Identifying the right talent is critical for businesses of every kind. In the world of finance, interview processes have become extremely stringent, thanks to a range of pressures.
These include downturns in vacancies and wage growth, both of which, in part, have been driven by automation and advances in artificial intelligence.
As far as recruiters are concerned, it’s the final stage of the process, where the successful candidate is identified, that’s the most important. It’s at this stage that the outstanding applicants are distinguished from the merely competent ones, and that businesses have a chance to distinguish themselves.
How to Identify the Right Candidature: Competency and STAR Method
There’s a proven and reliable interview technique for answering interview questions concerning behaviour. This is the STAR method. The acronym, in this case, stands for Situation, Task, Action, Result.
‘Situation’ means describing the background, and contextualising what follows. ‘Task’ involves explaining the goal the candidate sought, or would seek, to achieve. ‘Action’ refers to how the task was approached, and ‘result’ means describing what was achieved. In the latter case, a candidate might also analyse the result, and pore through what lessons were drawn from the experience.
By guiding candidates through this framework, recruiters can set them up to provide clear, comprehensive answers to a wide range of interview questions. However, it’s important that candidates are also capable of seeing where the framework is appropriate.
Preparing Candidates for Task‑Based and Practical Interviews
In some cases, interview candidates might be asked to perform a task. These might be in-person tasks; for example, a person who wants a position as a forklift driver might be asked to demonstrate their competence, either in a simulation, or in the real world. Simple practice, a well-rounded skill set, and mock interviews can be helpful.
It’s worth considering the volume of applicants who are now resorting to artificial intelligence at the early stages of the recruitment process. Many businesses are reacting to this trend by placing greater emphasis on in-person interviews, and it’s essential that recruiters tailor their approach accordingly.
Best Practices for Businesses: Crafting Effective Task‑Based Interview Processes
So, how can hiring managers design an interview process that actually succeeds in picking out the right candidates? Ideally, the process should test candidates in a variety of different ways, exposing potential weak points, and subjecting relevant skills and abilities to the greatest possible scrutiny. Task-based interviews that make use of qualitative criteria are practical at the final stages, where the field has already been narrowed by technology. At the heart of everything, of course, lies the judgement of the people ultimately making the decision. This judgement should be informed by a specific set of criteria that’s agreed in advance, refined periodically, and consistent across the entire organisation.
