Effective recruitment practices are crucial to the success of any business, but it's especially critical in the finance sector where the competition for talent is higher than ever. As technology continues to transform the industry, it's vital organisations stay ahead of the competition and attract the best talent. 

The Changing Landscape of the Finance Sector

The finance industry is rapidly evolving, with new technologies and innovations transforming the landscape. In addition, new competitors are emerging, making it increasingly difficult to attract and retain top talent. In this changing environment, organisations must be prepared to adapt their recruitment practices to stay ahead of the curve.

One of the most significant changes in recruitment practices for the finance sector is the use of technology. Leveraging the power of applicant tracking systems, geofencing, employer value propositions and social media platforms such as LinkedIn are crucial to identify and connect with potential candidates, rather than relying solely on traditional recruitment agencies and career fairs.

Here are some tips on how organisations should adapt their recruitment practices in the finance sector to remain competitive:

1. Utilise an effective Applicant Tracking System

It's vital to keep candidates engaged throughout the recruitment process and utilising an effective Applicant Tracking System (ATS) will be the simplest and easiest way to do so. A good ATS will allow you to keep track of every candidate at every stage of the process, as well as communicate effectively with them throughout. 

Whilst you can purchase an ATS as a stand-alone system, they can be expensive, so it's worth looking at other more cost-effective options. For example, we provide a free state-of-the-art ATS with every credit purchased. 

2. Incorporate digital platforms:

Social media and digital platforms such as LinkedIn can provide a wealth of candidate information, including work experience, skills, and education. By leveraging these platforms, you can identify high-quality candidates and engage with them directly.

However, this can be time-consuming for HR teams or hiring managers, so engaging a candidate attraction business such as ourselves will help to speed up this process significantly. In addition, a dedicated candidate attraction business will create much more outreach beyond just LinkedIn, including promoting your role on all the main job boards as well as the niche finance sector ones.

3. Ensure a clear and strong Employer Value Proposition

Having a strong employer brand is key for attracting top talent in the 21st century. Candidates want to know who they are applying to and will often undertake research on your brand before applying. This may include sites such as Glassdoor where existing employees can leave reviews. 

So make sure any adverts you publish are branded to your organisation as this will significantly increase the quantity and quality of applications - by as much as 40%. In addition, make sure your advert is engaging and tells finance candidates why you're such a great company to work for - not just a dull job description. Why should top talent want to work for you and why is the opportunity such a great one? 

4. Focus on candidate experience

With the competition for top finance talent, ensuring that candidates have a positive experience during the recruitment process is crucial. This includes timely communication, clear expectations, and a streamlined recruitment process. A positive candidate experience can differentiate your organisation from your competitors.

5. Retention

The focus on recruitment must also be complemented with retention efforts. It is important to provide an engaging work environment in which finance professionals can thrive and develop their careers. Offering opportunities to enhance their skill sets and providing a clear career roadmap can be key to elevating your organisation's status as an attractive employer of choice, as well as reducing the need to recruit in the first place. 

Summary

Similar to many other sectors, the finance sector must adapt their recruitment practices to ensure that finance organisations are able to attract and retain top talent. By staying up-to-date on changes in the sector, embracing digital platforms and solutions, and focusing on the candidate experience and retention, finance organisations will identify the seemingly elusive successful talent amongst a highly competitive hiring environment.

About Us

At Hiring Wizard, we have over a decade of success delivering optimised, fully branded recruitment campaigns using the very best job boards, achieving significant recruitment cost savings for a variety of businesses across the UK. 

Put simply, we are brilliant at targeting and attracting the right candidate(s) for all kinds of vacancies, delivering excellent hires for a fraction of what you might pay to a traditional recruitment agency. We utilise a state-of-the-art Applicant Tracking System and have even helped our clients with their Employer Branding and dedicated careers microsites. 

So if you’re struggling to attract the right talent from your job adverts or a recruitment agency, why not give Hiring Wizard a call on 0161 696 8899 or drop us an email at info@hiringwizard.co.uk? Our dedication to ensuring our clients’ adverts are seen by the best talent means we can deliver much more diverse, quality, and quantity, of candidates.