As a business owner in the financial sector, you will have witnessed the number of positions available in the sector currently outweighs the number of qualified candidates. As the financial sector has grown rapidly over the 2020s, and the demand for top-performing candidates has become widespread, business owners have had to put extra effort into ensuring their entire offering stands out in the overcrowded market as the most favourable.
Top Candidate Demand
When you plan on offering a top candidate a position, but discover that another offer is already on the table, it can raise concerns about where allegiances are or if your offer is acceptable in comparison.
This can lead to many recruiters wanting to speed up the hiring process and asking the candidate to hold off on the other offer, which is not ideal for either party. Other recruiters take a less reactive approach. The unfortunate truth around top candidates being in such high demand can leave you disheartened and frustrated if another position offers that little bit extra that seals the deal.
The best course of action is not to be hasty and put forward a competing offer or speed through to the next phase. Investing time and energy into the right candidate is key to them being more interested in joining your team.
Honesty is the Best Policy
When hiring a top candidate, you need to consider where that candidate sits in the hiring process. You may have multiple rounds of interviews and the candidate may seem disengaged. If that is the case, you should avoid wasting more time if you believe they have no intention of joining your company or seemingly using your process as leverage for a firm they want to join.
If your top candidate has reached the top of your list and the end of the interview process, take the time to ask them some honest and open questions about where they stand with the company ranking in their decision, whether their compensation meets their requirement, and if they have a deadline on any competing offers. An open and honest conversation can help you dictate if the process is worthy of being sped up.
Working with Specialists
At Imperium, we always take time to understand our candidates, their motivation, and their expectations of salary from the very beginning of our process. The more we know about our candidates, the better management of expectations between them and the employer, enabling communication and fewer instances of additional offers being the better avenue.
Contact our team today to find the top candidates for the financial sector and avoid the rush.