Major Global Financial Institutions Switch to Video Recruitment Technology

Recently the global accountancy firm KPMG and US investment bank Goldman Sachs both switched to using video interviewing for initial round graduate candidate interviews. 

Goldman announced on Thursday that it would no longer conduct first-round, face-to-face interviews on elite college campuses, and instead would interview students remotely on video.

The idea is to open up the recruiting process to a broader array of candidates with varying backgrounds. By using technology, Goldman is hoping that it can screen for young bankers who are a better fit for the firm and thus more likely to stay longer instead of defecting to a private equity fund or start-up after a few years, which has become the norm.
— New York Times, June 23, 2016.

KPMG made similar changes to its recruitment processes citing the fact that research suggested that Millennials were frustrated by lengthy recruitment processes.

Instead of conducting three separate assessments over several weeks, it will now combine the process into one day. The firm says the change will mean applicants will find out if they have got a job within two working days.
— BBC News, August 1, 2016

Video interviewing combined with personality assessments has great benefits for financial institutions. 

The combination of user-friendly video interviewing technology and sound data science, such as cognitive and personality tests, has been shown to significantly improve time-to-hire, reduce new hire turnover and increase employee retention. This powerful combination works because it gives the employer a detailed picture of the candidate and their ‘fit’ for the role from the very first point of contact.

This is great news for large organizations like banks and other financial institutions that regularly undertake high-volume recruitment campaigns and need to sort through large numbers of candidates quickly, accurately, and cost-effectively.  

Ascertaining ‘cultural fit’ is made easy with video technology. 

Personality assessments can quickly and easily provide insights into a candidate’s potential strengths and development areas, in alignment to the values and culture of the organisation. This is what really makes or breaks the candidate/employer matchmaking process. Get it right from the beginning and everyone wins.

The use of video interviewing along with personality assessments allows financial institutions to actually see the candidate and to quickly hone in on critical qualities such as communication skills, brand alignment, and dedication to the role, whilst speeding up time-to-hire, and overall recruitment costs.

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