The fintech industry has charged into 2019. In less than 20 days of the new year, we’ve seen a huge spike hiring, leaving more open positions than quality candidates available. Hiring managers, executive leaders, and talent acquisition teams are all battling for the best talent. In a “buyer’s market” your company’s ability to attract the right candidates and win at the offer stage will be the difference in reaching your quarterly/annual goals and getting beat by the competition.
If you currently have a position on your team that has been open for 60, 90 or 120+ days, it’s time to make some adjustments. In this market, there’s really no reason, correction, no good reason why you can’t find and hire an all-star in 45 days or less.
Here are 5 things to consider when you and your team are on the hunt for the best candidates.
Candidate Experience
Today, more than ever, buyers in every market love to leave reviews. Reviews for cars, restaurants, movies and even local plumbers. Employers are also being reviewed, with a rise in reviews from candidates that apply and interview with your company. According to CareerArc’s research, 72% of candidates who had a bad experience told others about it, either in person or online. Providing a positive candidate experience and earning positive reviews about your hiring process will set you apart from the competition and put you in a better position to earn the trust of prospective candidates.
Flexibility
Some of the top performing candidates in today’s world crush quotas and lead exceptional teams from the comfort of their own home. Recent studies show, 68% of candidates say that the ability to work remotely effected their decision to accept or decline a job. The up and coming leaders in tech and finance expect flexibility when seeking a new employer. If your company lacks a remote work policy, you better draft one soon.
Hunt Passive Job-Seekers
Top candidates aren’t looking at job postings, they’re busy exceeding expectations for their employers, your competition. Don’t rely on your company’s online job posts or internal referral program to find the best candidate for the job. Less than 30% of all viable candidates that meet the criteria of your open position search the job boards. Out of the remaining 70% of qualified professionals, nearly all of them are open to hearing about your opportunity, according to Linkedin Talent Solutions. If you’re not targeting passive candidates, you’re likely missing out on the best options.
Compensation
Just like savvy shoppers like to read and share online reviews, they also utilize online tools to understand what a specific position should pay. Going beyond salary, candidates expect exceptional benefits and perks with 57% saying they’re among their top considerations. Regardless of the budget you’ve set for your open role, if the base salary and bonus package isn’t in line with competitors in your market, you’ll waste a lot of time and suffer unnecessary heartbreak. Make sure to be as aggressive as possible on compensation and additional benefits/perks.
Speed to Offer
One of the biggest mistakes we see companies making is waiting too long to extend the offer. On average, top candidates actively seeking a new role are speaking with 3 or more companies and only remain available for 10-20 days. You’re not the only game in town. If you’re not intentionally moving the hiring process along, your best candidate will move on with another offer. In today’s market, hiring managers must be decisive and cut through bureaucratic red tape. Nothing feels worse than being left at the altar.
Our team understands all the frustrations and challenges that today’s leaders are facing in the war for talent. If you’ve got the recruiting and hiring process nailed down at your company, we applaud you. It’s not an easy task to succeed at relying completely on your internal team. For those companies in the payments and fintech industry that could use some relief and guidance, we have you covered. We’ll help you take the guess work out of recruiting and guarantee our results. Learn more at www.fintechstaff.com or find our company page on Linkedin at https://www.linkedin.com/company/fintech-executive-search-consultants/ .
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