What to Know When Hiring for Your Financial Services Teams
Financial services recruitment can be difficult, especially in a world full of fraud, scams, and untrustworthy individuals. When you are looking to add data scientists, risk analysts, financial analysts, or accountants to your team, there are several steps to help you choose a good candidate. 2022 is a great year to look for new hires, as many people are looking for change in their jobs or may be seeking new employment. Hiring the right person with the talents you are seeking is a great way to set your business up for success.
Hiring A Financial Services Team Member
Depending on the type of financial role you are trying to fill, take into account what qualifications you are seeking. A financial manager is responsible for the health of your business! Taking into consideration the kind of person you will need is key. Hiring a financial advisor can be difficult, so it is important to lay out what you would want your financial manager to do before you start the hiring process. It is much easier to find a candidate you want when you are prepared with a job description and your desires.
What Does a Financial Services Job Entail?
As mentioned before, a financial manager would be responsible for the overall health of your company. Some other unique responsibilities might include:
- Fraud monitoring: A fraud specialist may be in charge of tracking and monitoring illegal transactions on clients’ accounts without proper authorization from the account owner. Fraud specialists may also report any suspicious account movements and unusual transactions that may be risky to the bank and/or their clients.
- Train and develop staff to create a great customer experience.
- Delegating tasks to various employees.
- Developing strategies to increase sales and retention
And that’s just the beginning! Financial services recruitment always comes down to finding someone you can truly trust. Completing those responsibilities in a timely and organized manner is important, but trusting that person with keeping your books and avoiding any issues with your finances is even more important. It is essential to identify a candidate who can work well with you, manage their responsibilities, and be trustworthy.
How to Find a Good Candidate
Once you have identified what exactly you are looking for, you need to put out an accurate job description. Whether you hire a recruiter or post a job listing, be clear on what you want. Are you seeking an applicant with several years of experience? Would you like for them to have a degree? Make it clear in your listing what you are willing to accept from a candidate. Then, be open to candidates who fit the basics. Remember that years of experience don’t always make an individual trustworthy. The hiring process is one of the most difficult parts of running a business, but once you hire the right candidate, your business will thrive. The main steps to hiring someone in financial services are simple:
- Building the job description – how to make your job opening more attractive than the others flooding the job boards? There are a finite number of candidates and it is important to create a job description that is appealing and unique. This is a critical step and needs to be executed well.
- Reaching out proactively to candidates – in this candidate-driven market, you can’t wait for the best talent to come to you. In this market, employees are less driven to search for jobs when people may be recruiting them already. Good candidates are hired quickly. Get ahead of it by proactively reaching out.
- Screening candidates thoroughly, yet quickly– how do you make sure you’re hiring the RIGHT person without losing them to other offers? Candidates will often accept a role that they find gratifying and well-paying. If your process is slow or cumbersome, then you will have likely lost out on any number of great people.
This may seem easy, but it can be hard if your applicants are not what you are seeking. This can happen for a number of reasons. You may not have a good job listing or an accurate description of the requirements of the job. Maybe your area is lacking in people who are qualified. Perhaps you need your job filled quickly, as the current employee might be leaving soon or already has left. This can make this process even more complicated.
You will want to ask for referrals from your best workers or use a better job seeking site to post on. Finding a trustworthy candidate is absolutely essential, and unfortunately, people sometimes lie on their resumes.
Why Use a Recruiting Agency
Let’s face it, hiring a great candidate is an exhausting and time-consuming process. Hiring is just one of many aspects of a manager’s role, and it is a different type of effort than what a manager is accustomed to doing on a daily basis. Managers often have strong skills in many areas aside from hiring though. When it comes to financial recruitment, a recruiting agency takes a lot of the stress and worry out of hiring. Most people running a business find it difficult to take the time to hire and vet resumes while still accomplishing all they need to get done. A recruiting agency should go above and beyond for you to help you find the perfect applicant.
Good Recruiters Matter
Experienced recruiters who truly care about finding a great hire are key when it comes to financial services recruitment. Finding a great fit has a lot to do with knowing the available applicants well. A good recruiter knows their candidate inside and out. They know their job history, their strengths and weaknesses, and their trustworthiness. They’ve already done the reference and background checks, and they know what kind of job their candidate wants. Then, they bring them to your business, fully vetted. All the groundwork done.
Good recruiters get to know the candidates, and they get to know you and your business. They ask all the right questions to know exactly what you might be looking for. Let’s say you are seeking an experienced credit analyst with at least 5 years of experience, but the applicant having an MBA isn’t as important to you. Your recruiter can work through their pipeline of talent – some of whom are actively looking for new jobs, and many of whom are not – and get you interviewing with better candidates, faster than if you wait for applications to come in. Simply posting a job and resting on your laurels while waiting on resumes just does not work any longer. You will certainly miss out on a number of great people by not being proactive. Proactive outreach is more critical now than ever.
Financial Services Recruitment
Recruiting a financial services team can be difficult, but it is possible to find a new hire who can complete your team and help you in your company mission. A great way to make it easier on yourself and your team is to hire a recruiting company to find you the perfect match! Reach out today to Brightwing and we can help you find the perfect candidate.
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