Case Studies

Royal Bank of Canada & Modern Hire

Modern Hire


Client

Royal Bank of Canada is one of Canada’s largest banks, serving 17 million clients across North America and 34 other countries around the world. With more than 86,000 employees, this global financial institution has a purpose-driven, principles led approach to delivering leading performance. As its’ client expectations shift as it relates to the digital world, RBC is dedicated to leveraging  new technologies and creating an exceptional digital client experience. This dedication to leveraging technology to better experiences is now extending to its hiring process.

 

Problem

Each year, RBC hires 2,000 graduating students, filling a wide range of roles from analysts to developers to data scientists. One of the roles that gets a lot of focus is its 30-month CPA Pre-Approved Program, which is dedicated to developing future leaders within RBC.

“When we talk about the ideal candidate for these roles, it’s not just about the skills needed to be a CPA,” said Griffith Dias, Recruiter in Early Talent Acquisition for RBC. “We’re looking for someone with leadership qualities, someone who has strong communication skills, who will be comfortable speaking up, challenging ideas and presenting to senior leaders.”

Six new associates are hired into this program each year, with the recruitment process typically starting one year in advance. On average, RBC receives 800 applications for these 6 positions, with the goal of extending offers approximately four weeks after the application deadline. Balancing the ability to take the time to properly evaluate a candidate’s soft skills, while also keeping the hiring process moving was becoming a challenge.

“We know today’s modern candidate is expecting an efficient and streamlined process, especially when you’re talking about the Gen Z candidates we’re targeting,” said Lauren Flack, Senior Manager of Leadership Development for RBC. “In addition, it’s important that we set RBC apart as a brand, and one way to do that is to showcase our dedication to innovation and the candidate experience.”

 

Solution

Before Modern Hire, RBC’s hiring workflow had four stages: application review, two stages of phone interviews, and a last round in-person interview day. Lacking efficiency and technological innovation, Modern Hire and RBC worked together to create a new technology solution for their hiring workflow.

“As we looked at modernizing our hiring process and how we could use Modern Hire, we immediately looked at replacing one of those phone interviews,” said Flack.

At first, the team used an on-demand video interview in place of a phone interview. And while the team saw success, as they learned more about Modern Hire’s capabilities, they realized they could bring additional efficiencies by using other parts of the platform in their hiring process.

Now, the hiring process begins with an on-demand text interview. The RBC team uses this interview to collect basic information about a candidate’s qualifications, and for candidates, it’s a quick and easy experience. Once a candidate completes their text interview, they automatically receive an invitation to complete their on-demand video interview. Lastly, the RBC team started using Modern Hire’s automated scheduling solution to schedule phone interviews with qualified candidates.

“The scheduling solution was one of the biggest ‘aha’ moments for us,” said Dias. “We felt that removing that administrative burden from the team was going to be a big win for all involved.”

 

Results

Modern Hire’s technology solutions helped RBC create a hiring process that balanced efficiency and speed with the ability to assess the leadership skills necessary for the CPA program, all while heightening the candidate experience.

On average, candidates selected an interview time within 30 minutes of receiving the invitation. This efficiency helped shave a full week off the hiring process. As word has spread throughout RBC about these improvements, other leadership programs and departments have started using Modern Hire as well.

“On-demand video gives us different insights into the candidates, a different perspective on who they are and what they would bring to the role. Since candidates can complete the interview on their own time, it also provides an elevated candidate experience,” said Flack. “But the efficiency and speed gains from on-demand text and automated scheduling have been tremendous as well.”

 

“On-demand video gives us different insights into the candidates, a different perspective on who they are and what they would bring to the role. Since candidates can complete the interview on their own time, it also provides an elevated candidate experience.”

 

Hiring Process Challenges

  • Need to balance ability to evaluate candidate
    leadership skills with ability to keep the hiring
    process moving
  • Position RBC as innovative and forward-thinking to a
    modern candidate audience
  • Scheduling two rounds of phone interviews putting
    burden on recruiting team

Modern Hire Interviewing Technology
Advantages

  • Scheduling solution increases efficiency and keeps
    the process moving
  • Provides a modern and superior candidate
    experience
  • Gives recruiting team additional insights into
    candidate evaluation
  • Balances efficiency and speed with quality
    evaluation

Hiring Process Improvements

  • Average time for candidate to schedule interview
    was 30 minutes
  • Adding Modern Hire shortened the hiring process
    by one week