Companies in the financial services industry often struggle with finding the right talent to achieve their goals. Pre-employment testing can help businesses in this industry identify quality candidates with the right aptitude and personality to succeed in the role and increase overall productivity.
- Nearly 25% of CEOs in the financial services industry say they've had to cancel or delay initiatives because they couldn't find the right talent
- 40% of CEOs in the financial services industry believe that finding the right people will become even harder in the future
Why Use Pre-Employment Testing
Financial service companies, including loan and mortgage providers, credit card processing companies, and investment firms, use pre-employment testing to streamline their hiring process and make better talent decisions. For companies in the consumer lending and mortgage space, the regulations that arose from the financial crisis have put a premium on hiring talented loan officers and processors. Pre-employment tests can help highlight applicants who have the problem-solving ability, critical thinking skills, and attention-to-detail to excel in these roles.
What Tests to Use
Financial service companies often use the Criteria Cognitive Aptitude Test (CCAT) as a selection instrument for loan officers and consultants. The CCAT measures problem-solving, critical thinking, and the ability to learn and apply new information. It has also been shown to be one of the most accurate predictors of job performance for a wide variety of other positions in the financial services industry, such as financial analysts, accountants, salespeople, and managers.
For finance and analyst positions, companies also use employment personality tests like the Employee Personality Profile (EPP), which contains customized benchmarks for accounting, finance, analyst positions, and sales positions.
For account managers and other customer service oriented roles, the Customer Service Aptitude Profile (CSAP) compares a candidate's personality with traits related to success in customer facing roles, including patience, diplomacy, and cooperativeness.
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How Criteria Helps Companies in the Financial Services:
- Hire better performers: The CCAT has been shown to be an accurate predictor of job performance in many industries, including financial services. In one study at an insurance company, employees who received high scores on the test were 2.5 times as likely to be good performers as those who received low scores. Read the full case study.
- Reduce training costs: Another study by a large consumer lending company showed that the CCAT was a remarkably accurate predictor of training completion rates. High scorers on the test successfully completed training 100% of the time, versus 44% for low scorers. Read the full case study.