When it comes to recruiting talent in the financial services and wealth management industry, trust and expertise are paramount, particularly in the current climate when hiring new talent is proving to be a challenge for many firms. For this reason, employers must create a positive experience for prospective candidates in order to attract talent. But how? Read our tips below.
Streamline the application process
One of the most frustrating aspects of the job search process for candidates is a lengthy and complicated application process. To create a positive experience for candidates, employers should streamline the application process as much as possible. If you are not utilising an external recruiter or if you are hiring directly, allowing candidates to apply with their LinkedIn profile or creating a simple, user-friendly online application that only requires essential information.
While it might seem trendy to ask for a video application or to fill out elaborate psychometric testing before even engaging the applicant or to write a 3-page essay application form on why they want the job. However, in such a tight labour market, you need to attract rather than repel. Requesting submission of academic transcripts and qualifications etc. at the wrong time will also be a turn off.
It’s also vital to understand that the process may need to be different for senior and less senior candidates. A very senior person, may want to just quickly assess if the role is right for them and therefore would welcome a quick call or email to ascertain the fit – so there needs to be an avenue for this – otherwise you won’t get them at all; they don’t want to disclose a whole lot of info for no reason.
Communicate clearly and frequently
Prospective candidates have most likely applied and been interviewed 5/6 times for a similar role, spoken to multiple recruiters, and the last thing they want is to be left waiting around or dealing with an unprofessional recruitment process when they already have other opportunities on the go, so being on the ball and making sure candidates are kept in the loop is a must.
Employers should communicate with candidates regularly and be transparent about the status of their application. If there are any delays or changes to the timeline, employers should notify candidates promptly. This builds trust and reiterates the importance of professionalism and positive communication throughout the recruiting process.
Provide detailed job descriptions
Job descriptions should be clear and comprehensive, outlining the key responsibilities, KPIs and qualifications required for the role. Employers should avoid using vague or generic language and instead provide specific examples of the types of tasks the candidate will be responsible for. This will help candidates understand the expectations of the role and determine if they are a good fit.
Moreover, a report from LinkedIn has found that 70% of the professionals surveyed wanted to know the salary range before they applied for a role, so remuneration transparency is also important when posting job descriptions.
Showcase company culture
Candidates want to work for companies with a positive culture that aligns with their values, therefore, employers should use the recruiting process to showcase their company culture and values.
This could include providing information about company events, highlighting employee achievements, providing information on DEI policies, and sharing testimonials from current employees. But don’t be afraid to point out areas in which your business is seeking to improve either; being honest about the business is key to providing realistic expectations for your new hire.
Provide a positive interview experience
Having a defined interview process is imperative to creating a positive and professional recruiting experience for candidates. Interviews are an opportunity for candidates to learn more about the company and determine if it’s the right fit for them – it’s not an interrogation and all caution should be taken to avoid unconscious bias.
Take the time to make the candidate feel at ease; introduce the candidate to current employees, provide a tour of the office, and answer any questions they may have. You should also be conscious of the fact that whatever level a candidate is at, they may not be ”interview fit” and be nervous. In some cases, it may be years since someone has been interviewed and this can be a challenging experience.
In a recent PeopleScout report on candidate experience, 83% of candidates said they share their poor experiences with friends and family, with 54% taking to social media to voice their discontent. So, remember that even for candidates who aren’t offered a role, their experience can impact your reputation.
Follow up promptly
After the interview, employers should follow up promptly with candidates to provide feedback and update them on the status of their application. This will help build trust and create a positive experience for candidates, even if they are not selected for the role.
The PeopleScout report also found that nearly half (48%) of candidates did not receive feedback on their last application. Of those who did receive feedback, 38% stated the comments they received were not useful.
Employers should take the time to assess their hiring models in order to build their reputation as an employer in the industry, create a positive hiring experience and attract the best candidates to their organisation.
For the best recruiting experience, you need the best recruiter. Contact Godfrey Group today on 02 8004 9350.
