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5 Strategies for Success - Hiring Processes In Financial Services

Posted on November 2023

Two professionals shaking hands concluding an interview

​Hiring in the field of financial services can often entail a lengthy and intricate interview process, comprising of initial telephone screenings, psychometric testing, face-to-face interviews with hiring managers, and on-site visits. To ensure the attraction and retention of top talent, it is imperative to streamline and engage in the interview process effectively.

Here are five indispensable tips for employers, hiring managers, and HR professionals to adhere to when interviewing prospective candidates:

Be Present

When interacting with potential candidates, it's not just about evaluating their skills and qualifications; it's also about showcasing your organisation's culture and values. Instead of solely focusing on technical questions during the interview, take the time to engage candidates on a personal level. This could involve asking about their hobbies, interests, and career aspirations.

By doing so, you create a more human connection, which can be crucial in establishing a positive rapport. Furthermore, sharing real-life examples of the day-to-day experiences within your team and detailing ongoing projects can provide valuable insights for candidates. While technical proficiency is essential, maintaining a conversational and relatable approach demonstrates that your organisation values both hard skills and interpersonal compatibility.

Be in Sales Mode

In addition to indirectly selling your team and role through your actions, consider explicitly communicating the exciting opportunities that come with joining your organisation. Share why you personally chose your current position and what you find appealing about your company and team.

It's essential to make your message relatable to the candidate's situation. Explain why the role you're offering is not just a job but a valuable career move. Highlighting your organisation's culture is equally important. Besides the typical job responsibilities, spotlight the aspects that make your workplace unique, such as company sports teams, social clubs, philanthropic initiatives, or sustainability efforts. In today's highly competitive job market, these cultural elements can be the differentiators that attract top talent.

Be Positive

Creating a positive candidate experience is paramount. Even if a candidate isn't the perfect fit for your team culturally or for the specific role, treating them with professionalism and positivity can have lasting benefits. Remember that candidates may have wide networks of professionals in similar fields.

Ensuring they have a positive experience during the interview process increases the likelihood that they will refer others to your organisation. This helps to maintain your company's reputation in the market and reflects positively on your personal brand. Furthermore, in a job market where candidates often have multiple options, any doubts about their experience with your organisation could lead them to pursue opportunities elsewhere.

Be Flexible

Adopting a flexible approach to hiring can yield remarkable results. There are situations in which a candidate may not neatly fit into predefined roles or meet initial expectations. Still, their distinctive skills or perspectives have the potential to significantly enhance your team or organisation.

This flexibility becomes even more crucial when dealing with candidates for senior roles. Keeping an open mind and exploring the option of further assessing their capabilities or even creating a new role tailored to an exceptional candidate can prove to be a strategic and advantageous move. By doing so, you can retain top-tier talent and deter them from considering opportunities with competitors.

Be Decisive

In today's fiercely competitive job market, speed is of the essence. While it's crucial to keep candidates engaged, any delays in the hiring process can cause them to explore other opportunities. Providing timely feedback, particularly when it's positive, is essential to maintain momentum and demonstrate your organisation's commitment.

Additionally, expediting approval processes, even if they involve bureaucratic hurdles, can prevent unnecessary delays in hiring. Being competitive with your initial offer is crucial as it immediately captures the candidate's attention and reduces the need for lengthy negotiations, making your organisation more appealing.

By incorporating these detailed strategies into your hiring process, you can enhance your ability to attract and secure top talent in the financial sciences & services industry, ultimately strengthening your organisation's competitive edge.

To find the best candidate for your open position, contact Selby Jennings today. As a specialist talent partner in financial sciences & services, we have access to top-tier talent from around the world.

Discover the talent you need by submitting your job vacancy, or request a call back below to discuss hiring challenges.