Retaining and Exclusivity in a candidate short market

Simon RoderickResources for hiring managers, Talent retention and management

Retained search & exclusivity in recruitment

Retaining and Exclusivity in a candidate short market

In theory, working with multiple recruiters should widen the talent pool and increase your chances of success, but the truth is it often does the opposite – when you chase two rabbits, you often catch neither.
In hiring, when you chase two rabbits, you often catch neither.
According to GetApp Uk, 92% of HR professionals believe the UK has a skill shortage. 24% of business think this has cost them up to 20% in lost revenue. The government under Boris Johnson championed more training, but recent research by the UK government shows that financial services has one of the lowest investments in employee learning and development. Fram focuses on hiring mid-to-senior industry professionals within financial services, and in my 20+ years in the financial services recruitment industry I’ve never seen such a skills shortage.

The skills shortage in itself would be a challenge, but add into this that many firms have undergone expansion and have taken the opportunity to implement new initiatives, and it means businesses are very stretched. None more so than Human Resources and Talent Acquisition teams, who are coping with BAU and a whole host of new business challenges and projects.

We talk to managers who feel that internal Talent Acquisition isn’t working for them, and to Talent Acquisition teams who are working 24/7 to support their businesses. People in these teams are typically driven individuals, who are very service driven by nature, and they are very uncomfortable not delivering for their hiring managers. So what do they do? They are human and, in many cases, they panic, and open the role to multiple recruiters. In theory this should widen the talent pool and increase their chances of success, but the truth is it often does the opposite – when you chase two rabbits, you often catch neither.

Recruiters invest more into clients who invest in them. Our track record in retained search or exclusive contingent mandates is excellent, and I think most professionals in our industry see their fill rates improve enormously with these arrangements.

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What’s in it for the client though? Well as mentioned humans invest more in people who invest in them. It’s unattractive commercially to be one of a panel of recruiters, and we try to avoid these sorts of agreements. However, what you should get from an exclusive relationship is a deeper dive (a very deep dive on retained search) into the market, a recruitment partner with more time to review and assess candidates, help in defining your firms USP’s,  the option of video shortlisting and testing, your brand represented consistently by one knowledgeable professional, and a more co-ordinated interview process. Candidates also feel the experience is better and understand the importance your organisation places on the role (which is important in attracting top talent). Again, human nature plays a part and any Consultant of any reputational standing, will work tirelessly towards a positive outcome for their client. You invest in them, and they invest in you.

Of course, there is more to it than the points mentioned above. The recruiter’s process is a huge part of a successful outcome, their ability to engage with market participants and to get top talent to talk to them is key. However, you are almost universally better off working with a recruiter on this basis.

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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