The case for a streamlined and efficient hiring process.

According to the Global Workforce Hopes and Fears Survey for 2024, 28% of respondents are 'very' or 'extremely' likely to change employers within the next twelve months - a significant 47% increase compared to 'the great resignation' in 2022. The team and I at One Ten Associates have noticed a shift in the recruitment market; while the demand for skilled candidates is high, hiring firms are challenged when filling roles due to a limited candidate pool and inefficient recruitment processes.

Is your recruitment process optimised to avoid the risk of losing top talent to your competitors? Here are a few considerations to ensure your firm is well-positioned to hire in a candidate-driven market.

Create Accurate Job Descriptions

An accurate, concise job description is essential when attracting suitable candidates in a tight market. To achieve this, consider consulting with the role’s predecessor or their immediate teams to understand the daily tasks and skills required. Remember, new talent can bring new skills to a role that may not have existed previously, so be sure not to confuse ‘clear’ with ‘narrow’ in your descriptions.

Prioritise Transparency

Transparency is also crucial for attracting top talent, starting with clear communication on key aspects such as salary ranges, benefits packages, annual leave allowances, and hybrid working options. It is essential to regularly review and benchmark these factors on a regular basis against competitors and industry standards as they often serve as 'deal breakers' for many candidates. Ensuring that your firm’s offering meets or exceeds the standard and is well-communicated from the outset positions your company as a competitive and desirable option, potentially accelerating candidates’ decision-making process and reducing the risk of losing them to other opportunities.

Streamline the Interview Process

The interview process is another critical area to refine when looking to secure top talent. Lengthy and protracted parts of the process can put you on the back foot for favourability, meaning that your top candidate may have accepted an alternative offer by the time you are ready to proceed with them.

Pre-screening candidates and implementing a structured interview structure can increase efficiency and reduce the risk of missing out on top talent. This may include initial video or phone screenings, behavioural assessments, or skill tests to help identify a select pool of candidates for face-to-face interviews. It is then worth considering if multiple rounds of interviews with numerous departments are necessary. While a panel of interviewers from different levels of your firm can help to provide a more well-rounded assessment, ask yourself if this could be achieved without creating an overly complex interview process across numerous (more than two) stages? This can not only speed up the decision-making process but also create a productive interview process for both candidates and hiring firms alike. 

Maintain Clear Communication

Clear communication throughout the entire recruitment process, particularly at interview stage, is important. Interviews are crucial for gathering insights into a candidate’s skills, professional experience and values, personality, and cultural fit, but it can be time-consuming depending on

the number of candidates and interview rounds. Allocating accurate timelines for the interview and deliberation process, and then communicating that clearly with candidates ensures their time is respected and minimises frustrations.

For candidates not advancing to the next stage, it is also advisable to communicate this news promptly and empathetically with some personal feedback. This approach leaves a positive impression and may encourage possible reapplication for future roles.

In a highly competitive, candidate-driven market, a streamlined, transparent, and efficient recruitment process should be a key priority for firms to attract and secure top talent. Rather than relying on existing processes that could be improved, ensure your recruitment process is practical and effective to bring the best candidate on board as soon as possible. At One Ten Associates, we specialise in recruiting talent at all levels of the alternative investment sector. If you are looking to fill a role or are seeking one yourself, contact us today to arrange a consultation.

References:

https://www.pwc.com/gx/en/issues/workforce/hopes-and-fears.html