The Power of an Ongoing Talent Acquisition Strategy for Service-Based Firms
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:
In the fast-paced world of financial services, which are service and therefore talent based, firms face fierce competition in attracting and retaining top talent. To stay ahead, traditional recruitment methods may fall short. In order to secure the best candidates, who can drive their organisations forward, financial services leaders must embrace an ongoing talent acquisition strategy by partnering with experienced search partners.
Service-based firms, unlike product-based businesses, rely heavily on the expertise and skills of their employees to deliver high-quality services to clients. The old expression that your “assets leave in the lift in the evening, and you hope they come back in the morning” is so true. Therefore, having a continuous and proactive approach to talent acquisition becomes crucial for their success. Top talent, sought after by numerous companies, is often not actively seeking new job opportunities. These individuals are typically content in their current roles, making it challenging for service-based firms to identify and recruit them. However, with a focused and continuous talent acquisition strategy, firms can engage with passive candidates, effectively showcasing the opportunities and benefits their organisations offer. Building relationships with top talent over time, and it can take years in some instances, increases the chances of securing their interest when the right opportunity arises.
Developing and executing an effective talent acquisition strategy requires patience and dedication. It is not a quick process, but rather an investment that yields long-term benefits. Rushing the process may result in subpar hires or missed opportunities. By recognising the time investment required, service-based firms can develop a comprehensive strategy, which allows them to attract and retain the best talent over the long term.
Business leaders often find themselves juggling multiple responsibilities, leaving limited time and resources for talent acquisition. Building a successful internal function is hard, it ties up cash, takes time, and is hard to manage during downturns. Some firms of course do it very well, but for many outsourcing to a specialised search partner is a good solution. By partnering with an experienced headhunting firm, business leaders can focus on their core operations while leveraging our expertise and industry networks. This collaboration ensures a more efficient and targeted talent acquisition process, increasing the likelihood of finding the right candidates.
A skilled search partner brings invaluable insights into refining the firm's offering and messaging to the market. By understanding the unique selling points of the firm and its culture, the search partner can effectively communicate these attributes to potential candidates. Moreover, they can help the firm refine its benefits package, ensuring it aligns with the expectations of top talent. A collaborative partnership with a search firm enhances the firm's overall employer brand and strengthens its position as an attractive employer within the financial services industry.
Drawing upon our 20+ years’ of experience in selecting top talent, our financial services headhunting business offers a vast network and refined selection process. Clients can benefit from our expertise by leveraging our IT stack and networks, and gaining access to a broader pool of qualified candidates. By piggybacking off our resources, service-based firms can significantly enhance their talent acquisition efforts, increasing the likelihood of securing top talent that aligns with their requirements.
Regardless of business cycles, the “war for talent” is on going and real. Management teams need time away from day to day operations to think about how they will attract the rainmakers of tomorrow.
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 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.
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