As the Banking, Financial Services, and Insurance (BFSI) sector gears up for the challenges and opportunities of 2024, a significant shift in workforce management strategies is in the spotlight. With the sector anticipating a considerable surge in recruitment, aiming for a notable 26% increase in workforce compared to the previous year, as highlighted in a report on India’s Best Workplaces in BFSI, future-focused leaders in this sector are now turning to knowledge solutions to help usher in a transformative change within the industry. 

With research highlighting how soft skills are becoming increasingly important, there is a renewed focus on championing communication skills among the workforce. In this endeavor, technology is fast emerging as a critical facilitator, propelling organisations toward disruption-proof growth. 

As companies in the BFSI sector ramp up hiring and attempt to keep attrition in check, a long-overlooked blind spot that has the potential to solve multiple workforce management issues is focusing on language proficiency, as it plays a pivotal role in facilitating clear and accurate exchange of information.

A tech-driven future of talent acquisition 

With recent surveys on workplace communication highlighting how 86% executives identified miscommunication and lack of collaboration as significant contributors to productivity losses and failures in workplaces, solving these critical issues by leveraging tech-driven language solutions has been long overdue for the BFSI sector. 

With a phase of growth imminent, some of the top challenges that it is facing are: 

• Accurate candidate assessment

HR leaders in the BFSI sector often struggle with correctly evaluating candidates' true language proficiency and communication abilities for BFSI roles. With a lot of focus being placed on customer service skills – where language proficiency plays a huge role – it is critical to leverage tech to get a data-backed assessment of candidates’ skills that is free from bias. 

• Streamlining hiring

Another major challenge is expediting the recruitment process and reducing time-to-hire while maintaining quality standards. As the banking and financial services sector flourishes, tech-driven, scalable hiring solutions will be a “must-have” for the HR function of all growing organisations. 

• Credential Verification

As organisations grow in size, so do the complexities of hiring. A blind spot that can be quite troublesome for HR professionals is verifying and validating candidates' qualifications and credentials reliably and efficiently. This issue becomes even more relevant in the BFSI sector, where high priority needs to be given to data security and protection. 

• Improved candidate experience

At the end of the day, it is all about the candidate's experience. Forward-thinking organisations are always aiming to offer candidates a smoother, fairer, and more transparent recruitment process for a positive candidate experience. By doing so, irrespective of whether the candidate gets hired or not, companies can create a positive image. 

With various industries such as media, telecom, consulting having taken the lead in leveraging tech-driven language solutions in their talent acquisition process, 2024 is the perfect opportunity for the BFSI sector to do the same. 

By integrating language proficiency tools into their talent acquisition and development strategies, the BFSI sector will not only enhance communication effectiveness but will set itself on the path of building a workforce that is adept at adapting to diverse market dynamics, thereby creating a disruption-proof foundation for sustained success. 

Finding the right solutions 

Solutions that forward thinking HR leaders in the BFSI sector can implement must help in assessing and enhancing language proficiency while also helping bridge skill gaps.  Another important factor is cost-effectiveness. 

Versant by Pearson, known for its scalability in hiring solutions, stands out as an invaluable resource in refining talent acquisition processes due to its adeptness in assessing communication skills. It also offers a streamlined approach to identifying and onboarding top-tier talent. 

Mondly by Pearson, is the ideal solution for businesses aiming to cultivate a multilingual workforce and enhance communication skills. Tailored for busy professionals, the platform offers flexible learning paths, enabling team members to learn at their own pace, on any device, and receive instant feedback.

Credly by Pearson, Pearson's digital credentialing platform, introduces a new paradigm in validating skills and competencies. Within the BFSI sector, this platform can serve as a hallmark for recognising and certifying expertise, enhancing employee development initiatives, and bolstering retention strategies.

In a nutshell

In the dynamic realm of the BFSI sector, Pearson's technology-driven solutions play a pivotal role. By integrating Versant, Mondly, and Credly into their talent management strategies, organisations can proactively address the evolving needs of the industry. These innovative tools not only streamline hiring processes but also empower employees to enhance their skill sets and receive credible recognition for their expertise. As the BFSI sector braces for a transformative year ahead, Pearson's suite of technological solutions stands as a beacon of promise, driving the sector toward sustained success in 2024 and beyond.

This is the next article in a series on learning, powered by Pearson. Through this series, we focus on the learning and development landscape and discuss trends to keep an eye on. Read more about our language learning and assessment solutions for business. Click here to sign up for a demo and speak to our product expert.