2020 is still at the gates and it’s already been a difficult few months for a variety of industries. However, given the severity of the COVID-19 pandemic, we wanted to examine the role Manatal plays in the recruitment aspect of different industries, starting with the finance sector.
The finance world as an industry includes all the entities and businesses that provide financial services to both commercial and retail customers. This sector is one of the more diverse ones out there, with a broad range of industries including banks, investment companies, insurance firms, and real estate firms.
Its highly diverse nature marks it one of the sectors that require flexibility for their recruitment solutions.
The current situation
The financial sector is filled with dread at the thought of a worldwide economy destabilizing pandemic. This pertains mainly to the recruitment and employment aspects which would be the first to experience the greatest of difficulties. The US Department of Health and Human Services states that in a severe pandemic “absenteeism, attributable to illness, the need to care for ill family members and fear of infection may reach 40 percent during the peak weeks of a community outbreak.”
Though absenteeism by definition refers to absence without due reason, pandemics sort of shift the very definition of these concepts. However, the state of financial entities in the US and the UK has had time to prepare for such an event. These preparation measures are aimed at keeping the financial service sector alive throughout a crisis. Back in 2006, the UK tested the resilience of its financial sector when faced with a pandemic through a six-week simulation exercise that around seventy organizations and groups participated in. The FSA’s overview of financial sector pandemic flu planning states that “The exercise simulated nearly six months of the first phase of a pandemic and the scenario progressed through increasing levels of absenteeism.”
Though world governments are right to prepare for an economy sinking event, very little is prepared in terms of tackling the recruitment issues that the financial sector would have to survive.
Manatal & Finance firms
We wanted to step away from the shadow of our current global outbreak and look more closely at how Manatal can help financial entities reach their recruitment targets both under normal and unusual circumstances.
Our ATS software was built for customization and flexibility. Our goal was to create an assisting platform that would streamline the recruitment process regardless of the industry that implements it. However, as we got the chance to work with various financial institutions (Leading banks and insurance companies among others) from all over the world, we’ve been able to pinpoint the features that deliver the best results for their businesses.
AI Recommendation engine
The AI recommendation engine was designed to help recruiters and HR professionals significantly reduce the amount of time that goes into sourcing, vetting, and sorting applicants. For the financial sector, this means a more direct way of locating the most promising candidates for a specific job and vice versa.
For large financial companies, it would take a long time to go through large databases of potential candidates in search of the most qualified few. More importantly, the constraint of time and the urgency of being understaffed during a pandemic make this situation even more critical. But Manatal’s AI recommendation engine automates that process and delivers rated and scored candidates that would fit the position best. Alternatively, recruitment agencies in the financial sector can leverage this feature to find the perfect job for any candidate.
Customization
Manatal was created to provide users with the utmost level of customizable functions. The idea was that the software should fit each company’s specific needs, and feel more like an internal platform rather than one of many separate tools.
Features like the customizable tags can be used for a variety of purposes, we’ve seen companies adopt and implement it in creative ways. For the financial sector, the candidate tags can be used to label and track candidates based on the industry’s certifications, degrees, and achievements that are relevant to the field. Given the fact that the financial world operates on different qualifications that are systematically different.
But our ATS goes beyond one feature to provide a complete recruitment software where the interface and the functions within from sourcing and tracking, to tasks and team management, all remain as customizable as needed. For example, the ability to personalize the recruitment pipeline on Manatal, allows each company to set its own stages and parameters for successful hiring. The feature allows for easy manipulation of the information pertaining to each stage and each candidate, including the reasons behind dropping a candidate, notes and pipeline stage updates for the rest of the team.
Data management
Manatal’s most convenient aspect is the ability to customize the platform to fit your needs. Our partners in financial services find classifying data on our platform simple and easy to manage. From job board integration to department customization within the platform, Manatal allows users to go further than any other ATS, and make the platform the only recruitment tool necessary to facilitate daily data storage and retrieval.
Guest Access
The guest access feature is extremely useful in this regard. As financial entities have a need for frequent reporting, this feature allows recruiters and HR professionals to display their progress and share all recruitment information with their superiors and management teams.
The role that an ATS can play in streamlining the financial sector’s recruitment operations can make a significant difference in its effectiveness under normal circumstances just as well as a crisis or pandemic setting. Each specific feature can cover a certain aspect of the recruitment pipeline. Together, these features make Manatal a recruitment software that was designed to improve performance and raise hiring metrics.
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