Shark tank star Andrew Banks speaks on the recruitment riddle facing HR
Having successful, long-term staff is the result of two key factors – making the right hiring decision and providing them with ongoing reasons to stay. Simple enough on paper, but as many HR managers are well-aware, highly challenging in practice.
For Andrew Banks, serial entrepreneur, and star of Shark Tank, it’s a question which has dominated much of his professional career. As a long-time HR professional and recruiter, he’s keenly aware of not only the challenges involved in developing long-term staff, but also with the ever-evolving criteria for the future of work.
“We’re now in position where CEOs and boards are looking to define the business plans and jobs of tomorrow, today,” says Banks. “HR departments are now under pressure to recruit for roles and considerations that don’t necessarily exist yet.”
At face value, that seems like a daunting prospect. But Banks is confident that the core guiding principles will remain relatively straightforward – a good worker now will likely be a good worker in the future, too. What will change, rather, is the way that hiring criteria are considered and assessed.
“We’re seeing a bit of a shift away from the traditional ‘resumes and experience’ approach,” explains Banks. “Rather, there’s an increasing emphasis on the basis of how they think, along with the skills and knowledge that they can bring to bear in the workplace.”
These qualities, Banks notes, are more broadly indicative of future adaptability to the changing nature of the workplace; a resume simply notes where you’ve been before. But how will such skills be assessed? The prevalence of Jungian-style psych assessments such as the Myers-Briggs might seem the logical jumping-on point, but Banks is more sceptical.
“I think psych tests can be useful for assessing whether someone is a good fit for a particular company culture as long as you know what that culture is. It can also help identify traits around the personality of the candidate and their critical thinking and intelligence but in isolation it doesn’t tell you much about future performance. By isolation I mean unless you are comparing it with existing high performers in that same organisation the results can vary enormously.”
The solution, Banks explains, needs to be more heavily customised and attuned to the specific needs of the business in question. HR departments, he notes, are often criticised for not being “commercial enough” – but he believes the technology is there to help HR professionals align with more dynamic and flexible selection and recruitment processes, pointing to his recent initiative Shortlyster as one such example.
“Shortlyster is a tool geared at assessing the whole candidate,” explains Banks. “They’re asked questions which have been framed by the employer to assess their unique talents and cultural fit within the organisation. You’ve got a framework that filters beyond just qualifications and experiences, and helps you find the right person for the role holistically.”
Of course, once you’ve got the right employee within the organisation, how can you effectively retain them for the long term? Banks is the first to acknowledge that it’s a multifaceted consideration, but he sees professional development as particularly key to staff retention.
Professional development, he notes, needs to both be of interest to the employee while simultaneously enhancing their skills within the role. HR professionals, Banks explains, must advocate for professional development at policy and boardroom level.
“Not only is it going to aid in long-term retention of valuable staff, it’s also going to give them the skills they need to work within changing circumstances,” he explains.
Banks, as Director of the NIDA Foundation Trust, points to some innovative ways in which The National Institute of Dramatic Art (NIDA) is closing the gap on skills development now that the workplace has shifted to a blend of virtual and face-to-face environment. NIDA Corporate is offering training in presentation, communication and facilitation specifically for the online meeting room.
“People have suddenly found themselves operating out of their home offices, and not everyone’s been readily equipped to communicate via a screen,” says Banks. “NIDA Corporate has been able to help people develop their existing skills and build new ones; given the current work situation, they’re likely to remain important for the foreseeable future too.”
Looking ahead, Banks believes that the way both recruitment and retention work are going to continue to evolve.
“Particularly after COVID-19, I think we’re going to see a real restructure of the way workplaces operate,” says Banks. “That means new skills, new considerations and new ways to look at keeping staff on board. It’s a very exciting time to be in the HR space.”
For more information about NIDA Corporate’s communication skills training for online interactions, visit www.nida.edu.au/corporate
