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With different possible career paths, the financial industry has always been driven by the demand for niche specialists. From forecasting profits and losses to managing buyouts and restructuring, each financial job requires specific knowledge and expertise.
Doing financial staffing, you must understand the industry’s diversity to find someone who will be a perfect fit; In financial recruiting, the candidate’s competence is not the only challenge. Here are the main two challenges any staffing firm needs to look out for.
Financial Recruiting Main Challenges
- Few applicants have the exact skills and experiences you are looking for. Keeping in mind the sector’s uniqueness, a recruiting agency must focus on finding a candidate who can carry out very specific projects. With new tools and software, any recruitment firm needs to find an applicant who can do more than just crunch numbers.
- Talent shortage. The Bureau of Labor Statistics lists the unemployment rate for the financial sector at 2.2%, which is below the overall unemployment rate. There is a high demand for finance professionals and few people to fill the roles. In the financial world, temporary staffing is out of the question.
A consulting firm Moss Adams calculated that the industry could face a shortage of over 200,000 advisors by 2020. Considering that only 5% of financial advisors are below 30, the number of professionals will likely continue to decline, making recruiting for financial services even harder.
Tips on Finding Your Perfect Financial Specialist
A limited talent pool makes finance recruitment a challenging task. However, there are ways to make the process smoother and faster.
- Write Precise Job Descriptions. To attract the right type of financial specialists, write detailed job descriptions. To save your (and applicants’) time, mention all the necessary technical and niche skills right off the bat. But do not be too demanding. Even the most promising applicants may need additional training.
- Offer Competitive Salaries and Learning Initiatives. The financial industry is a very competitive space known for its high salaries. However, a competitive salary is just a part of the equation. If your company has professional development initiatives, leverage it to appeal to your perfect hire.
- Do Not Overlook Fresh Graduates. The best source of new recruits is colleges and universities. Of course, graduates need training and mentorship, but quality apprenticeships are one of the best ways to build strong professional profiles. After the training, you will get a competent employee who has the right skill set.
- Utilize Every Possible Channel. To find a candidate in a limited talent pool, you need to use every available tool. Job boards, social media (LinkedIn and even finance-related Reddit threads), career conferences and old databases – all these channels will come in handy. The number of financial specialists is scarce, so look for them everywhere you can.
- Build a Quality Career Website. Your career website is a sneak peek of your corporate culture. Show that your company cares not only about long working hours but also about its most valuable asset – employees. These days, people do not join companies just to be paid. They want to have a decent working environment where they can grow personally and professionally.
Reach Out to a Professional Employment Agency
If the recruiting process came to a standstill, there is nothing wrong with reaching out to a professional service that has an extensive database of financial advisors. They will match your needs with potential candidates’ skills and take the process off your hands. Oftentimes trusting a team of professionals is the best option.
Marketing recruitment agency can be the best option for your business as it enables you to get the best talent for any kind of job without the need of investing your valuable time, money and efforts because the professionals of the agency will work on your behalf so that you can concentrate on other business activities. The specialized expertise of the agency will be in your favor as the professionals will take all the responsibilities for looking for people for the job and you will not have to worry about selecting, short listing, training or recruiting people as all these tasks will
be performed by the agency.
The primary objective of any business is to sell the products and services to the customers for that you will need marketing professionals and when you hire the best marketing recruitment agency, you will be successful in getting candidates who will fill the positions in a perfect manner. Hence you will need to know Ho to find the right marketing recruitment agency in London so that the goals and objectives of your company will be fulfilled. Regardless of the kind of marketing professionals that you need for your company, you can always seek the assistance of the agency where you will get the widest variety of professionals who will help you match the talent that you are looking for. The professionals of the agency will give you insights and perspectives on the market as they have global networks of contacts for helping you get the right candidates who will help you fill the gap for getting the marketing professionals. If you are a B2B business or B2C business, you can seek the assistance of marketing recruitment agency as they have market knowledge and up to date information about the current affairs, developments and latest news. Hence it can of great help for you as you will get guidance and assistance through the entire process and will also advice you regarding any procedures that are needed for recruiting the right person for the job positions.
When you hire the right marketing recruitment agency in London, you will also be able to reduce the time for hiring candidates for the job that is done with the help of strategies and techniques with the help of technological innovation in the field of recruitment field. It also helps you get better quality of hire because they have a large data base that is considered as the base for getting a pool of candidate that will make it easier for you to get a wider selection of employees for the job.
Selecting a recruitment agency is vital for job seekers and employers. A company that decides to outsource the search and selection process should look into costs, reputation, practices and policies of employment organization. For a job seeker the same factors are important, and you must select an agency that appreciates your unique skills and promotes them. An ideal recruitment agency should match qualifications with skills. Making use of a marketing recruitment agency is an effective method of filling vacancies in the sales and executive department: a good agency has a pool of qualified candidates who are actively searching for a job who have undergone screening so that you only end up with the most promising applicant.
The United Kingdom has one of the largest economies in Europe, with the economic growth being concentrated in London. At the end of July 2018 the UK unemployment rate was at 4%. With this rosy picture,the question is how do you know that you’ve found the best marketing recruitment agency in London?
Various recruitment agencies are geared towards specific occupations. Select a recruiter that has in-depth knowledge in your area specialization.
An excellent recruiter limits their hub to less than ten areas of specializations. This allows them to extensively search for top talent in advance and thus be ahead of their competitors in terms of having a rich pool of candidates.
The agency’s social media presence, website and LinkedIn profile promotes their field of specialization.
Technology has completely revolutionized the recruiting line of work.
An excellent recruiter utilizes recent technology like ATS, email and CRM to make their work more efficient.
They use “old” technology like communicating to clients and candidates through the phone: this helps to establish a good rapport.
More than half the clients and candidates who are the most excellent recruiters emanate from referrals. They place themselves as the best recruiters due to the results they give their candidates and clients. In addition, they have a well thought-out referral procedure and continually request referrals.
4. A good recruiter takes into account a client’s and candidate perspective
The best agencies visualize the services they offer through the eyes of their clients. With this in mind, they concentrate on the needs of their clients and candidates. In other words they don’t sell their services until they have taken their clients through a questioning session to establish their needs.
5. Lasting relationships
Good recruiters build strong association with their clients, often resulting into friendship:
They are respected as experts and are a private sounding board.
They have a discussion with their clients consistently, even if there is no current business between them.
They persuade their clients to share their dreams and personal facts
6. Focus on what produces results
The best recruiters know the importance of practically planning all their outgoing calls and locating new clients. They allocate most of their resources to most of the clients they attract and have not placed, but will allocate little resources to clients they can place.
7. Best recruiters are always on the lookout for new ideas and trends
After earning their professional certification, good recruiter is constantly attending conferences and participating in educational webinars in order to learn and progress. This makes them be in sync with current trends and have a competitive edge.
A recruiter that has been operating for a long time has an established association with employers and thus will have a low turnover.
Most job seekers use recruitment agencies to assist them maneuver the hiring procedure. A good agency will enable you to locate more opportunities and will be a valuable permanent career associate.
When it comes to providing staff for marketing and sales they are the best.
They make it a point to recruit the best talents that would suit the job.
They have a huge pool of talents. Approaching them for the business is the best thing that I did.