Answer to Question #169814 in Psychology for RICHARD OWUSU

Question #169814
  1. A financial institution needs to employ more people to work with, and so they contracted a consulting firm, Centre for Business Intelligence and Talent Management (CBI-TM) to assist in the process. The consultants who are mainly I-O psychologists would have to decide on which selection test (predictor) or approach to use. As a member of CBI-TM, you are to help your firm by making a presentation on your preference, Assessment Centers, detailing the processes, examples and relevance. 
Expert's answer

The following are the methods to use in ensuring competent-based employees are employed by the financial institution.

The firsts one is the in basket exercises. In this process, individuals will be tested on their knowledge and skills behaviors. The main aim here is to get to know the employee’s abilities well when in certain situations. For example, the individual ability to solve various financial problems that will be presented to them.

The second method is competency-based interviews. The interviewer will have questions that will target particular skills and the ability to think outside the box. The questions will be systematic and intriguing. They will be able to know how to tackle financial challenges that are unseen due to external environmental forces.

The use of case studies is the third way of testing the individuals. Here they will be expected to deal with situations and give accurate solutions on how to solve them. The methods used will be evaluated together with their justifications. A good example is presenting them with an insurance problem that the insurance companies usually face after a terrorist attack.

The fourth process is using role play. Here un-existing scenarios are created demanding individuals to act the parts. Here they get to be tested on how they will react and approach challenges that may appear. A good example is how to deal with an angry customer or a dissatisfied shareholder.

Lastly is the use of group discussions. The aim here is to get to know how well are the interviewee is willing to work as a team. Hence, it will involve the presentation of problems and they will solve them. One will be able to see the leadership skill and also how they make the decision. 

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