We have produced this quarter’s Finance & Accountancy – Financial Services Market Update which contains changes observed, Q3 in-demand skills and successful assignments, latest salaries plus advice to job seekers and employers: VIEW THE Q3 FINANCE & ACCOUNTANCY – FINANCIAL SERVICES MARKET UPDATE
4 Changes You Can Make to Speed Up Your Hiring Process
Professionals are more in the driving seat today than ever before when it comes to choosing their next career move and the company they wish to work for. This is a concern for many employers as they strive to safeguard their high performers and continue to face stark talent shortages. Therefore, it is imperative that Irish organisations adapt their recruitment methodologies to the increasingly faster-moving world of talent attraction and engagement.
Our research found, that the most in-demand talent is snapped up at lightning speed, or they have a wealth of options open to them. It is, therefore, the case that a prolonged hiring process will result in losing out on top performers. Astonishingly, we discovered 67% of employers surveyed last year lost out on talent to the hiring process and on the flip side, 51% of professionals surveyed admitted they lost interest in the role due to the lengthy interview to hire process.
Here are 4 changes you can make to speed up your hiring process:
Develop a recruitment marketing strategy
Most companies are sure to have a marketing plan to push their products, but many may not see the equal relevance in having a recruitment marketing strategy. Building a recruitment marketing plan is a key factor in preparedness. According to an article in Entrepreneur, the plan should “define the ideal candidate profile, the desired deadlines, and the activities needed to hit your goals.” Short term marketing tactics should then be implemented such as promoted digital adverts targeting talented professionals on LinkedIn, or creating high converting landing pages that clearly articulate the desired skills, the company culture and perks. This can be further enhanced through the longer-term development of a complete employer brand which would include the development of a unique Employer Value Proposition (EVP), talent attraction campaigns, career websites, social recruitment solutions and employee referral solutions.
Develop your own talent network
Develop and maintain relationships with high calibre professionals that show interest and interact with your company. Keep in touch with past interviewee’s who are high performers yet weren’t entirely suitable for previous roles in your organisation. Maybe the person was overqualified for the position on offer, or something fell through at the last minute. This is a good way to ensure you have a pipeline of interested talent you can reach out to when the requirement arrives.
[pullquote align=”right” cite=”” link=”” color=”” class=”” size=””]A good way to ensure success in anything is to make the most of the knowledge, experience and expertise of others. The same principles apply when it comes to building your recruitment strategy.[/pullquote]
Streamline hiring processes
There has been a striking upward trend in the time that is required for job interview processes in recent years. For example, many businesses took their time with the decision making process in the recession years as they were selective about candidates ticking all the search criteria and subjected applicants to multiple interview rounds. This process is no longer proving effective in the long run and employers risk losing talent with lengthy interview-to-hire processes. Though employers realise they need to move quickly, they must take care to choose the correct candidate who will thrive in their organisation. Companies need to have key decision makers involved in the recruitment process early on will be the key to securing the right candidate, as well as moving the interview process quickly once it has commenced.
Partner with a recruitment agency
The best recruitment agencies will have their finger on the pulse of their specialist markets and can give the hiring company immediate insight into what is happening. They should know the available talent, where they are and how to connect with them, current market salaries, career expectations, available skill-sets and current hiring complexities. If other companies are struggling to find the same talent as you, they should be able to advise on innovative, alternative means to acquiring the hard to reach talent. The best recruitment agencies will act as partners and collaborators, and should still be your eyes and ears in the market.
Every business is different and each will have its own challenges when it comes to finding the right recruitment strategy for their business, but one thing remains apparent – it’s never been more important to have an effective strategy in place.
For more recruitment insights and hiring strategies, download our Salary & Employment Insights Survey 2017 – Survival of the Quickest.
Our Insurance team have produced this quarter’s Market Update which contains changes they’ve observed,Q3 in-demand skills, future predictions, salary tables and their advice to job seekers: VIEW THE Q3 INSURANCE MARKET UPDATE
The Lincoln Recruitment Salary & Employment Insights Survey 2023 is now live! This survey will take you no more than 4 minutes and your input will contribute to our Salary Guide 2023 being as comprehensive and accurate as possible. Not only that but if you take the survey you can enter a draw to win … Continued