After the housing bubble burst in 2007, banks were required to make several changes to address the needs of their customers. One major initiative that stemmed from this crisis was the single point of contact (SPOC) regulatory requirement, announced in 2011. The SPOC required banks to provide any borrower seeking to avoid foreclosure a one-on-one relationship with the organization. In response, banks were forced to make significant hires. To make matters more difficult, prior to 2011, there wasn't a defined career path or pre-existing role that fit the qualifications required for these positions, making them extremely hard to fill.
One example you may remember is Chase's announcement that it would hire 1,000 employees to its mortgage-servicing business in Ohio. Recruiting 1,000 new employees is a difficult task, however, finding financial services talent in Central Ohio made the task doubly difficult. This was no easy task, however challenges like Chase's have become commonplace in recent years.
Chances are, if you work in financial services, information technology, or manufacturing, you've been faced with a similar hiring challenge – perhaps you're in the midst of one right now. But while hiring under these circumstances can be a headache, there are a few tactics your team can employ to streamline your process and achieve success:... read more