How to attract top financial services talent
Job interviews are an important opportunity not only for candidates to impress potential employers but also for companies to leave a lasting impression on top talent.
Why then, are top financial institutions not putting more emphasis on the hiring process?
Other than reading up about corporate values and cultural aspirations, this is an important opportunity for top talent to assess whether current employees live these values, or whether they are simply statements designed by the firm seem in touch with what a modern workforce looks for.
Here are some comments we’ve heard from unimpressed candidates following their interviews at financial institutions:
“The interviewers were twenty minutes late…”
“Interviewer A couldn’t make it so someone else came to meet me…”
“An urgent deliverable/meeting came up so they had to postpone my meeting but I wasn’t told until I arrived…”
“The interviewer was on their phone throughout the meeting…”
“Something urgent came up and the interviewer had to leave early…”
“The interviewer hadn’t reviewed my CV and/or wasn’t too certain of the position…”
“I interviewed over a week ago and still haven’t had any feedback…”
“I never heard anything after I interviewed…”
These experiences can leave lasting impressions.
Obviously, new priorities can arise at any time, but everyone knows a few bad reviews can kill a business, as unfortunately, bad news travels fast!
Imagine if the roles were reversed and a candidate behaved this way and expected to be hired. Why are hiring managers surprised when candidates don’t want to go forward for their opportunities? Don’t forget, a candidate doesn’t know about the amazing team and the fantastic work they’ll be doing, they know the people they are meeting.
The best way to ensure top talent joins you is to showcase the best and the brightest throughout interview processes. The effects strong leaders can have on people is well documented and there is much anecdotal evidence of people choosing one firm over another based on the direct manager, or the culture that is instilled in a team from the top; we know of one relatively junior candidate choosing a role paying $20K less than another based on the leadership and team differences.
Of course, at different career stages priorities vary and flexibility, salary, and other factors are of consideration but a clear determinant of motivation in early careers is the learning and development that one can have access to.
Where does this come from…? Leaders!
Financial institutions will continue to be key organisations within the Australian economy, but if they are to drive industry-leading initiatives globally, and more local ideas, they must employ the best. If talent is to thrive within financial institutions in an ever-progressing technological world, it is so important for organisations to prioritise the hiring process.
How can financial services attract top talent?
Make sure the most inspirational leaders and team members at the relevant levels are brought forward during interviews;
Ensure the company has a strong value proposition versus its competitors and other industries;
Make sure employees at all levels are engaged and prepared to meet their potential peers and teammates;
Give timely and detailed feedback (even the constructive stuff) to all candidates, not just successful ones;
Ensure a consistent message is delivered to candidates throughout the hiring process about the job itself and the organisation;
Be able to sell the positives and future potential of this opportunity.
Obviously, this article is written by a recruitment business which has an agenda in ensuring clients present the right way and bring on the best people, but nothing is more frustrating when hiring managers ask:
“Where is all the talent?”
Yet they have found a way to alienate the stronger performers in the market.
We'd love to hear what your experiences have been in the comments below..... the good, the bad, and the ridiculous!
Of course, if you are a high performer looking to move into or find a new opportunity within Financial Services, or just interested in understanding the market better then please do get in touch…..