4 useful tips for finance recruitment agencies

RecruitmentRecruiting staff in the financial sector and struggling to find candidates to fill your positions? Some financial recruiters are struggling to fill positions, because candidates are rejecting their offers.

A recent survey found that candidates are mostly rejecting offers because compensation is not high enough, they accepted an offer from another organization or they accepted a counter offer at their current employer. Other reasons why candidates are rejecting offers include their spouse not being willing to relocate and that the vacant position’s responsibilities prove to be too much for them.

To help financial recruiters to curb this, we’re offering 4 useful tips for finance recruitment agencies today.

1. Make sure that you are offering a competitive salary for your position: Figuring this out will take more than just doing a salary survey, because that would be too broad based. You’ll have to dig a little deeper and do some detective work. Talk to other recruiters in the industry, look at job adverts on sites like Job Mail, search job forums, Facebook groups and job boards and pinpoint the market rate for the position.

2. Find out what the competition is willing to pay: Finding this out or finding out what a candidate’s current employer is counter-offering could prove to be difficult and could take some more detective work and networking – this information won’t be public.  Another way of handling this stumbling stone is to ask the candidate directly (before you start negotiating with him / her). Knowing what the competition is willing to pay will help you pitch better and how far you may need to move to secure the candidate.

3. Know your candidate: How can you appoint someone if you don’t know what drives him/her in their career? Most of this can be gathered from the interview that you conduct with them. Salary will be a factor, time to commute, ability to work flexibly, attractiveness of the job and the ability to progress in the company. Know this and you can provide additional incentive to the candidate (even if you can’t / don’t want to pay them more) and then focus on what drives them in a non-financial sense.

4. Offer a deferred salary hike: You might not be able to pay quite so what they are asking right now, but once they’ve proven themselves over three to nine months, you may be able to pay much more. Offering hope and the potential of a raise / promotion in the future can be a powerful incentive for candidates. If pitched correctly, this could  rival the higher salaries offered by the competition.

Well, there you have it, 4 useful tips for finance recruitment agencies. If you have more tips that you can add, feel free to comment on this post. Feel free to share this article if you’ve found it useful.

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