One major problem that many big firms face is a slow recruitment process. Hiring is no longer a case of putting an advert in the newspaper and waiting for replies. Technology has now advanced to such a point that most people will start their job searches online. In the age of the internet, being fast is key when it comes to hiring talented workers before they can be poached by another company, especially as the number of online job seekers has doubled since 2005.
To gain the edge when it comes to speed, update your hiring process so you can move quickly and smoothly through the process, therefore hiring the people you want rather than the only people who are available.
Market your brand
What type of individual do you seek to recruit and is your brand in line with these expectations? Given that employers with a strong employer brand drive twice the amount of applicants per job compared to other companies, it’s clear this should be a top priority for hiring companies.
Financial advice firms should therefore try and cultivate an attractive employer brand. Social media can be a valuable tool for reaching out to potential candidates, as well as developing a reputation as a thought leader.
Use platforms such as Twitter and LinkedIn, as well as your website, to show off your company culture and values, and post relevant and interesting industry news. If you have time, make videos showing what life is like in the office, or what a day in the life of an adviser is like. Make people want to work for you: connect with them. Consistency is key across all forums.
Highlight the journey
When people join a company, they want to know where it’s going, and what part they’ll play in that journey. Candidates who feel like they’ll be playing a significant role in contributing to a company’s future will be much more likely to apply to that company. If they don’t feel invested, then what incentive do they have to stay?
It’s all a part of employer branding. Tell your candidates and staff about the journey the company has been on, where it’s going, and how they will contribute to that company journey.
Show room for development
Many major firms such as HSBC or John Lamb offer their employees career development strategies that let new recruits climb the ranks and gain responsibility over time. Hiring a new recruit is all very well, but putting career development strategies in place that encourage performance and reward good work is an investment that will not only attract candidates but ensure that they remain in the business for much longer.
Given the high intake of millennials, only 10% of whom in financial services plan to stay in their job for the long term, it’s important you don’t take this lightly if you want to attract and develop the next generation of talented advisers.