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SIOP TIP Profiles HRM Impact Award Winner Bank of America

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.

Read more about the successful implementation of this project.