Talents shun banks on lengthy hiring processes

Hiring rose 2.5% amongst 15 lenders in Asian Banking & Finance's survey.

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Banks in Hong Kong should streamline their application processes and reconsider language requirements if they want to hire and retain the top talent, recruitment experts told Asian Banking & Finance.

More selective and longer hiring timelines are hurting banks’ ability to attract workers, said Robert Sheffield, managing director for China and Hong Kong at Ireland-based recruitment consultant Morgan McKinley.

“We’re seeing a number of [top-tier candidates] take opportunities with competitors that offer a more streamlined and efficient hiring experience,” he said. Skilled workers in high demand are less likely to go through a longer interview process, he added.

Multiple hiring stages

Applicants often have to complete cognitive, personality, and behavioural tests to help predict job performance, along with the need to provide detailed references. Hiring managers also evaluate soft skills and emotional intelligence and how workers will fit the company culture.

They also face several layers of interviews with compliance and risk departments, and detailed documentation in each hiring stage, Sheffield said.

The long hiring process comes with stricter regulatory scrutiny in the past two years.

“Banks are under an enormous amount of pressure to ensure compliance, and you’ve got increasingly complex regulations related to anti-money laundering, artificial intelligence (AI), know-your-customer (KYC) procedures, and data privacy,” he pointed out.

Banks have been hiring more people in KYC, asset liability, and regulatory risk management, including credit, market, and operational risks, and anything tech-related, according to British recruitment company Robert Walters Plc.

Relationship managers continue to be in demand, especially those with “strong client networks,” said Elaine Chu, senior manager of financial services at Robert Walters Hong Kong.