The hiring landscape has changed drastically in the last couple of years.
In the age of the Great Resignation, candidates are becoming more discerning about which businesses they choose to work for. Finding and recruiting exceptional financial talent is tougher than ever, particularly as skill shortages continue to grow.
While more avenues are available to find talent and access specialist financial recruitment companies with improved technology and sourcing tools, candidates also have many more choices.
Remote and hybrid working has opened up an opportunity for everyone.
The challenge is that you could miss valuable growth opportunities by attracting talent if you don’t have;
- the ideal company culture,
- the most compelling employee brand,
- and the right benefits and development package.
Here are some steps to redefine and refine your hiring strategy to ensure you have the best chance of capturing the right candidates.
Step 1: Re-Assess Your Talent Needs
The first step in updating your hiring strategy is thinking about what kind of talent and skills you need from future financial hires right now. The world is going through a significant period of transformation, with new technologies and challenges always emerging. You may already be investing in reskilling and upskilling your existing accountancy professionals, and now it is about adding to your team.
Before you start publishing the same job descriptions you would have used a few years ago, ask yourself how roles in your workplace might have changed.
- Do your team members need to be familiar with new tools and technologies to thrive in their roles today?
- Are the employees you’re looking for required to be in the office at all times, or can you provide hybrid and remote work opportunities?
- How flexible can you be when hiring the right talent?
It is crucial to assess what kind of employees you need and how you’ll measure their eligibility for the role.
Step 2: Update Your Employee Brand
In a skill-short market, today’s top financial professionals are less willing to settle for a work opportunity not specifically suited to their needs. With this in mind, you’ll need to consider attracting potential candidates to your team with more than just remuneration.
Your employer brand provides anyone considering applying for your roles with an insight into what they can expect if they become part of your team. Around 72% of recruitment leaders agree your brand directly impacts whether you’re successful with hiring.
A good employee brand should highlight everything from the steps you’re taking to promote DEI; Diversity, Equity, and Inclusion, to how you support the wellbeing of your team.
It should also provide a clear insight into the company culture on offer. For instance, is your financial business on the cutting-edge of the latest tech innovations, committed to excellent customer care, or heavily focused on collaboration and workplace bonding?
Step 3: Know What Your Candidates Want
Many hiring managers aren’t fully aware of what their ideal financial talent is looking for in a changing workplace. In the past, you may have been able to attract the best candidates in your industry with little more than the right benefits package. Now, you’ll need to re-assess the marketplace and pay attention to trends like:
- Flexibility: Increasingly, employees are looking for more flexibility in how and when they work. Concepts like the four-day work week, hybrid and remote employment, and customisable schedules can make your workplace more attractive.
- Empathy: The top talent in the financial sector wants to know they’re working for an employer who cares about their wellbeing and growth. Show a commitment to looking after your employees and helping them thrive, and you’ll attract more candidates.
- Progression: Financial professionals are well aware of how quickly the industry is changing and want to be prepared to adapt. Offering your employees plenty of room for development and training can boost the quality of your job offer.
If you don’t know exactly what the team members you need are looking for, speak to your specialist finance recruitment company to get their behind-the-scenes view of the market.
Step 4: Work Exclusively With A Recruitment Company
A more complex hiring market driven by talent shortages needs specialist help.
Working with a specialist recruitment agency to expand your hiring methods is one of the easiest ways to ensure you can build an effective talent pipeline.
Working exclusively with a specialist in finance recruitment will elevate your opportunity to have a greater focus on the roles in question.
In recruitment, there are two terms you will hear; contingency and exclusive assignments.
Contingency is where you give a role to multiple agencies. On the surface, this might seem a better option because you have several agencies sending candidates; however, the quality of candidates is not the same.
A contingent recruiter will work energetically for a week, but because they don’t have your full commitment, they may quickly lose interest and move on to the next client. They don’t want to put all their eggs in one basket because they don’t know which basket will produce results for them.
An exclusive recruiter, however, will be fully committed to finding the right candidate for you, even if the job gets tough. An exclusive recruiter is much more willing to take the additional time to speak to passive candidates who are not actively seeking new positions. Exclusive recruiters will use all of their resources, including their professional networks and social media contacts. Their job is not done until they find the candidate you hire.
5. Audit the Interview
Finally, remember not to overlook the importance of the interview process for ensuring you bring the right people into your team. Skilled professionals are up to 39% less likely to accept a job offer if they think the interview experience was poor.
Speak to your financial recruitment team about the questions you should be asking to ensure you’re bringing the right staff into your workforce. Competency-based interview questions are often extremely useful for determining whether staff have the skills and background knowledge to thrive in your company.
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs, and, in doing so, we match the two perfectly. Contact one of our team today to find out more, or you can call us on 01282 930930.