A recent edition of SIOP’s The Industrial-Organizational Psychologist profiled Bank of America’s 2015 Human Resources Management (HRM) Impact Award as an example of science-practice integration excellence.
Bank of America and Shaker were selected as winners of the HRM Impact Award in 2015 for the implementation of a Bank of America Universal Fit Pre-Hire Assessment. Presented by SIOP and SHRM, the HRM Impact Awards recognize organizations demonstrating the most effective, evidence-based approach to assessing candidates and hiring right-fit talent.
Bank of America and Shaker were recognized for creating a new multi-method, pre-employment assessment that combined realistic job preview and simulation-based assessments in a manner that reduced overall time and effort for candidates, taking over 4,000 hours out of time to apply. The new assessment also predicted new-hire retention, reducing recruiting and training demands and saving almost $7 million in the hiring of Bank of America call center and operations talent. This initiative was developed to enhance Bank of America’s hiring processes, provide a more positive candidate experience, and increase job fit and on-the-job performance.
The short video below describes the challenges this project addressed, the solutions it created, and key outcomes of the effort.