Canadians are looking at internships, co-op placements and graduate positions Scotiabank no longer need to polish their resumes.
The Bank of Toronto removed the requirement as part of its campus hiring program and has begun using assessments from Waterloo, Ont. the technology company Plum to help find untapped talent and ease barriers to employment among some population groups.
“We remove any bias that would be where someone went to school, what jobs did they have before, and what opportunities did they have or did not have based on their upbringing or circumstances?” said James Spearing, Scotiabank’s vice president of talent acquisition.
“(We) remove as much of it as possible and provide a level playing field.”
Scotiabank decided to abandon resumes in August when new waves of the COVID-19 pandemic emerged, further disrupting a tight labor market.
The decision has already increased the bank’s number of jobs for people of color and increased its retention rates.
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Many companies have spent the last few decades experimenting with innovative recruitment methods such as personality tests and application tasks, and Scotiabank’s initiatives come when Hisayuki (Deko) Idekoba, a parent in the parent company behind the job websites Indeed and Glassdoor, urged companies this week to take care of labor shortage. by submitting resumes.
But few have been bold enough to drop resumes altogether.
“A lot of companies are talking about it, not many are actually doing it,” said Caitlin MacGregor, Plum’s CEO. “Scotiabank is a leader.”
Plum, for example, is used by consulting firm Deloitte, automaker Hyundai and even Canada’s National Defense Department, but no one completely dropped the resume requirement, MacGregor said.
Spearing still sees the value in resumes and will not penalize applicants for including one because writing a resume can teach people to market themselves and review their skills, but he feels it does not require one, expands Scotiabank’s talent pool, which creates a better chance that good candidates are not overlooked.
The bank started its non-resume experiment with about 1,000 internship roles and 250 places in co-op programs, which it recruits for about 300 to 400 events a year, including coffee chats, corporate review sessions, hackathons and sponsorships.
Its new hiring processes have been expanded to include the bank’s recruitment team using the Plums platform to determine which requirements are most important for jobs they seek to fill.
The requirements range from the ability to come up with innovative solutions to how someone sets goals, monitors progress and executes projects.
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Applicants then conduct a Plum assessment with problem solving, personality and situational issues targeted at these requirements.
Applicants receive information about their talents, work style, and preferences, while recruiters see a “match score” that indicates each candidate’s potential fit with the role they are hiring for and other vacancies.
The information is used to decide who to interview or hire.
The approach helps companies detect talent in places outside their traditional network and removes many false preconceptions that recruiters form, MacGregor said.
“We as humans are flawed and we misinterpret this data all the time,” she said.
“We think ‘Oh, they took five years to study it, so it must be because they are not very smart’, but maybe there are financial reasons for it, or maybe they had to juggle part-time jobs as a way to pay for all that, and so it took them longer. ”
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Mitchell Hoffman, an associate professor at the Rotman School of Management, said such assessments often help companies compare candidates more fairly.
“It could potentially reduce the importance of some kind of bias triggers like ‘I like sports team X, and this person has some connection to sports team X on their resume,'” he said.
But assessments can also be lengthy – Plums take about 25 minutes _ and sometimes software can have a hard time perceiving how transferable some skills are, he said.
Scotiabank has been using the software for about a year, but has already seen benefits.
In its opening year, the platform helped the bank recruit from 30 colleges and universities nationally, and nearly 50 percent of employees now hold STEAM (Science, Technology, Engineering, the Arts and Mathematics) degrees.
Minorities now make up nearly 60 percent of the recruits in the campus program, and women represent about 50 percent of the hires.
The retention rate for the entire program has increased to 46 percent from 26 percent before launch.
Spearing is proud of the results, but believes it will take more time to see the real benefits of the system and how employment provided through the platform develops.
“We still have work to do to show the long-term benefits.”
© 2021 The Canadian Press
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