Best Ways to Hire for Your Lending Business

Hiring for a lending business

Financial industry jobs are anticipated to grow by 10% by the year 2026. This means it will soon become more important than ever for financial services recruiters to know how to find, hire, and retain talent.  Lending service hiring is a very specific process. It has challenges that make it more difficult to find the right people to fill open roles than other industries may have. Your company’s financial services recruitment strategies need to be on point if you want to land the most qualified candidates.

What Are the Challenges of Financial Services Recruitment?

Every industry is unique when it comes to best practices in recruiting new candidates. However, many would argue that the financial industry is the most difficult. A large reason for this is simply a lack of suitable talent. In fact, 76% of accountancy and finance employers said a shortage of suitable applicants is the biggest obstacle they face when it comes to hiring. When you add the fact that financial industry jobs often require niche skill sets, navigating a small pool of candidates is even more challenging. Finally, financial employers are often competing with many other sectors for new talent. Many young employees today are pursuing jobs in fields like tech over finance. So, you’re not only competing against your direct competitors but companies in other industries as well.

How Can You Improve Your Lending Service Hiring Strategy?

Despite these challenges facing the industry, there are ways you can position your company ahead of the competition to land some impressive new hires.

Improve Your Employer Branding

If you want to get the attention of quality candidates, you will need to invest in your employer’s brand. You should begin by researching how potential candidates perceive your brand and the things they really want to know about you. Then, you can analyze how those expectations differ from what you’re actually showing them. How can you influence potential candidates’ perceptions about you to appeal to even more people? For example, you’ll likely be competing with new, fintech companies that have a youthful, engaging brand. If that is something many candidates are looking for, they will skip applying to your traditional, conservative brand. In order to be competitive, you’ll need to make sure your company comes across in a way that resonates with the people you consider to be your ideal candidates. 

Use Recruitment Marketing Strategies

Lending service hiring really is a form of marketing and it doesn’t end with your company branding. You’ll also want to consider how you can employ strategies that will help you build an extensive pool of qualified candidates. This pool can be used for both current and future job openings.  You’ll want to use digital tools such as programmatic advertising to help get your open positions in front of the right candidates. Another effective strategy is to create ideal candidate profiles for any job openings. This will help you identify the attributes that are most essential to success on the job. It will also help you employ programmatic advertising that targets the candidates with the skills you’re looking for.

Expand Your Sourcing Strategy

Are you looking in the right places to find new hires? Your open positions should be posted in relevant places like social media platforms and online job boards. Online job boards are one of the best places to advertise your openings since 71% of finance professionals said they look for work through these platforms. You can utilize general job boards such as LinkedIn or Indeed and specialist lending service hiring boards. College job fairs and other recruiting events are another great way to expand your sourcing strategy. These are especially effective in meeting entry-level candidates. If the results of these strategies aren’t satisfactory, utilizing a recruiting agency like Brightwing is an excellent option. We can help you create a more effective sourcing strategy and even take some of the work off of your hands.

Make Growth and Inclusion Part of Your Employee Value Proposition

Today, employees are looking for more than a place to earn a salary. They want to work for a company that encourages their personal growth and prioritizes inclusion. Candidates should hear your employee value proposition (EVP) and immediately know there’s nowhere else they’d rather work. Can you offer training opportunities that your competitors can’t or won’t? Are there clear paths for advancement within the company? Do you hire people of all backgrounds? These are all things that should be an integral part of your EVP. 

Connect Through Email and Social Media

Email and social media are highly effective ways to reach the younger generations of applicants. Consider utilizing email as a way to stay in touch with candidates who didn’t make the cut. You can maintain a relationship and nurture them to keep them in the loop for future job openings using email. Professional social media sites like LinkedIn are also useful for connecting with candidates. If you’re not convinced it’s a place to spend your time and money, consider that 49% of professionals follow relevant organizations on social media to keep up with their recruitment processes. You already know they are looking there, so why not reach them where they’re already active?

Start An Employee Referral Program

There is no one better to vouch for your company than someone who already works there. Inevitably, your employees will know people who work in similar industries or at other companies. Getting employee referrals is an extremely easy and efficient way to reach new talent.  You can start a referral program by rewarding employees for recommending employees they think would make great candidates. Employee referral programs lower the time to hire and also help save on recruiting costs so you are not sourcing. In addition, you already know these candidates have a good relationship with your current employees, which is a win-win.

Lending Service Hiring is Hard

There’s no denying that recruiting in the financial industry is hard. Talent is in short supply and the competition is fierce. That’s why lending service hiring and recruiting has to be an active process, not a passive activity. You need to show potential employees why working for you will be the best choice for them. That means marketing to job seekers in a similar way to how you market to your customers.

let’s talk

SEND US A MESSAGE

Share This Post [social-share] More Like This

How a Recruiting Company Can Help You Fill a Job Faster As an employer, sifting through the numerous applicants received for every open position can be exceedingly challenging. Not just because it takes time and effort above and beyond a hiring manager’s normal set of responsibilities (though, of course it does). The challenges of hiring in today’s market are greater than in recent memory. How, when, and why we work has been disrupted over the last couple of years. Shifting priorities make hiring the best people harder than before. That’s where a specialized recruiting agency comes in extremely helpful. Recruitment companies yield more consistent and speedy employee and employment searches, results, and substantial, long-term employment of the best employees for a given role. Not least because they don’t wait for applications to come in – they work proactively to find top talent that may not even be looking to make a change. In this article, we’ll discuss what a recruiting agency is, the leading-edge benefits of using one, and how to make the most of a recruiting company.  

