Recruitment isn’t cheap, especially if you’re a small company. There are a variety of different recruiting resources with correlating fees, often leading many companies to turn their backs on necessary recruitment efforts. But when it comes to sourcing and hiring talented, game-changing finance professionals for your company, outstanding recruitment efforts are necessary.
The median cost-per-hire across the U.S. banking and insurance industry is set at $2,530. And according to the National Association of College and Employers , the average cost-per-hire of recent graduates for companies with 500 or fewer employees rings in at a whopping $7,645.28, while companies with more than 10,000 employees come in at $3,737.47. And that’s just for entry-level — the figures increase as you begin hiring for upper-level positions.
For those companies who make the choice not to invest in recruitment, you run the risk of far more than just the quantifiable cost of a bad hire. The real — although often unforeseen — costs are a lot larger and include your competitors gaining an advantage due to better employees, the long-term effects of a poor talent pipeline, and the inevitable impact on your bottom-line.
Fearing the cost of recruitment may actually drive up your costs in the long-run. When it comes to hiring top-notch finance professionals, a well-rounded recruitment strategy is essential for both a cost-effective initiative and the long-term success of your company. Forgetting about the price tag for the moment, here’s a look at the following areas your recruitment strategy should encompass.
Deep, Interactive Talent Pools
If you’re not keeping track of finance professionals and previous candidates who are at least roughly qualified for positions at your company, you’ll be at a disadvantage in the future. Most see talent pools as a sort of filing system for previous candidates, but they’re far more than a dusty stack of papers on a shelf. To get the most out of your recruiting and hiring process, the secret lies in the way you both view and handle your talent pools.
Rather than just sending these candidates a link to a job posting when the time arises, it’s best to take a community-focused approach to your talent pools. This often involves a specific online group or platform. Instead of letting job seeker and candidate information get filed away, you should be establishing a two-way communication stream that doesn’t have an expiration date. Opening the door to organic communication with your previous candidates makes for an inclusive environment where your talent pool candidates feel valued, are open to interaction, trust your employer brand, and are engaged in a future with your company.
An Online Hub For Employer Brand Promotion
You may not have the biggest name in finance, but that doesn’t mean you deserve any less than the best candidates available in the industry. Strong employer branding efforts make for more effective and efficient recruiting and hiring. Through regularly engaging your potential candidates with your company culture, you’ll put your company name at the top of their minds and also draw in more culturally-matched candidates for your company.
With 89 percent of hiring failures due to a poor cultural fit, the way you go about presenting your company culture through employer branding is crucial. This goes beyond creating a dedicated “careers” section on your website or even posting a listing on a job site. Begin building an online hub for your employer brand where finance professionals can not only gain information about your company as an employer, but also engage in the conversation and stay up-to-date with the latest news.
A Strong Eye For Passive Finance Professionals
If your recruiting strategies aren’t working to draw in passive candidates, you’ve got a serious dilemma on your hands. These highly-qualified, employed potential hires are essential to meeting certain skill and experience requirements when filling your finance positions. While passive candidates are much harder to engage, improved recruitment strategies are certain to do the trick.
Social recruiting is one clear method for drawing in passive candidates, but this approach can sometimes be a challenge in the finance sector. Passive candidates will be more likely to buy into the position with which you’re presenting them if you’ve developed a long-term, two-way stream of communication. This can be challenging on certain platforms, therefore it’s important to choose your passive talent sourcing platform wisely to ensure it encompasses the necessary communication features you need.
The effective recruitment of finance professionals may not have the smallest price tag, but the real cost of choosing not to go about it in the right way is certain to take a toll on your company.
What do you think is the most important aspect of your recruitment efforts?
