With 90% of employers now experiencing significant skill shortages, ensuring you’re taking the right approach to recruitment has never been more important. While posting on job boards and attempting to connect with active candidates on social media might generate some results, you could be missing out on excellent opportunities if you ignore the passive candidate space.
Passive candidates might not be actively looking for a new role, but many are open to considering new opportunities if offered the right benefits and opportunities to grow.
82% of passive job seekers say they would still consider a new job opportunity.
Learning how to take advantage of this considerable talent market with the help of the right recruitment team is an excellent way to diversify your talent pipeline and minimise unfilled roles.
The Benefits of Tapping into the Passive Candidate Market
Numerous factors make the passive candidate market an exceptional opportunity for today’s finance companies.
Ultimately, in today’s skills-short landscape, fewer professionals are actively searching for roles than ever before. Studies show around seven out of every ten candidates are passive. They’re generally already employed but willing to explore new opportunities when they emerge.
While accessing the passive candidate market can be more complex than reaching active candidates, the right specialist recruitment company will already have access to vast networks of finance candidates relevant to your industry and needs. With their help, companies can take advantage of the following:
- A wider talent pool: With limited professionals in the active job seeker market, connecting with passive candidates is an excellent opportunity to increase your chances of finding the right talent. Around 61% of employees say they’re considering leaving their jobs, which means there are endless opportunities to find professionals in the passive space.
- Higher quality candidates: Most passive candidates are already highly skilled, experienced, and successful financial professionals. They already have the knowledge required to thrive in your industry, so you don’t need to invest as much time and effort into training new hires. The wider pool also means you can target the specific skills you need.
- Improved diversification: If you’re waiting for underrepresented talent to make its way into your pipeline naturally, you could be waiting for a while. Leveraging the passive candidate market can be an excellent way to increase the diversity of your team and connect with professionals from a wide range of backgrounds.
The Value of Recruiters in Accessing the Passive Candidate Market
While the passive candidate market represents exceptional opportunities for financial companies, it’s not easy to access alone. Since passive candidates aren’t actively seeking new employment, you’ll need help tracking down the people most relevant to your positions who will most likely be intrigued by your job offers. That’s where recruitment companies come in.
Experienced financial recruitment companies can work with you to develop a comprehensive talent pipeline filled with both active and passive candidates in your space. They already have access to a wide range of resources to help them source specialists for specific roles and have strong relationships with each potential candidate.
Using their knowledge of the industry, and their relationship with candidates, recruitment agencies can help you to find employees that not only have the skill sets you need but will also thrive in your specific company environment. This can help you fill talent gaps faster and improve your chances of capturing and retaining the best talent.
Develop Your Social Media Presence
While passive candidates might not look for jobs actively on standard job boards and forums, they often keep up-to-date with the companies they’re interested in on social media. Utilising your social media presence across channels like LinkedIn and Facebook is a great way to capture the attention of people willing to join your team.
Highlight your open roles and the available opportunities you can offer to candidates on your social channels. Showcase stories from your employees to demonstrate the benefits of your company culture and keep followers posted on the changes taking place in your business.
The Role of Employer Branding in Reaching Passive Candidates
If you want to take advantage of the passive candidate market’s benefits, it’s also worth ensuring you’re invested in developing your employer brand. Your employer brand engages existing employees, increasing your retention and showing potential passive candidates why they might want to work for you.
Draw attention to the “EVP” (Employee Value Proposition) you offer your team members on your website and social media pages. Highlight your progression and development options, the benefits your employees can access, and your company culture.
Crucially, it’s worth drawing attention to the positive candidate experience you can offer. Show potential candidates how easy it is to apply for a role with your company, how flexible your interview process is, and how you commit to constant communication.
You could even consider sharing information about your onboarding process or showcasing reviews and testimonials from other candidates on your website.
Don’t Overlook the Passive Candidate Market
Ultimately, while active candidates make life easier for recruiters and hiring managers, they only represent a fraction of the talent available. Passive candidates now comprise a considerable portion of the skills-short financial talent market. Failing to connect with these candidates could mean you spend much longer on your hiring strategy.
Working with a professional financial recruitment team that already has access to a wide range of passive candidates will expand your talent pool, improve your recruitment strategy, and help to fill the gaps in your team much faster.
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.
To learn more, contact one of our team today, or call us on 01282 930930.