Why Outsource Your Talent Recruiting?

  In an ever-changing and evolving job labor market characterized by increasing recruitment and acquisition challenges, high turnovers, unfilled job openings, and changing candidate expectations, many have turned to recruiting firms to find their next career role or to find their next valuable employee. The average cost per hire in 2022 using traditional means is $4,425, and filling the average position takes 36-45 days. Moreover, the cost of a bad hire can be a third of one’s salary. A recruiting company acts as an expert mediator between employers and job hunters. They work for a company to understand their people’s needs and then find the most ideal matches. They have a broad view of the market in that skillset, and they have well-developed pipelines of candidates – some who are actively job seeking, and others who are not.  As a result, the best recruiters are prepared to garner top results for employers and job hunters, and save valuable time, money and energy for both. In contrast to an employment agency that focuses on hiring unskilled applicants (or laborers), recruitment agencies are highly beneficial to both employers and skilled applicants. A skilled applicant possesses the experience and certifications, as well as the motivation and the soft skills to fill a role on a particular team well. The recruitment agency works with their clients to qualify job requisitions, then engages in recruitment processes that vary from firm to firm. In the case of Brightwing, we’ve developed the Brightview process to thoroughly vet our candidates, as an example. These tasks include meaningfully reaching out to candidates through various networks, identifying the most ideal for a job through their database and various networks of existing relationships, vetting these potential employment candidates, and presenting the resulting top candidates to the employer.  

Benefits of a Recruiting Company

  Traditional hiring and job-seeking methods are less reliable and efficient than using a recruiting company. They are more expensive and time-consuming in numerous ways, and less able to yield the best results for both hiring manager and candidate. Some of the top benefits of using a recruitment company such as Brightwing to achieve your hiring goals include expert recruitment knowledge and assistance, easier and faster hiring, higher-quality candidates, extended reach and access, specialist knowledge of the job market and current trends, full support for employers and job hunters, less wasted time and resources, and a more competitive edge for both employers and job hunters.  

Expert Knowledge and Assistance

The entire job and focus of a recruitment company is finding the best candidates with expert knowledge, resources, connections, and extensive experience above the average employer. Not only do they post compelling job ads, but they maximize interest in the position by leaning on their longstanding relationships with leaders and up-and-comers in the field.  

Easier and Faster Hiring

An employment recruiter dramatically shortens the time it takes to fill a role with expert knowledge, assistance, and increased focus toward the end goal. What’s more – hiring managers will spend quality time looking at three qualified candidates, rather than sifting through hundreds of applications that are not necessarily qualified at all. The hiring manager or job hunter gets the gift of gaining back their time.  

Higher Quality Candidates

When working with specialized, agency recruiters, employers receive only the highest quality, skilled candidates in their industry. Hiring managers work through a handful of expertly referenced, pre-screened, and interviewed candidates, rather than a vast pool of unvetted incoming applications.  

Extended Reach and Access

Alongside expert knowledge and assistance, employment recruiters also have extended reach and access to wider pools of candidates in diverse industries, including ideal candidates that are less easily accessed and/or who may not be aware of the ideal job opportunity.  

Specialist Market and Trends Knowledge

Recruitment agencies provide clarity on current job market trends, with deeper knowledge and investment in up-to-date research and reports. They provide valuable information and informed advice on how to best achieve goals and improve your employer brand or your job hunting profile.  

Full Support

The best employment recruiting teams communicate actively with both employers and job hunters, find ideal candidates for various roles and job vacancies individual candidates are ideal for. They engage, make impactful connections, and provide full support, feedback, and suggestions to both.  

Less Wasted Time and Resources

There is less waste of time and resources expended toward candidate searches, engagement, and recruitment by using an experienced recruitment agency. Expedient recruitment that provides higher-quality candidates saves time, money, and the results pay for themselves.  

A More Competitive Edge

By providing expert knowledge and assistance, easier and faster hiring, higher-quality candidates and resulting employees, extended reach and access, specialist marketing and trends knowledge, full support, and less wasted time and resources, employment recruiters give employers and job hunters a more competitive edge in their diverse industries of the job market.  

Experiences Without a Recruitment Company

  Without an employment recruiter, employers and job hunters spend much more time and resources searching for candidates or jobs on their own through numerous conflicting, and potentially misleading sources of information. The results are ill-fitting employment matches and connections that lead to inefficiency, high turnover and ultimately make reaching organizational goals more difficult and more expensive. Not to mention, any drawn-out in-house recruiting places an additional burden on team members. This additional work can lead to excessive burnout and increased expenses.   

How to Make the Most of a Recruitment Company

  To yield the best results, have a clear idea of your needs and desires for both the employment recruiters and the open role before you engage with a recruitment agency. The best recruiting agencies will press you for clarity on both of these. Provide a clear job description, a list of requirements, and important skills and attributes for the position. Be clear to yourself and toward the recruitment company on your ideal candidate so they know what to look for. And consider carefully which skills or attributes are required versus nice to have. As an ideal candidate, be clear on your own needs, desires, top skills, and attributes to match with the most ideal job for you. Work with your recruiter to develop questions so that you interview hiring companies as much as their interview you.  

Getting Started With a Recruitment Company

  Employment recruiters at Brightwing are ready to provide you with expert consultation, and highly efficient results that save valuable time, money, decrease turnover, and increase your teams’ work quality, focus, capabilities, performance, and competitiveness. Whether you are looking to find a job or your next top employee, a recruitment company can help you fill a job faster. For the best employee and employment matches, reach out to us to start a conversation.

let’s talk

SEND US A MESSAGE

Share This Post [social-share] More Like This