Advice on recruiting in a frenzied market

April 12, 2022

This is possibly the fastest moving market we have operated in, and it is more crucial than ever that firms develop a robust talent attraction (and retention) strategy. Here are some key points to consider:

We are in the middle of an intense war for talent. It seems like every industry is struggling to attract staff, whether because of growth, or because of the pandemic, and also now the cost of living crisis, are causing workers to evaluate their lives, relocate, retrain or retire early. Salaries are increasing, offers and counter offers abound, and good candidates are snapped off the market at pace.

Increasingly, deals are also falling through as both candidates and clients change their minds or receive better offers elsewhere, creating a very difficult market for firms to recruit in on multiple fronts. This is possibly the fastest moving market we have operated in, and it is more crucial than ever that firms develop a robust talent attraction (and retention) strategy. Here are some key points to consider:

Speed is crucial

There was a time when taking several months to complete a recruitment process was doable, but that is certainly not the case now. A few weeks after applying for a role, most candidates will have received offers elsewhere, and will be under pressure to accept these. A slow process is likely to mean finishing with a different set of candidates than those you started with, as those disappear, resulting in both missed opportunities and wasted time.

We tell clients this time and again, but cannot stress this enough: at the moment, time is a recruitment luxury you don’t have.

Create an expedient but solid process

Speed does not mean reducing the quality or diligence of your processes. You still need to assess the candidates thoroughly against your requirements and company culture. This is obviously important in terms of finding the best candidate, but a solid process also helps with integration and retention once the new hire has started, increasing the chances of a successful hire.

Interview processes can be multiple stages, sometimes with business plans/presentations or assessments and tests. However, what you don’t have, is the luxury of spending several weeks deliberating between each stage. This is also a good time to weed out unnecessary steps in the process, and to streamline internal communication lines. As always, good communication and managing expectations is key throughout.

Use technology

Video interviewing is your friend, especially in the early stages. Video interviews are easier to arrange, require less time and effort from all parties, and enable people who might not be in the same location to conduct interviews together. Most firms now leave face to face meetings to the final stage, which is a sensible choice.

Hybrid working policies matter

Flexibility is the key word among candidates now, and one of the first questions we are asked. Firms who get ahead of the curve and commit themselves to clear policies have the edge. One size does not fit all – for both candidates and employers – and not every firm will offer hybrid working or four day work weeks. The key thing here is to have clear policies that set expectations, and outline what the working culture is and what candidates can expect if they join. Whilst it is increasingly important to make this attractive and to revaluate working practices, there are many ways to provide a good working environment.

Advertise your benefits

Having a fantastic hybrid working policy or outstanding benefits is of little use in the recruitment process if the candidates don’t know about it. These are all selling points, and should be clearly advertised in ads, on your careers page and through your recruitment partners.

Start onboarding early

The period between offer and start date is increasingly perilous, and we have seen many firms lose new hires even after contracts have been signed. However, there is a great deal you can do to ensure your new hire remains engaged and excited about their move. Keeping in regular touch, include them in social events, and make use of technology to ensure they feel loved and know what to expect. Technology such as Green Room Onboarding can also help.

Put efforts into talent retention!

Look after the staff you already have. Retaining the talent already in your ranks is perhaps even more important than attracting new talent. Evaluating working practices and creating flexible working policies are part of this, as is pay rises in line with the market, but perhaps most important is looking after staff morale. A lot of people have struggled over the last few years, whether from the isolation of home working or general burn out, and we are, as a nation, tired. Staff need to feel engaged and appreciated, or they will start looking towards the door.

About Fram Search

Established in 2010, Fram Search is a specialist financial services recruitment consultancy. We focus on mid-to-senior hires in the UK and internationally.

We provide high quality contingent and retained recruitment services to boutiques and global brands. We have long established relationships, outstanding market knowledge, and access to deep talent pools. Fram takes a highly consultative approach, combining outstanding tech with a human approach. We are proud that our contingent fill rate is nearly three times the industry average and we augment our retained search methodology with rigorous psychometric testing. We take ESG seriously, we are champions of diversity and all staff have undertaken unconscious bias training. We also carbon offset.

Please contact us on 01525 864 372 / [email protected] to learn more.