The new year is just around the corner.
For financial companies, now may be the perfect time to plan your transformation. In 2019, we’re sure to see even more evolution in the financial sector, with new regulations, technology and processes to manage. The right talent will help you to navigate these changes and set your business up for long-term success.
The question is, how do you attract and retain the people that you need?
We’ve put together some secrets from our years of experience here at Rebus Recruitment, to bring the right candidates to your door.
1. Upgrade Your Recruitment Process
First, hiring the ideal financial talent means starting with an effective recruitment process. Slow and old-fashioned hiring strategies are growing increasingly out-of-date. In a skills-short environment like finance, companies need a way to stay one step ahead of their competition.
Pulling the right people towards your team starts from the moment you begin to write your job descriptions. A specialist company like Rebus Recruitment can ensure that you’re not using any terms in your descriptions that may scare away a specific type of candidate. Research indicates that some words are more likely to attract male than female candidates, for instance.
With the right recruitment team by your side, you can:
- Avoid accidental hiring bias
- Filter and sift through applications faster
- Make your roles more attractive by posting them on industry-relevant forums.
2. Develop the Interview Strategy
The next step in hiring better financial talent, centres on improving your interview strategy. Hiring managers rarely have an opportunity to work on their interview skills. Make sure the people responsible for meeting and interviewing your candidates know which questions to ask.
- Using competency-based interview questions to evaluate a person’s aptitude based on their previous behaviour. For instance, “Tell us about a time when you dealt with a complex account with a tight deadline”, allows you to assess organisation, leadership and communication skills.
- Give the candidate space to ask their own questions: Allowing questions from your candidates will assist you in determining whether they have researched your company before the interview. It will also remove any confusion about role expectations.
- Follow up quickly: Make sure that you don’t leave your talent waiting for too long to hear back from you. Keep them updated on their application’s progress.
3. Hire for Character, Not Just Hard Skills
Technical skills are essential in financial roles. You need your accountants to understand the latest local regulations and know how to use certain software. At the same time, your budget managers need to know how to develop plans according to business goals.
However, focusing exclusively on academic background and technical skills is a mistake. Remember that you also need the people you hire to have an attitude that will mesh well with your existing company culture. Search for someone who can motivate and enhance your team with traits like:
- Emotional intelligence
- Time management and organisation skills
- Flexibility and creativity
To identify the right character in your candidates, ask interview questions like: “What traits would you want to be remembered for after you retire?” or, “What kind of teams do you work best in?”
4. Think About the Future
The candidates you hire in the financial sector will want more than just an excellent remuneration package. Today’s employees want to see a future in the role they take. With that in mind, it’s essential for companies to create onboarding and induction plans that allow them to analyse the goals of their staff members.
Find out what your team members want to accomplish with your business in the future. Do they want to improve their management skills? If so, perhaps you can support them by giving them access to training and mentorship opportunities.
By speaking to your candidates, you can make sure that your business is providing ongoing opportunities for growth. Educational options will both delight your employees and improve your chances of staying competitive by giving you access to people with the latest skills.
5. Improve Your Employer Brand
Finally, one of the main reasons that people in the financial and accounting sector reject a job offer is that they’re not impressed by the company’s employer brand.
Your employer brand shows your candidates what they can expect to get from your business in return for their hard work and commitment. Importantly, this doesn’t just come down to remuneration, although a competitive salary is vital in a skills-short marketplace.
To manage a successful employer brand, you’ll need to show that you value your team members and recognise their work. This may involve:
- Proving that you’re a forward-thinking business by allowing people to attend the latest financial industry events and conferences.
- Publishing stories about employee accomplishments on your website and social media.
- Offering frequent feedback and recognition to staff members, so that they can continue to grow and improve their skills.
From your job description to the onboarding process, make sure every interaction with your candidates convinces them that they want to be a part of your team.
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, which historically range from a wide variety of organisations including SME’s 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 get in touch call us on 01282 930930.