navigating the changing face of financial services recruitment
Post on 07-Jan-2017
55 Views
Preview:
TRANSCRIPT
Navigating the Changing Face of Financial Services RecruitmentSteve Smith, DirectorOran Kiazim, VP Global Privacy
CONFIDENTIAL AND PROPRIETARYThis material constitutes confidential and proprietary information of Sterling Talent Solutions and its reproduction, publication or disclosure to others without the express authorization of the General Counsel of Sterling Infosystems is strictly prohibited.
Agenda
2
Why we did it and who took part
The key insights What the findings
mean for financial services
Our report…
Who is screening and who is being screened?
3
otherVolunteers
Contingent workforcePart-time hourly employeesFull-time hourly employees
Part-time salaried employeesFull-time salaried employees
Management level employeesExecutive level employees
3%28%
53%50%53%
78%91%
88%90%
10%29%
50% 53% 59% 67%
Why do companies screen?
What are companies screening for?
OtherReference Interviews
Directorship SearchEducation/Credential
Employment VerificationRight to WorkDVLA Report
Public Saftey VerificationCredit/Financial
Criminal Record
Background screening challenges
Other
The legal risks associated with conducting background screenings
Background screenings are not accurate enough
The background screening regulations and legislation are confusing
Candidate's reluctance in permitting background screenings to be performed
Background screenings are expensive to coduct
Background screenings take a long time to complete
6%
7%
8%
9%
11%
16%
32%
Considerations for financial services
2 CHALLENGES: Extending to Global Programme (Complexity) Extending to Contingent Workforce
2 CONSIDERATIONS Partnership approach to Compliance Formalising practise into effective Screening
Policy
Global screening
55%
21%
9%
7%
4% 4%1 - 24%
25 - 49%
0%
50 -74%
Don't Know
75 - 99%
88% of companies
employ workers with international experience
Fewer than half conduct
global background
checks
What percentage of your workforce is foreign-born?
Global screening
Global Risk and Security challenges driving firms to prioritise and consolidate Global Screening.
What challenges do you face performing international background checks?
What challenges do you face when devising and executing a Global Screening Program?
Global Screening – Case Study
APAC – Disparate Supplier base US Outsourced Screening UK & EMEA – In-house + Small
Provider
Consider Ownership Service Components Contracts Data Flows Service Levels
Contingent workers
Only
53% of employers
perform pre-hire checks on contract
workers
other
Volunteers
Contingent workforce
Part-time hourly employees
Full-time hourly employees
Part-time salaried employees
Full-time salaried employees
Management level employees
Executive level employees
3%
28%
53%
50%
53%
78%
91%
88%
90%
Consider Why screen contingent
workers? What is best practice for
screening this workforce? Where does due diligence fit
in?
Contingent workforce: Considerations
With the Contingent Workforce continuing to grow it shines a light on firms’ responsibility to hire and maintain a compliant, contractor base.
Who owns responsibility for compliance across your Contingent Workforce?
How do you balance the pressures of urgent contractor on boarding vs effective due diligence?
Are your compliance standards for permanent hires different to those for contingent workers?
Compliance
How concerned are you about each of the following compliance
risks?
Extremely Very concernedSomewhatNot veryNot at all
23%Of companies rely
on their background screening provider to stay current with
the changing compliance landscape
Audits or inspections
Litigation
Negligent Hiring
Negligent retention
One in five Companies that
conducts screening has
no official screening policy
Screening Policy considerations
• Who is responsible for the program?
• What type of background checks are you going to request?
• Are there different levels of checks for different employees?
• Do you have a statement about why you do background checks?
A background screening policy is a documented outline of expected behaviors and processes, that includes:
Questions or further discussion…
?
top related