Who wins the war for talent?

Competition for talent is significantly hotting up. Such is the speed of evolution of regulation and control, and such is the pressure to deploy solutions, that home-growing experience is simply not an option. But all firms have the same challenge, so how do you attract the few experienced people in the market, without driving salaries through the roof? When you find a talented person that you want to hire, can you close the deal? Failure is costly.
Firms that are winning use the following strategies. We’ve outlined these in previous posts but re-emphasise them here because no company can afford to underestimate their importance.
  • People buy people – money, reputation and brand name are not everything. Candidates who receive multiple offers from prospective employers will often make their choice based on the quality of the people they meet. The interviewers' attitude and approach could make or break the deal, so involving the most passionate, impressive employees in the interview process will provide an edge.
     
  • Employer value proposition – it’s jargon that is not broadly understood or translated by non-HR interviewers, but a key part of effective hiring is ensuring all internal interviewers can tell an interviewee how the specific division, department, and team that they will join, is going to is add value to them and their career. This makes an impactful and meaningful addition to holistic firm-wide EVP statements.
     
  • Rapid processes can still be robust – the quality bar is not being lowered and assessment is key. But many candidates disengage if a process draws out over a long period of time. Also, many job seekers remain open to alternative opportunities right up until signing an offer letter despite providing a ‘verbal’ acceptance. And the reality is that distasteful though it is, recruiters who aren't handling your assignment often encourage this. So it's important not only to reduce the interview process time, but to work on minimising the time from verbal offer to the production of paperwork.
     
  • Employer brand protection – it is critical to ensure that any candidate applying and interviewing with the company is dealt with courteously and professionally even if they don't receive an offer. Positive PR is a powerful tool in the candidate world.
     
  • Senior stakeholder engagement – delegating coordination of the briefing and interviewing process is often necessary but enabling open communication between the external recruiter and a senior decision maker from briefing stage right through to offer stage greatly improves success levels.
     
  • Beware of ‘buy back’ – employees who accept counter-offers from their current employer are often back on the market within six months, but nevertheless, most companies will try to persuade good quality employees to stay. As the hiring company, even if you think you have closed the deal, maintaining communication and contact can mitigate the risk that whilst on notice period, your future employee is persuaded to stay put.
To speak to someone about your banking and financial services recruitment process, get in touch with Simon Lindrea.
T: 020 7776 5959
E: simonlindrea@michaelpage.com