We are all aware that toughening economic conditions have led to a higher number of candidates flooding onto the accounting and finance market place. Many employers have responded to this by implementing significantly more rigorous and often lengthy recruitment processes. We look at some of the effects of this approach and ask with the first signs of green shoots and an impending upturn, are employers ready to attract and engage the best talent in their recruitment process?
At a time when resources are at a premium and attracting and retaining the right talent is more crucial than ever, many organisations have turned to a greater reliance on human resources departments and technical or psychometric testing processes in an attempt to ensure that the right candidate is hired first time every time.
Undoubtedly techniques such as competency based interviewing and appropriately designed testing can play a crucial part in identifying the right individual where technical ability, cultural fit and core competencies play a key part in an organisation’s success. However, it is becoming clear that when it comes to the recruitment process, one size does certainly not fit all. Employers need to evaluate what process best suits the type and level of person they are recruiting, what internal resources and IT systems are available to help manage the process and ensure that its process is on brand.
Employers who display a greater degree of agility in their process are more likely to achieve that crucial balance between effective vetting and maintaining the engagement levels of interested applicants.
With some employers receiving up to ten times the normal number of applications for each position, businesses are investing valuable management time in carrying out initial “sifting” of suitable CVs. Not only can this process be very time consuming and therefore often a costly exercise, employers need to ensure they have a process to check the accuracy of qualifications and background experience; recent studies have suggested that up to 19 per cent of job applicants to the financial services industry are attempting to deceive their employers with false or misleading information. This survey suggested that the number of job seekers embellishing their CVs has increased steadily with the onset of the credit crunch.
Having invested significant time to obtain a quality shortlist, challenges in recruiting the right person can be exacerbated by a complex recruitment process. Protracted testing and the difficulties of managing multiple hiring managers diaries (particularly during busy periods such as month end and during holiday periods) can have a major impact on employers “time to hire” and ultimately the success of the recruitment exercise.
Although the number of applicants may well be on the increase, much of the best talent remains reluctant to move in these uncertain times and as such the laws of supply and demand continue to be paramount. In a market where the best candidates are still faced with multiple opportunities, often it is the employers who are able to tailor their process to secure the best talent and are not left merely selecting the best of those available. Employers who display a greater degree of agility in their process are more likely to achieve that crucial balance between effective vetting and maintaining the engagement levels of interested applicants. Particularly with the impending upturn.
For those looking for a new role, you will give yourself a greater chance of securing one if you apply for those roles only for which you are qualified, experienced and genuinely interested. Competition for roles is fierce, so clearly demonstrate the skills you have and the impact you have had. Find out as much as you can about what the recruitment process is likely to be so there are no surprises, try to be patient but keep in contact throughout the process to show that you are keen.
