RECRUITMENT CHALLENGES IN BANKING SECTOR


Introduction

Recruitment is a very important part which is handling by the HR department. In human resource management recruitment is the process of finding and hiring the best and most qualified person for a job opportunity. There are several ways to recruit job candidates (Luenendonk, 2021).

·        Direct adverting

·        Talent pool database

·        Employee referrals

·        Promotions and transfers

·        Recruitment agencies

·        Professional organizations

·        Internships and apprenticeship

·        Recruitment events

·        Word of mouth

·        Bulletin boards (Campling, 2019).

Recruitment challenges in the banking sector

In Sri Lanka banking sector is becoming very competitive which is having a relationship with digitalization and with high technological strategies. It’s not only counting cash like the past. Banking service is expanding more due to the changes of the world. So, it’s a very big challenge to select suitable candidates for the banking sector. Bank staff needs to be impressionable and innovative minds at work together. They should be rich with strategic minds and be honed in on the industry. Banks have to recruit those with strong interpersonal skills as well as mathematics and IT & who are good at problem-solving and sales (FGIB, 2018)

FIM BANK’S recruitment policy

FIM bank is a leading provider of trade finance, factoring and forfeiting solutions, with a global presence in various important financial and trading centres. It seeks to develop the optimum workforce profile required to realize its mission and strategic intent. The most suitable candidates are invited to the two interviews. Candidates who are selected for the 2nd interview, need to complete FIM banks neuroscience-based behaviour test and the HR team will conduct background checks. According to their policy, the bank can select the most suitable candidates practically (BANK, n.d.)

How to mitigate the challenge?

1. Skills gap - A lack of skilled candidates is a major problem in this sector. Banks should find a    sustainable staff crew with on growing and developing their own skills.

2. Creative an attractive company culture- If the culture is good it ensures the new hires will align well

   With that culture. By conducting a satisfaction survey  will appear a good picture about the organization

3. Employee value – The current economy puts power into the hands of job seekers. They can seek another opportunity for their talents. Organizations should be identified about their employee's values.

Conclusion

HR department should have a big role and responsibility to select suitable persons for the organization. If they’re not acted well, they’ll lose the chances to win the market and also among the people. Bank’s cant stable without the customers. So, if the organization want to be a success they should be select the most suitable candidates for smooth working.

References

BANK, F., n.d. www.fimbank.com. [Online]
Available at: https://www.fimbank.com/en/recruitment-and-selection-policy
[Accessed 13 04 2021].

Campling, B., 2019. www.blog.recruitee.com. [Online]
Available at: https://blog.recruitee.com/recruitment-methods/
[Accessed 11 04 2021].

FGIB, 2018. www.fgib.com. [Online]
Available at: https://www.fgib.com/the-biggest-hr-challenges-for-banks/
[Accessed 13 04 2021].

Luenendonk, M., 2021. www.cleverism.com. [Online]
Available at: https://www.cleverism.com/what-is-recruitment/
[Accessed 11 04 2021].

 

Comments

  1. Vipul Jayasinghe MBA17 April 2021 at 00:14

    Good article. Author has explained how to select suitable candidate by doing interview. Mainly author has given mitigation plan wich is more important.
    If author could include some tips to use while doing an interview wil be added value for the article.

    ReplyDelete
  2. Ruwan Herath19 April 2021 at 04:55

    Author has well explained the recruitment challengers & mitigation action. I feel that some recruitment author has mentioned are not related with the topic such as,
    · Promotions and transfers
    · Professional organizations
    If author could explain much on above two, will be important to get an idea to the readers.

    ReplyDelete
  3. dulanjali30 April 2021 at 06:53

    I would like to add few things to this article.
    The banking industry's performance can be developed by practicing effective HR policies in the recruitment and selection process. An effective recruitment process and selection process can save both processing time and expense to pick the right person in the right position. The E-recruitment process can minimize the recruitment and selection process cost and to maximize its efficiency. An efficient E-recruitment process will be used to encourage and appoint meritorious applicants by inviting them in an online process without any hassles where companies can also capture cost-benefit efficiency by reducing physical appointment costs. The industry should follow time reducing strategy in its total recruitment procedure to complete the total procedure within a limited time. Most skilled applicants never expect a lengthy process from any institution, so they feel discouraged from applying in the banking industry. Finally,
    reviewing the process and policy regarding the recruitments and selection should make the total procedure as short as possible ( Subat et al, 2020)

    ReplyDelete

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