloud to cyber resilience defences.”
While this was gradually being addressed, the world was hit by the pandemic that only worsened what firms could spend, since most of them now aimed at deploying solutions that were cost-effective and provided value for money.
With COVID-19 came one of the fastest digital revolutions that no one had anticipated. However, the speedy transformation required a level of commitment, unlearning old approaches, more rapid and frequent experimentation, a higher degree of creativity and a fail-fast attitude. All of which has contributed to shortages in talent with the right skills and behaviour. Thus, there was a sudden rise in the demand for new thought processes with regard to hiring.
Automating HR activities can make the recruitment process faster and more effective. Since the world is operating from home, remote hiring has focused more on enabling technology to search for candidates. Not just that, technology has been helpful in hiring and onboarding, up-skilling and re-skilling of people during the pandemic. With more businesses accepting cross-border hiring, there is a need for specialised talent leaders in finding and onboarding the right skills, as quickly and effectively as possible.
Challenges faced by hiring/onboarding organizations:
1. Client reputation is always at stake
While hiring, a brand's reputation is always at stake. However, it's an unpredictable cycle that incorporates anything, from guaranteeing a positive candidate experience to promoting the organisation’s culture on online media. It's a nonstop and collaborative process that expects both brands and hiring agencies to get out of their typical obligations and secure a place for their candidates.
2. Tough competition
Good candidates are often contacted regularly by recruitment agencies. These candidates have the most wanted skills, making the search even tighter. Thus, it’s very important to put in extra efforts to persuade passive candidates as the slower you are at hiring, the better are your competitor’s chances to fetch those candidates.
3. Poor candidate experience
Organizations want to hire the best and as fast as possible. However, they often forget to give the best possible candidate experience. While vacant positions often cost money and delay business activities, it is important for teams to not put pressure on candidates. We live in an era of experiential learning. When applicants either attend an online video interview, or come to the office as businesses start to re-open, their first experience is who they see and engage with on-screen, or what they witness in the physical workplace environment. It is important to ensure that every one of those involved in the hiring process understands that he/she needs to set a phenomenal initial impression for a smooth start.
Veremark: The most trusted candidate screening partner
Veremark has state-of-the-art user guidance, UI, automated checking processes and smooth candidate experience, right from hiring to onboarding. The kind of virtual hiring experience that it undertakes uses a combination of the latest technology with a focused human approach to search, establish communication and hire only the best. An expert in cross-border and global hiring, Veremark has helped FinTech / Financial Services businesses expand and grow. For this, the HR leader has flexible, scalable, agile and data-driven tools and approaches to support businesses in a highly diversified environment.
As Veremark specialises in regulatory compliance background checks, it takes each candidate through a rigorous process to protect their clients from insider fraud, criminal activity and reputation damage.
Veremark helps businesses and candidates through the background checking process with the best possible experience, by helping users with anticipated prompts and handy tips to complete the tailored screening verification process positively for both parties. Candidates are provided with a secure 'career passport' that summarises the confirmed and bespoke background checks information:
· ID Checks
· Civil Litigation Check
· Academic Check
· Criminal Check
· Adverse Financial Check
· Professional Qualifications Check
· Reference Check
· Global Sanctions Check
· Financial Regulations Check
· Background Check
· Social Media Check
· Regulations Compliance
· Adverse Media Check
· Directorship Check