For candidates applying for multiple roles in large enterprise organizations, the hiring experience can be highly repetitive and disengaging. Bank of America tackled this issue to make its process more candidate-centric and capable of quickly capturing the highest quality talent. The leading financial institution partnered with Modern Hire to develop a modularized pre-hire assessment that allows candidates to virtually try out the job while the TA team measures critical competencies and skills. With the Universal Fit Pre-Hire Assessment, Bank of America saved millions of dollars in new-hire retention and earned the 2015 HRM Impact Award.
Creating measurable business impact
The Human Resource Management (HRM) Impact Award is presented annually by the Society for Industrial and Organizational Psychology (SIOP) and Society for Human Resource Management (SHRM) to spotlight HR initiatives that have demonstrated evidence-based success. Within the first year of implementing the Universal Fit Pre-Hire Assessment, Bank of America saw empirically demonstrated key outcomes:
- 4,500-hour reduction in candidate assessment time
- Nearly 100% of candidates indicated they learned more about the role as a result of the assessment
- First-year savings of $6.8 million in new-hire retention
- Increased new-hire on-the-job performance
More than 42,000 applicants were screened with the Universal Fit Pre-Hire Assessment in the first year.
Developing an award-winning pre-hire assessment
Modern Hire and Bank of America developed the Universal Fit Pre-Hire Assessment to replace the bank’s existing assessments for call center and operations roles. The realistic job preview within the assessment was based on a comprehensive job analysis and validated through a criterion-related, concurrent validation approach involving data analysis across 38 job codes and 11 sublines of business.
The modular design of the Universal Fit Pre-Hire Assessment makes it candidate-centric. All candidates complete a core set of modules relevant to all roles. They then complete job-specific modules depending on both the job family they’ve applied to and the modules they’ve already finished. The job-specific modules include situational judgment scenarios, biographical questions, various simulations, and realistic job previews. As a result, when candidates apply for multiple jobs, they have a streamlined, personalized hiring experience.
Increasing new-hire on-the-job performance
One of Bank of America’s critical goals implementing the innovative assessments was to increase new-hire performance and retention. The bank’s call center and operations employees are vital to its ability to deliver exceptional customer service. With the Universal Fit Pre-Hire Assessment, the recruiting team can identify and select the right talent using an evidence-based, objective, consistent method. The realistic job preview and educational aspects of the assessment help candidates understand the role and Bank America’s culture, so they are better equipped to decide if the role is a fit for them. Given the first-year outcomes, it’s clear that the custom pre-hire assessments are doing the job they are designed to do.
Modern Hire congratulates Bank of America on its HRM Impact Award. We are proud to collaborate with the bank’s HR team on a pioneering pre-hire assessment that improves the candidate experience and advances best practices in hiring.