Actuarial recruitment: an online scoring system

Role requirements

8 areas of potential expertise Capital Risk Pricing Product Mortality Valuation Investment Excel
Weighting: relative importance of each area
Target rating: expertise needed for role
The above plus candidate ratings produce two scores in the table below.

Candidate results

The results table below is initially ordered on CAPA – candidate capability. We have applied a default filter – click the "remove filters" tab to remove this. Columns:

  • Candidate identifier: The RecId column.
  • Candidate ratings: 8 columns, from Capital to Excel. Compare against the role targets.
  • Extra candidate information: The point of salary and location should be obvious.
  • CAPA – Candidate capability score: High scores are better i.e. more capable candidates.
  • COMP – Candidate compatibility score: Low scores are better i.e. closer to the role target.

Searching and updating the table

Searching

  • Sort: Click the column heading. The default sorting is on the CAPA column.
  • Filter: Fill in filters below the column titles in the table above.

Updating

To change a candidate record: Click Where
Create new Top right of the table
Update existing End of the row to update
Delete existing End of the row to delete

Help and examples

Capability and compatibility scores are shows in the last columns of the table above.

  • Capability: More "CAPA" is better. By default we have automatically sorted the table results with highest CAPA first. Note that the target ratings don't affect the CAPA score, but that you can also filter for candidates (e.g.) with Capital ratings of at least 6, Risk ratings of at least 8 and Pricing ratings of at least 3 etc. There are 122 such candidates.
  • Compatibility: This is measured as the sum of the (absolute) differences between target and actual ratings. Being below or above the target gets penalised. Less "COMP" is better. Click the arrows at top of the COMP easily shows those with the lowers (best) COMP scores.

Target ratings affect how the COMP score is calculated. Weightings affect how COMP and CAPA scores are calculated.

  • Target ratings: Are skills in the capital management important? Then set the capital rating high.
  • Weightings: These enable different areas to be given a different emphasis, providing additional flexibility. How might this work? The default Pricing weighting of 1 gives a little credit for candidates' pricing ratings. However they are given no credit for ratings in the areas of Product, Mortality ... Excel, since the default weightings in these areas are zero.

Examples – with default settings for targets and weightings:

  1. With the defaults, the highest CAPA score is 90 = 10 * 4 + 10 * 3 + 10 * 2 from candidate 889.
  2. Candidate 889 has a COMP score of 36 = 4 * (10-6) + 3 * (10-8) + 2 * (10-3).
  3. Candidates 454 and 886 have "perfect" COMP scores of 0.
Copyright 2014: LoveActuary – a Transformaction venture