Millennials and Generation Z already represents 49,7% of U.S. population, which is a challenge for the ability to recruit, hire and train a diverse workforce for banks and insurance firms.
Millennials & Gen Z in a transforming Financial Services industry
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.
The challenge for financial institutions: adjusting the HR experience from recruiting to onboarding
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, connected with
responsible banking.
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.
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.
Time to act: Data-driven talent management
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 focus 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.
David Villaseca
Global Head of CX - Marketing & Sales
Oracle Financial Services Group