Over the past few months, the team at Coopman has been speaking to clients right across the market and there seems to be a common theme popping up – that companies are looking to go directly to market and advertise a job vacancy to see what traction they receive. On a couple of occasions, we have followed up with clients to find out more about how this direct approach has worked for them and many reported that they haven’t yet met any professionals who have reached their expectations. In fact, more often than not, the direct approach has led to time pressure, over worked employees and a delay in the starting date of a new incumbent.
While the economic climate has mad businesses reconsider their costs, employers should always invest in their people, from the attraction of talent right through to retention. Working with specialist recruiters to find the best people for a team, business and company is a great way to start that investment and such a partnership can benefit employers in many ways.
ADVANTAGES OF WORKING WITH A SPECIALIST RECRUITER
It is the responsibility of the professional recruitment partner of high performing corporations to screen, vet and assess the suitability of a candidate for a role. We have heard many times over the past few months of frustrated clients syphering through hundreds of irrelevant CVs and wasting valuable time which could be focused on other important business tasks. Again, a lot of time is often spent interviewing candidates whom on paper fit the criteria of a role, however in person do not match the culture of the company and so, employers find themselves back at the beginning of the process again. Working with a specialist recruiter means that employers can dedicate their time to other company-related activities.
From speaking to even more professionals on the market nowadays, job adverts are appearing across multiple online channels which is causing a lot of noise in the market. As a result, occasionally opportunities are missed by people as they haven’t been directly approached by a specialist recruiter. CVs are also being sent to adverts on job boards with no feedback or follow up from companies, while some professionals report that when they see a job has over 50 applicants, they feel deterred from applying for the role.
The recruitment process is an extension of a company’s brand and if managed poorly, it could be detrimental for a business, particularly if it is going through rapid growth. Given the large volume of applications and processes to manage when hiring, bad candidate experiences may unintentionally happen and this can damage a company’s reputation. A common example is a month long wait between interviews with no contact, which may result in a candidate removing themselves from the process and feeling reluctant to apply again for future roles with a company. By using a specialist recruitment firm, regular contact is maintained with professionals and updates provided during the interview period, resulting in a pleasant experience for the candidate.
Positioning the Opportunity
Understanding how to position a company’s vacancy in the market in terms of title, seniority, salary and package is vital. If an employer hasn’t gone to market for a while then things may have changed in terms of expectations – a good example of this is the appetite for hybrid or remote working in the current market. If the vacancy is positioned wrong, then a company may find that it won’t get the right traction with applications and it becomes more difficult to then reposition the role as people are left feeling confused and disinterested. Working with a specialist recruiter means employers get a consultative service and expert advice before going to market, ensuring that the role receives a positive reaction.
Selling the Opportunity
Once a specialist recruiter receives a full briefing from a hiring manager on the type of individual they need, it is their duty to engage with the market and find suitable candidates for the role. Expert recruiters can speak directly to the market, sell the opportunity, explain the culture of the team and talk through the interview process and styles. For both the client and candidate, it can be a seamless and enjoyable process.
A recruiter will also engage the passive market in which they constantly build relationships with those not active on LinkedIn or job boards but who will move companies for the right opportunity. In order for this to happen, passive individuals require professional engagement and relevant information which is where specialist recruiters play their part. Furthermore, it ensures that a company gets a full representation of the market and the best talent available across the board.
As much as recruiters work with candidates, they also work with employers to keep them updated on how the market is receiving the role and the company, what trends and challenges are out there and ensuring that the people they meet are vetted and prepared to for the interview process. They also guide companies through the hiring process and advise on post-recruitment activity.
Specialist recruitment firms offer bespoke recruitment strategies for companies, as well as market insights and tailored reports to make clients aware of the talent available to them in a specific market. Working exclusively with a recruitment partner will lead to a mutually successful relationship as they get to know the company, culture and people, and understand the employer’s talent needs, meaning they can identify where gaps may arise, work with the company to meet their targets and find the right professionals for their company.
To Wrap Up
Positioning the role, executing the process itself and securing the best talent are components of hiring that each present their own requirements and challenges – getting these right is critical in a competitive landscape such as financial services and so, working with those who know the market and how to guide both sides ensures that a positive outcome is realised through a consultative and engaging approach.
To find out more about the financial services market, discuss your hiring needs or request a copy of our tailored Market Intelligence Report, contact us at email@example.com.