Did you know? Only 39% of your employee’s time is spent doing the task they were hired for. You might contradict this finding with “It’s not the hours they work but the quality of delivery.” Sure, it is. And that gives you even more reasons to hire mindfully. We know what you are looking for… it’s the ‘BEST’ candidate to fit your company and fill your job roles.
You cannot compromise while choosing employees for your organization, so why take a risk with traditional hiring practices? This time, let’s approach your hiring problem with small but not-so-ordinary steps. Adopt a hiring process that permanently resolves your hiring headache.
Adios to the Hiring Hustle: A Pre-Employment Test at Your Service
HR technologies are undoubtedly the most valuable assets for the human resource department globally. They provide a helping hand to managers amidst their hectic schedules. They also support informed decision-making and enable increased productivity by management.
One such tool is a pre-employment test, which you may have already encountered. The birth of online assessments can be attributed to several factors, such as the need to access remote candidate pools, reducing the cost of the evaluation, and, ultimately, streamlining the process of recruitment. But, why is this your ultimate solution?
Unleashing the True Powers of Pre-employment Tests
The reports computed by these AI-based tests are much more reliable and accurate than any traditional methods of assessing candidates can ever be. The pre-employment assessments are architectured on the foundation of several machine learning techniques. Therefore, they operate faster than human abilities and automate data collection and processing with singular accuracy.
Guess what’s even better?
It also reduces the chances of hiring biases while making the hiring process smooth and highly efficient. Not to mention the conservation of enormous time and cost that might have otherwise been spent for no purpose. Moreover, once you choose the right tools for assessing your talent pool, it’s a ‘game over’ for your competitors!
This is exactly where PMaps enters the picture. We guide global organizations and their leaders to continually find the perfect candidates. With each round of hiring, we ensure you grab the best talent while working in your comfort zone.
Let’s Find Solutions to Your Hiring Problems Together
The demand for exceptional expertise and soft skills is hitting unprecedented heights in the job market. With growing competition for hiring the right talent, many difficult situations arise for several companies. Understand the unique requirements of each client organization and develop assessments that prioritize their specific hiring concerns. But before we find the right tools for your firm, we must look into your recruitment priorities.
Have you sorted out your recruitment priorities yet?
To help you, we have put out a few general priorities of recruiters as per the human resource director in 2020. They are:
- Improving the quality of hire (52%)
- Increasing retention rate (24%)
- Improving time-to-hire (23%)
- Growing talent pipeline (22%)
- Increasing Diversity hiring (22%)
We hope you have your priorities sorted by now. Now, let’s start to prioritize filling the gap between your current onboarding methods and the possible hiring trends that you need to adapt to. We understand that many factors could influence your choice of pre-employment assessment tools. It may be the difference in hiring practices and the cultural roots of your organization. Or your target market for candidates.
The one thing we realized after serving 1000+ clients is that customization plays a vital role in building the correct pre-hire assessments. Hence, here at PMaps, we attempt to provide tailored solutions for every hiring concern of our clients. Further in this blog, we will briefly mention a few of our most in-demand pre-employment assessments.
PMaps Pre-Employment Assessments
- Sales Assessments: A data-driven psychometric assessment helps organizations gauge sales candidates based on their relevant skills and abilities. It maps the suitability of the sales representative for the various frontline job roles such as channel sales, inside sales, and direct sales. PMaps Sales Assessments can filter the suitable sales candidates with an accuracy of 85%. Click here to know more.
- Customer Service Assessment: It is a language-agnostic tool to evaluate the fitment of entry-level, mid-level, and expert customer service agents. It identifies the top talent who are well-versed with the skills required for the job of customer service.
- Voice and Accent Assessment: It is a comprehensive language test tool that eliminates candidates who are not sufficiently proficient in their English usage. It ensures that the new-gen workforce of the client organization is employees with suitable and exceptional communication skills. Many of our clients who leveraged the PMaps Voice and Accent Assessment claimed a hiring accuracy of 85%. Click here to know more.
Unique Features of PMaps Pre-Hire Test
- Versatile Compatibility
- Global Validation
- Compact Reports
- Client-focused Customization
We know that choosing a suitable assessment tool can be troublesome. You can read through the blogs on websites to view the efficiency of the various pre-hire assessments in the realistic limelight. Get your hiring priorities set now and conquer the world of talent acquisition.
Featured Image Credit: Anna Tarazevich; Pexels; Thank you!
Fintech Kennek raises $12.5M seed round to digitize lending
London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.
The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.
The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.
Featured Image Credit: Photo from Kennek.io; Thank you!
Fortune 500’s race for generative AI breakthroughs
As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.
Goldman Sachs’ Cautious Approach to Implementing Generative AI
In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.
According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.
One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.
To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.
Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.
Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!
UK seizes web3 opportunity simplifying crypto regulations
As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.
Streamlining Cryptocurrency Regulations for Innovation
To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.
The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.
Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.
The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.
Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!