Top 9 Ways to Pick Your Next Financial Talent
It’s not easy to seek out the best financial talent today.
However, if you fail to spot the right candidates, your firm runs the risk of needlessly overspending and wasting resources across the searching and recruitment process.
To find top talent, Molly Evans, an administrator for StellarSelect.co.uk, suggests switching to these creative strategies:
1. Interview first before relying on an algorithm
Companies make use of computers in candidate selection to remove bias from the equation. However, algorithms are not yet that sophisticated to gauge important human traits like influencing skills. Such limitations are probably why big companies like Amazon have temporarily suspended their online recruitment platform. So consider interviewing some of the applicants before letting the algorithm eliminate them.
2. Don’t limit the interview with questions
After selecting a group of potential candidates, your next step is probably to ask standard sets of questions. However, don’t stop there. Aside from asking them about their work experiences, you can ask them to demonstrate their skills.
For example, you can set a scenario where they have to advise clients about their mortgage needs. See what strategies and ideas they come up with on how to meet the client’s needs. Such an assessment can tell you right away if they will be a valuable asset for your company.
3. Consider the talents working for you in the long term
Hiring the best talents is hard, but retaining them is harder. Many top performers are aware of their skills and abilities. Keep in mind that high salaries are not enough to keep them. Instead, you can give them:
- Opportunities to showcase their talents
- A chance to participate in your company’s growth
Also draw attention to their current role’s importance and status, as well as possible promotions or greater responsibilities for staying with your company.
4. Pick people who are willing to learn
Changes in an organisation’s structure are inevitable. You’ll need people who are agile, excellent communicators, and willing to collaborate. You’ll also need people with a creative mindset who can innovate and adapt. You’ll need candidates that are:
- Able to handle failures
- Adapt quickly to change
You can learn these qualities by making your interview questions detailed and specific. For example, you can ask them how they would handle a lost account.
5. Hire people from your community if possible
One of the best places to start looking for potential employees is within your community or industry. You can do this by reaching out through:
- Sponsorship of professional development events.
- Selecting some of your current employees to share their career paths and reasons why they continue to work for your company.
- Helping candidates learn about the company by letting them see or meet the organisation’s leaders.
6. Get thinkers not taskmasters
Successful candidates know how to delegate tasks. However, if you want your company to grow, you’ll need thinkers. They are the people who are always asking ‘why?’, pushing for quality and efficiency. If implemented correctly, they can change the company’s culture for the better. Consider encouraging and supporting these kinds of talents. You may have to adjust or change the old ways but this is a small price to pay for raising your company’s competitiveness.
7. Get referrals
There are advantages to getting referrals both from within and outside your company. Your staff will usually refer you to top performing people rather than underperforming ones. Consider providing incentives to your current employees for their referrals. Outside the company, you can look for job candidates from financial recruiters like StellarSelect.co.uk.
8. Develop talents for the job
Finding and hiring the best people isn’t cheap and could take time. So why not try to develop those talents within your company? Consider investing in your employees through training, coaching, seminars, and workshops. Also, don’t forget to give them continuous feedback to sharpen their abilities. By recruiting the best talents from within, you could boost loyalty and productivity in your company.
9. Use trial periods
If it’s possible, you can ask potential employees to undergo trial periods first. Once they’ve passed, you can then choose to offer them full-time work. Trial periods are like internships except that the pay is better with more serious work responsibilities. You can run it for several weeks or months – just enough time to assess their performance.
For example, you can get the candidate to start by assisting or handling minor client accounts. During that time, you will be able to gauge their attitude and skills for the job. It’s also important to pay the candidates fairly to avoid any legal and moral complications.
CVs and algorithms are useful for providing a list of skills. However, to build a great team of talent, you need to ask more than routine questions. Use the interview to learn how they work based on their skills and capabilities. By doing so, you’ll know that you’ve found the right people. Remember also to cast your recruitment net wide to increase your opportunities for finding the best-skilled people. This means maintaining links with your industry and community and using incentivised candidate referrals. Follow all these strategies and you’ll be in the best position to encourage top talent to beat a path to your door.