The pandemic of 2020 prevented economic growth and disrupted hiring for businesses around the world. In March 2020 alone, weekly online job postings dropped from around 850,000 to 550,000 a week.
Finastra, a rapidly growing fintech organization and one of the biggest pure-play financial software companies, hires around 500 software engineers a year and provides financial solutions to institutions of all sizes. But in 2020, their hiring teams faced the challenge of rapidly screening and checking the quality of numerous candidates remotely. Without a remote recruitment process in place, Finastra needed a scalable and remote-first hiring solution – fast.
“When the pandemic hit, we had lots of software positions open, but we continued to hire exceptional software talent to build our ambitious and aggressive product roadmaps. Our hiring managers were looking for guidance and direction to test the technical capability of candidates remotely, so we had to ensure we could deliver fast and to great quality,” says Sabina Frincu, Director of Global Talent Attraction.
Here’s how we helped Finastra implement a structured and scalable solution for hiring software engineers.
Technical Hiring Done the Right Way
Streamlining a remote recruitment process while maintaining high-quality candidates can only be done through a well-structured process. One of Finastra’s major challenges in 2020 was a large number of applicants to sift through. To streamline their pipeline, Finastra decreased the number of technical interviews and replaced them with CodeCheck and CodeLive.
CodeCheck allows candidates to take a personalized coding assessment remotely and at scale prior to advancing further down the recruitment pipeline. The result helped to reduce the number of applicants to include only qualified candidates based on their skill set. The second implementation was CodeLive, which provided a richer candidate experience by allowing Finastra to conduct remote technical interviews.
With these tactics in place, Finastra’s new hiring structure started to take shape:
Our CodeCheck and CodeLive applications streamlined Finastra’s hiring and ensured that only top-tier candidates are hired. Candidates are also given greater flexibility during the interview process. Because they can take CodeCheck assessments at their leisure, they’re more focused and fully engaged.
Increasing Diversity and Inclusion
According to a recent D&I study, women in tech make up only 22% of director roles and 19% of tech workers. By implementing a remote hiring process, the candidate pool widens to include more diverse and inclusive hires into your engineering teams.
Creating equitable technical assessments and interviews for candidates of all backgrounds is an important part of securing diverse teams for employment. “We are putting all of our energy into making sure our candidates will find our technical assessments fair, no matter their background,” says Frincu.
Finastra’s new remote process highlighted new opportunities to build diverse and inclusive teams, all while maintaining high-quality hires. After implementing a remote-first process, their candidate pool widened, allowing talent from around the world to apply. Since then, Finastra has been able to increase its female tech workforce by 10%, totaling a female workforce of 37%.
Take Technical Hiring to the Next Level
Scaling your remote hiring process can be done effectively when using a structured process. Prior to using the Codility platform, it took Finastra around 95 days to send offers to suitable candidates.
After six months, Finastra cut recruitment timings by 50% and reduced their time to hire metrics by 28%. They can now review over 3,500 resumes and test over 1,000 candidates in a matter of days, not weeks.
For more insights on how to build strong and diverse tech teams remotely, take a look at our blog.