Unlocking Hiring Success:

PMaps Transforms IDFC First Bank's Recruitment Strategy

Uncover how the first-of-its-kind PMaps Job-Fit Assessments revolutionized hiring at IDFC First Bank. The PMaps Performance model revealed its exceptional ability to identify high scorers who were hired with 88% precision. Furthermore, the model demonstrated an astounding 68% accuracy in differentiating between high-scoring candidates who were hired and low-scoring candidates who were not hired. The use of predictive modeling found a 71% stay probability that candidates with high scores in fluency and conscientiousness were most likely to stay with the organization. Witness how PMaps Assessments changed the hiring process at IDFC First Bank, which made their sales team a success. To learn more about the tactics employed by IDFC First Bank and to change the way you hire people today, download the full case study!!

The Organization

Founded in 2015, IDFC First Bank, formerly known as IDFC Bank, is a prominent Indian private sector bank. The bank was established through the merger of the banking divisions of Infrastructure Development Finance Company and Capital First. Besides the prevailing banking features, IDFC First Bank has managed to gain the trust of its customers by introducing innovative features such as monthly interest credit on savings accounts coupled with competitive annual percentage rates. With a workforce of 20,000 employees, IDFC First Bank currently commands a market capitalization exceeding $2.8 billion.

The Challenge

1. Communication and Soft Skills Gap:  Sales agents are crucial to the banking industry and need a combination of technical know-how as well as essential soft skills. Building relationships with customers, clearly presenting complex financial products, and answering questions successfully require proficiency in pronunciation, fluency, adequate domain knowledge, and excellent communication skills. Lack of these abilities can result in miscommunication, unsatisfied customers, missed sales goals, and subpar customer service. As a result, it might be difficult to identify people who have a suitable blend of these abilities.
2. Inefficient and Redundant Hiring Process:  Conducting interviews with a large number of candidates in a single day was not only time-consuming but also physically and mentally draining for HR personnel. Furthermore, the traditional interview method presented the possibility of prejudices impacting employment decisions. Given these problems, the company was actively seeking a more streamlined and time-efficient hiring process that would allow them to successfully discover top talent while avoiding prejudices and decreasing the burden on HR resources.
3. Talent Retention: Due to a persistent demand for highly skilled employees, human resources, specifically the talent acquisition teams;  have to tackle the challenge of employee attrition. High turnover rates are a result of intense competition from other banks, financial institutions, and even tech startups, which makes it difficult for the BFSI Industry to retain its top talent. 
4. Regulatory Compliance: Banking is one of the most strictly controlled sectors, and to maintain financial stability and client protection, banks must abide by stringent compliance standards. It is essential to employ people who are knowledgeable about these regulations and able to keep up with the evolving regulatory environment.
5. Need for Automation of the Hiring Process: IDFC First Bank was primarily looking to automate their hiring process to ensure they were hired without any prejudices that frequently taint conventional interviews. They felt the need for a standardized process that would eliminate the need for protracted interviews, lower hiring errors, and raise employee retention rates. 

In conclusion, the hiring process in the banking industry is fraught with difficulties ranging from regulatory compliance to talent retention. For banks to survive and thrive in a sector that is constantly evolving, it is imperative that they successfully address these issues.

The Process

To overcome the challenges mentioned above, IDFC First Bank sought an objective solution by collaborating with PMaps to develop pre-hiring assessments. Since January 2023, PMaps has been providing IDFC First Bank with pre-hiring assessments for their various channels, such as Captive Channel, Conneqt, EOS Globe, and ICCS channels. 

For IDFC First Bank, PMaps identified crucial competencies and skills required in candidates.

The Solution

Assessing Behavioral competencies and Cognitive abilities 

The assessment covered a broad spectrum of cognitive abilities, skills, and behavioral traits, all tailored to IDFC's specific job requirements. The behavioral competencies assessed included Ambiversion (the ability to comfortably switch between behaviors to connect with diverse clients), Achievement Orientation (a strong desire to succeed and achieve ambitious targets), Conscientiousness (abides by the rules and is reliable as they assume responsibility for one's work), Positivity (having the confidence that they succeed in all tasks despite failure), and Influencing Skills (the ability to persuade others to close deals) 

These competencies were chosen carefully to ensure candidates possessed the necessary qualities to succeed in their roles in the organization. Simultaneously, cognitive abilities like General Intelligence and Attention to Detail were also assessed.

Furthermore, the PMaps eVA assessment presented a unique Language and Solutioning section that was integrated into the assessment. Within this section, candidates attempted the PMaps eVA Understanding Queries, where they received customer queries in audio format and were required to respond appropriately by recording their solutions verbally. This approach effectively assessed candidates' fluency, grammatical accuracy, comprehension, and overall communication skills. The duration of this comprehensive assessment ranged from 30 to 40 minutes, ensuring a thorough evaluation.