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With numerous challenges facing the financial sector, from high employee turnover and evolving regulatory requirements to a deficiency in necessary technological skills, financial services recruitment is posing a challenge to employers across the industry.
Fortunately, it is possible to change an organisation’s fate in this department from the inside, by introducing a streamlined recruitment process that not only attracts the cream of the crop in terms of talent but also works to retain these high-calibre candidates.
In this article, we discuss the most effective strategies for streamlining – and drastically improving – your recruitment process, so that you can apply them to your own business and hold your own in a competitive market.
Before we delve into the subject of how to improve recruitment policies within your business, let’s first discuss why it’s important to reevaluate your approach regularly.
Adjusting your strategies to adapt to emerging trends and candidate expectations is vital, given that adaptability is a hallmark of successful recruitment. This involves changing lanes every so often to adhere to current best practices, from diversity efforts to technological advancements within the realm of recruitment. The best way to achieve this is by consistently staying informed about industry trends.
Learning from past mistakes is another key influencer on how your hiring processes will – and should – evolve. What may be deemed as failures can be transformed into learning curves, which help you redesign your overall strategy in such a way that it appeals to a broader pool of candidates and attracts top talent.
When it comes to improving your organisation’s recruitment drive, the list of possibilities is endless. However, there are specific core strategies that should be implemented to give your business a fighting chance against the competition.
From learning about new trends in recruitment directly from your peers in the industry to reaching top candidates in your field, networking both in-person and through online forums is a must.
This means being proactive by attending industry events and conferences, as well as partnering with academic and professional institutions, all of which connect you with individuals who may provide insights in one way or another that will aid your recruitment efforts.
It also means veering away from total reliance on traditional recruitment methods, by utilising online job boards such as LinkedIn, to reach candidates who might otherwise fly under your radar.
Clearly defining your company culture by articulating your organisation’s values and ethos is a strong move in differentiating yourself from competitors. This is vital, given how crucial a compelling employer brand is to attracting high-calibre candidates.
To be effective, an employer brand should be evident at all stages across the organisation’s approach to people management, from the induction process to the point that an employee leaves the company.
It is a commonly known fact that such a well-established employer brand builds trust and credibility with potential employees. If your organisation has garnered a glowing reputation as a positive place to work through both current and previous employees, it is natural that others will want to work there too.
One surefire way to enhance efficiency in the context of your recruitment process is by integrating modern recruitment technologies with your existing practices.
Software such as Applicant Tracking Systems (ATSs), for example, can carry out a multitude of actions, such as resume screening and even interview scheduling. This frees up the hiring team to focus on more important activities, such as interview prep.
Relying on data analytics to provide insights into recruitment metrics is also an example of how innovative technology can improve your recruitment efforts. This type of software will help you to identify bottlenecks in your existing strategies, which in turn will highlight areas for improvement.
While it is the norm to hold two or three interviews when hiring for more senior positions, some companies will draw out the process for all roles, which can backfire on them in a couple of ways.
Firstly, a lengthier recruitment process delays the hiring and onboarding stages, which in turn leads to a lack of productivity within an organisation that is missing one or more key players.
Secondly, an overly complex interview process can deter top candidates who may feel as though they are being strung along. To avoid this, ensure that your interview stages are efficient and purposeful. It’s also integral to communicate timelines and expectations to candidates, providing them with a positive experience that reflects well on your organisation.
Part of building a strong employer brand is focusing on your organisation’s diversity and inclusion policies. After all, building a diverse workforce brings varied perspectives, which naturally promotes innovation from within.
This emphasis on diversity and inclusion should also be highlighted during the recruitment process, by implementing policies that promote inclusivity and ensure unbiased hiring practices.
Not only will this broaden the range of talent that your company is exposed to, but it will shine a favourable light on your organisation with potential candidates, who are growing increasingly curious about how a hiring company handles these issues.
Once a candidate is hired, a structured onboarding process is essential for integrating them into the organisation. A positive candidate experience at this early stage can set your company apart from others.
A thoroughly effective program will be a broader and more long-term process, empowering new employees “to learn about the broader organisation, ways of working and how they are expected to grow and contribute”.
To this end, employers should maintain clear and consistent communication throughout by providing timely feedback, ensuring that candidates feel respected and valued.
Each of these strategies discussed above is crucial for recruitment success. However, the reality is that heavy workloads can often make this process seem daunting or simply unmanageable. If you’re unsure of where to begin, collaborating with a specialised recruitment agency is a good starting point.
These agencies provide access to a broader network of qualified candidates while offering permanent and interim recruitment solutions for a variety of businesses within the financial sector.
At 360 Search, we specialise in the financial services sector, offering tailored solutions to meet your recruitment needs. We assist in identifying top talent efficiently, allowing your organisation to focus on core business activities.
Our dedicated team of skilled consultants is on hand to work with you, helping you to attract and retain the talent necessary for organisational success.
Learn more about our services or get in touch today to discover the long-term benefits of partnering with us.
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