5/8/2016 by Katherine Memery
This week, accountancy firm KPMG announced that it’s making major changes to its recruitment process in order to appeal to millennial candidates. The changes come after a survey of this year’s applicants indicated their frustrations and dissatisfaction they commonly felt when applying for graduate roles with big businesses.
34% of applicants thought the process was often much too long and 43% were irritated by poor communication and a lack of feedback from recruiters. In response, KPMG has introduced a faster application process, LaunchPad, which combines the traditional three stages of first interview, assessment centre and final interview into a single day. The firm has also pledged to provide candidates with an offer or constructive feedback within two days.
It’s thought that the simpler, more efficient recruitment processes offered by smaller companies like start-up businesses and tech firms are much more appealing to the millennial workforce. To compete with these companies and attract the best talent, larger firms know that they need to shake up the way they recruit.
KPMG is not the only business to make big changes to the way in which they screen candidates in order to appeal to a younger workforce. Last year, Deloitte made the decision to hide their candidates’ educational details in applications. The aim was to encourage recruiters to look beyond academic results and to discourage them from picking applicants based on where they went to university. It is hoped that this will lead to the recruitment of a more diverse talent pool, made up of individuals with a range of different interests and from a variety of backgrounds.
Across the pond, Wall Street bank Goldman Sachs have also made moves to modernise their recruitment process. This summer they will replace face-to-face interviews on elite university campuses with pre-recorded video interviews in an attempt to reach a larger selection of candidates, including those who don’t attend the firm’s ‘target universities’.
With millennials set to make up over 75% of the global workforce by 2025, it’s essential that firms work hard to ensure they are viewed as an attractive company to work for. Making changes to the way they recruit new talent is just one way they can entice and retain the young, up-and-coming candidates who will be shaping our future economy.
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