Success in the financial services and wealth management sector is heavily dependent on the quality of talent you bring in. However, hiring professionals who can contribute to your business goals and objectives can be challenging; this is where recruiters come in. By partnering with an experienced executive recruiter, you can streamline the hiring process and find the right candidates quickly and efficiently.
But working with a recruiter isn’t as simple as handing over the hiring process to them. You need to be proactive in the partnership to ensure that you get the best talent possible. In this blog, we’ll share some best practices and key considerations for employers when working with a recruiter to maximise hiring success.
Clearly Define Your Needs and Expectations
The first step to a successful partnership with a recruiter is to clearly define your hiring needs and expectations. Be detailed in the information about your company culture, job descriptions, qualifications, and other essential details with the recruiter. This will help them understand your needs and identify candidates who fit your requirements.
According to a survey by Jobvite, 61% of recruiters found that having a clear job description is the most important factor in making a successful hire. It is also vital that all internal stakeholders are engaged and consulted if the role is for their team; otherwise, the brief can change, which is frustrating for all concerned. Ensure the brief provided to your recruiting firm is conducted by the line manager and that all details are forthcoming; remember, they can only get out what you put in.
Choose the Right Recruiting Firm
Not all recruiting firms are created equal. You need to choose a firm that has experience and expertise in the financial services and wealth management industry. You may have heard the phrase ‘the proof is in the pudding’, and that applies to choosing your recruiter. Do your research, check reviews, and ask for references to ensure you’re partnering with a reputable recruiting firm. At Godfrey Group, we have plenty of positive commendations from the businesses we work with, many of whom are repeat clients. We also have a well-established reputation in Sydney and Melbourne. Moreover, as specialist recruiters, we understand the nuances and niches of the industry in a way that generic recruiters don’t.
Build a Strong Relationship with Your Recruiter
A strong relationship with your recruiter is essential for success. Take the time to meet with them and build a rapport. This will help them understand your company culture, goals, and values. The better your recruiter understands your company, the better they can find candidates who fit your needs and the more likely you are to get better results and foster a long-term partnership. The recruiter is your representation in the marketplace, so being on the same page and working in tandem is critical.
Communicate Openly and Regularly
Communication is key to a successful partnership with a recruiter. Keep them updated on changes in your hiring needs, feedback on candidates, and any other relevant information. Also, after each round of interviews, provide feedback to your recruiter. Keeping communication lines open will help your recruiter refine their search and source the best candidates for your organisation. According to a survey by Bullhorn, 81% of recruiters believe that open communication is the most important factor in making a successful hire.
Be Flexible
The best talent is not always available in the capacity or in the timeframe you may have hoped for. While recruiters are excellent at their job, they aren’t miracle workers. Be flexible with your hiring timeline and open to considering candidates from diverse backgrounds and experience levels.
Your recruiter can help you identify candidates who have the potential to grow and develop within your organisation and can provide ways for you to attract more talent by assessing your hiring model. According to a survey by ManpowerGroup, 72% of employers believe that hiring workers with transferable skills is more important than hiring for a specific role.
Trust Your Recruiter’s Expertise
If you’re working with an experienced recruiter for the financial services and wealth management sector, be confident in their knowledge and expertise. Trust their judgment and recommendations! There is little value in hiring an expert if you are not willing to take their advice on board. In addition, recruiters can provide a perspective outside of your company and valuable insights into the job market to help you make informed decisions about hiring that you may not have considered or been aware of.
Be Prepared to Move Quickly
Quality talent doesn’t stay on the job market for long, so you must be ready to jump on it. Be prepared to move quickly when you find the right candidate by ensuring your hiring process is efficient and that the timeline for making hiring decisions is clear.
Ultimately, working with a recruiter can be an excellent way to find the right talent for your financial services or wealth management firm. By following these best practices and key considerations, you can maximise your hiring success and build a strong partnership with your recruiter. Get in touch with our specialist recruiters today and see how we can help you hire top talent for your business.
