Six Strategies for Acquiring Top Talent Within the Financial Services Sector
Some statistics suggest that the most productive, talented employees are a massive four times more productive than their “average” colleagues.[i] As well as exceeding targets in the short term, talented individuals are the future of a company; the future managers and chief executives, ready to shape the business with new ideas and market leading strategies. Studies indicate that a well planned and executed investment in talent acquisition can boost profits by a staggering 20% [ii]. These striking statistics should have companies leaping to focus on a tactical approach to talent acquisition for their business. The question is, “how do we acquire (and retain) top talent?”
Treat candidates well
Initially, your business will need to focus on ensuring that job candidates are treated well, across the board. From first point of contact, through the interview process https://www.astoncharles.co.uk/news/blog/interview-to-impress-how-employers-can-positively-impact-candidates and to the job offer (or rejection), ensure that the ethos of the company is geared towards professionalism and respect for candidates. After all, even the candidates that you reject may be suitable for another job within your company at a later date. Candidates are also likely to pass on their experience to other prospective customers or employees. After the process, it is worthwhile to ask candidates about their experience, in order to improve your recruitment strategies. Nearly 60% of people seeking a job state that they have had a bad experience during the course of their job hunting. [iii] These bad experiences will inevitably feed into a negative view of the brand as they share the issues with acquaintances.
Have a desirable brand
As stated above, ensure that all interactions with customers and candidates are positive and professional. 36% of people suggest that the company reputation, along with conversing with others about the company, has the biggest impact on the way they view a job. [iv] This means that in order to attract talented individuals, a good reputation is vital. Anything that you can do to keep clients and employees content and happy will translate into positive branding.
Job candidates often explore the company website prior to applying for a job. Ensure that anyone viewing your company website can grasp a clear understanding of what the company is and what it does; as well as a clear representation of the company ethos and attitude. It may be beneficial to allow space for client testimonials in order to showcase the positive attitude that customers have towards your business. Statistics suggest that active management of a company brand that sees employers engaging with reviews and sharing updates can increase job applications. 69% of job seekers state that this kind of interactive brand management would make them likely to apply for the role. [v]
Foster a happy working environment
Increasingly, employees are wanting more flexibility in the work place. With both men and women hoping to combine a high-flying career with spending time with their families, flexible working hours and part time options are vital if your company wishes to avoid missing out on the large candidate pool that is made up of working parents. Good candidates will be prepared to travel further for work if there is scope to work from home a couple of times a week to cut down on their commute. A happy working environment in the office, with pleasant break areas and a contented office culture makes your company an attractive place to work for prospective employees.
Offer skill development
Talented and motivated people want to develop their skills and qualifications in order to move forwards in their chosen career. Offering professional development to employees can make your company attractive to the best candidates. In addition to securing the top talent, offering qualifications to staff allows you to ensure that your employees become specially trained in the particular skills relevant to your business.
Offer interest and challenges
The most talented individuals are motivated and innovative and will not be satisfied with spending extended periods doing tasks that are easy or repetitive. A study by Deloitte suggests that companies that are “mission-driven” enjoy levels of innovation that are 30% higher than average; as well as employee retention that is 40% higher.
[vi] A bored employee is likely to quickly look elsewhere. Ensure that you can offer candidates jobs with plenty of responsibility and challenge, potentially with bonuses for achieving certain targets. If these benefits are highlighted in job descriptions, the vacancy is likely to attract motivated individuals.
Employ a specialist recruitment agency
Aston Charles is a recruitment agency specialising in the financial services and general insurance sectors. As such, we benefit from a large pool of candidates with specific qualifications and experience as well as a range of additional skills, from technological proficiency, to customer service skills and management expertise. Aston Charles invests time in developing relationships with both employers and candidates. It is a priority for us to be very clear about our clients’ requirements, so that we are able to identify the top talent for each job. In addition to our very personal approach, we also utilise market-leading software to assist our candidate matching. We are delighted to have a huge number of very satisfied clients who have benefited from employing the top talent identified by our specialist recruitment services.
[i] Christensen, R., 2017. Benchmarking Talent Acquisition Trends. Tulsa OK: Career Development Partners.
[ii] Paula Parfitt. 2018. Top Ten Ways to Boost Talent Acquisition in Financial Services. [ONLINE] Available at: https://www.europeanceo.com/business-and-management/top-10-ways-to-boost-talent-acquisition-in-financial-services/. [Accessed 1 February 2018].
[iii] Kate Kandefer. 2017. 50 recruitment stats HR pros must know in 2017. [ONLINE] Available at: https://devskiller.com/50-recruitment-stats-hr-pros-must-know-2017/. [Accessed 2 February 2018].
[iv] Kate Kandefer. 2017. 50 recruitment stats HR pros must know in 2017. [ONLINE] Available at: https://devskiller.com/50-recruitment-stats-hr-pros-must-know-2017/. [Accessed 2 February 2018].
[v] Glassdoor. HR Statistics and Best Practices | Glassdoor. [ONLINE] Available at: https://www.glassdoor.co.uk/employers/popular-topics/hr-stats.htm. [Accessed 02 February 2018].
[vi] Glassdoor. HR Statistics and Best Practices | Glassdoor. [ONLINE] Available at: https://www.glassdoor.co.uk/employers/popular-topics/hr-stats.htm. [Accessed 02 February 2018].