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Four tips for hiring top talent

With adviser numbers at a low post-RDR, IDEX Consulting managing director Tony Bates shares his top hiring tips.

Market your brand 

What type of individual do you seek to recruit and is your brand in line with these expectations? Given that employers with a strong employer brand drive twice the amount of applicants per job compared to other companies, it’s clear this should be a top priority for hiring companies. 

Financial advice firms should therefore try and cultivate an attractive employer brand. Social media can be a valuable tool for reaching out to potential candidates, as well as developing a reputation as a thought leader.

Use platforms such as Twitter and LinkedIn, as well as your website, to show off your company culture and values, and post relevant and interesting industry news. If you have time, make videos showing what life is like in the office, or what a day in the life of an adviser is like. Make people want to work for you: connect with them. Consistency is key across all forums.

Market your brand 

What type of individual do you seek to recruit and is your brand in line with these expectations? Given that employers with a strong employer brand drive twice the amount of applicants per job compared to other companies, it’s clear this should be a top priority for hiring companies. 

Financial advice firms should therefore try and cultivate an attractive employer brand. Social media can be a valuable tool for reaching out to potential candidates, as well as developing a reputation as a thought leader.

Use platforms such as Twitter and LinkedIn, as well as your website, to show off your company culture and values, and post relevant and interesting industry news. If you have time, make videos showing what life is like in the office, or what a day in the life of an adviser is like. Make people want to work for you: connect with them. Consistency is key across all forums.

Highlight the journey

When people join a company, they want to know where it’s going, and what part they’ll play in that journey. Candidates who feel like they’ll be playing a significant role in contributing to a company’s future will be much more likely to apply to that company. If they don’t feel invested, then what incentive do they have to stay?

It’s all a part of employer branding. Tell your candidates and staff about the journey the company has been on, where it’s going, and how they will contribute to that company journey.

Speed up the process

One major problem that many big firms face is a slow recruitment process. Hiring is no longer a case of putting an advert in the newspaper and waiting for replies. Technology has now advanced to such a point that most people will start their job searches online. In the age of the internet, being fast is key when it comes to hiring talented workers before they can be poached by another company, especially as the number of online job seekers has doubled since 2005.

To gain the edge when it comes to speed, update your hiring process so you can move quickly and smoothly through the process, therefore hiring the people you want rather than the only people who are available.

The reduction in adviser numbers post-retail distribution review means the competition to recruit advisers has never been higher.

But in an ever-changing market, many firms have not advanced their recruitment strategies to move with the times.

For those looking to keep up with the competition and grow their business, firms need to be savvy with their hiring process and keep ahead of the pace.

We have put together five simple steps for firms to follow to help with their attraction of new talent into their business.

Use a recruiter

Given that 75% of professionals are passive candidates, finding them can prove a tricky and time-consuming process. Busy financial advice firms can often find it challenging to fit this around their daily work.

Although every company works differently, it’s time to evaluate your recruitment strategy and processes, and decide whether you’d rather hire staff through direct sourcing, thus saving money, but costing you management time or invest in a headhunting firm who will source and vet promising candidates before passing them onto you for interview.

Due to the work they put into headhunting, using techniques such as psychometric testing to find the most talented candidates, these agencies can vastly increase your pool of candidates, and the quality of applications you receive. Very rarely does a good quality adviser seek a new role so you have to target who you want, either with your own methods or with a specialist headhunting firm.

Show room for development

Many major firms such as HSBC or John Lamb offer their employees career development strategies that let new recruits climb the ranks and gain responsibility over time. Hiring a new recruit is all very well, but putting career development strategies in place that encourage performance and reward good work is an investment that will not only attract candidates but ensure that they remain in the business for much longer.

 Given the high intake of millennials, only 10% of whom in financial services plan to stay in their job for the long term, it’s important you don’t take this lightly if you want to attract and develop the next generation of talented advisers.

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