With the rapidly changing landscape of the UK to working patterns and candidate availability, it is no surprise that employing those ideal candidates for the financial sector has thinned to the point of major concern.
Organisations have had to up their game in recruitment strategy because of the volume of offers that any candidate can receive at any one time. Employers are more eager than ever to compete for these high-value hires and have them onboarded before a counteroffer is presented.
Why We Have to Navigate a Shortage
A range of factors has contributed to the candidate shortfall in the market. Nobody expected the global pandemic, yet nobody could also have predicted its effect on job-seeking activity.
Many people who were previously looking for a job move decided that they were safer staying in the company they were in – and with many having either a hybrid or remote working model instigated following the end of the lockdown, many find their jobs much more acceptable. The pandemic also affected how people view their work-life balance, stepping away from the job market or setting up businesses to run from home.
With many applicants still preferring this mindset, the shift for high-quality hires sees them prefer to stay at home and make their businesses work – creating a major effect on the overall hiring quality for experienced applicants.
Managing Candidate Shortage
Today there are more positions open than experienced candidates to fill them. Businesses are bending over backwards to attain the top candidates over their competition. Therefore, it becomes more crucial for business owners to strategies ways to attract and keep them.
Whilst pay is arguably the most important factor for a candidate’s decision-making, a better work-life balance can also be the big draw for working with your company over another. That is the second-most important area for candidates in today’s marketplace, so having a solid strategy with that as an option can only make it more appealing.
Other things to consider for the candidate will be areas around commute time, career progression and the company culture, so it is best to be open to each of them in the interview process.
Working With a Professional Company
In-demand candidates for the financial sector will know where their best opportunities lay, and short and efficient hiring processes are critical for a business to get a key hire before its competition. When a candidate asks during an initial interview how long the process takes, your answer indicates whether the other offer is more appealing.
Working with the team at Imperium, we can help develop recruitment strategies that keep the top candidates happy to accept your offer of employment. Contact our team today to help find your ideal candidates.