Recruiting top talent is a major priority for finance and insurance organizations in New Hampshire. In today's economy, recruitment is competitive. Talent is hard to find. Recruiters are searching high and low for the right candidates, while the right candidates often have a variety of employment options.
It's more important than ever to button up your recruitment process. Here are four recruiting mistakes in finance and insurance, and how you can avoid making these errors.
1. Lack of a Competitive Compensation Package
Compensation is transparent today. Candidates walk into their first interview with a salary estimate already in mind, based on research done online. As a result, the financial and insurance organizations who offer lucrative comp packages are the employers who often attract the top candidates.
If your organization isn't in a position to offer a competitive compensation package, then don't make the recruiting mistake of giving up on a candidate because you can't match a competitor's salary. Talk about the whole package, which can include benefits, bonuses and the intangibles of a great culture.
2. Inconsistent Onboarding Process
Each floor at a financial institution offers a different working experience. Investment banking is going to be different than the internal auditing department. Although the work experience will differ depending on the department, the candidate onboarding experience should be consistent.
The challenge at financial and insurance organizations is that each onboarding process can differ from the next. Adding structure to this process can help with consistency, which is what helps build your employment brand.
Avoid an inconsistent onboarding process by verifying that each process aligns with your employment policies, procedures and expectations. Centralizing this experience can help with this important last step in the hiring process.
3. Looking Outside for Hard To Fill Positions
It's a common fallacy for people. The grass is always greener on the other side of the fence. When really, the grass you already have on your side is pretty green too.
The same is true for recruiting in finance and insurance. When it's time to fill a role, recruiters tend to look at an external pool of talented candidates first. That's a mistake to avoid.
The reason? Your internal employees possess a high degree of training and knowledge and already have proven that they're a cultural fit. They are capable of filling your open position. If you do promote internal employees, other employees may choose to work harder for a future internal promotion.
Start with a good look at your internal candidates before looking to the external candidates. It is by far the best way to develop a well rounded pool of candidates.
4. Putting Candidates Through a Slow Screening Process
People only have so much patience. There's nothing that will kill candidate interest more than a complicated and slow screening process.
The solution? Transparency. Candidates should be able to see where they stand in the application process. A solid screening process should allow applicants to check their status, view open activities, sign and upload documents, and complete any necessary tests online.
By being aware of these common recruiting mistakes, your organization's recruitment efforts will surpass your competition. As a result, you'll be able to better access, attract and retain the top candidates that you're looking for.