Have you noticed that our wealth management organisations are beginning to assess, and even test for personality traits rather than pure technical skills, knowledge and experience.
We expect this to continue throughout the year and next as wealth management organisations seek to demonstrate that they are working towards improving their corporate culture.
Some believe that hiring from the ‘more successful’ companies such as Apple, Google, Microsoft and others is the answer, that these hires can improve an existing corporate culture. This is rarely the case.
Those organisations that regularly top the polls for the best place to work, start at the other end and then with a social purpose, with a conscious objective.
Unfortunately, one-in-ten of our employes think their job does NOT contribute to the world, according to Industrial Relations: A Journal of Economy and Society. This is the place to start, for leaders and HR departments to determine what value they provide and how they do it. This is what the tech companies have been good at – showing how they can and are changing the world.
Organisations in our industry can do something similar, demonstrate how they are helping people in their retirement AND making the world better along the way.
Retirement is seen as so far off that many employes believe they can’t make a difference NOW to their investors, to members and to fellow employees. This is where we need to start with our change, with our transformation.
How will it impact you?
- Expect to see the introduction of team-based, rather than individual, financial targets for many areas and possible removal of sales-based benchmarks.
- Expect to see more assessment of candidates’ soft skills.
- More meetings and even interviews in casual settings.
- The start of ‘job auditions’, which is more than a simple test, rather a few hours in the team environment to assess suitability.
- Virtual reality assessments.
Citi already uses an online assessment that measures candidates’ key soft skills against those soft skills of top-performing Citi employees. It also ranks candidates’ strengths and weaknesses which allows for more informed interviews.
Lloyds banking group has added a virtual reality assessment to see how candidates solve problems, exploring strengths that Lloyds is seeking.
For senior roles, Charles Schwab’s CEO invites candidates to breakfast. When there, he asks the restaurant to mess up the candidate’s order, so he can see how they respond to adversity and learn more about what type of person they are. “Are they upset, are they frustrated or are they understanding? Life is like that, and business is like that. It’s just another way to get a look inside their heart rather than their head,” says Walt Bettinger.
Increasingly technical skills are still required, but are just a part of a more holistic view of candidates.
These approaches are a big step beyond today’s algorithms the search for key words in online resume applications – and which will change the recruiting industry and make it easier for HR departments to find the best possible people for their organisation.
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