When, where and how do you find the people you need?

The war for talent is still very real.

The global financial crisis will impact how businesses attract, retain, develop and manage people, especially in the financial services industry. Based on our specialist experience, research and observations, we can say with confidence that:

1.    Skill shortages will continue;

2.    The best and brightest employees will be the first to start looking for other opportunities if they are feeling insecure; and

3.    There are massive opportunities right now for those businesses that know how to apply best practice people management to attract and retain the best talent.

How do you know when it’s the right time to hire for your business? There are some signs. If you can’t keep up with your paperwork, don’t have enough time for seeing clients, spend too much time working ‘in’ the business and your income isn’t growing, it’s probably time to look at your options for getting more people on board.

Your organisational structure and job descriptions are the starting point for recruitment. But before you start your hiring process, be sure you need to recruit!

When you have a clear picture of who you want and on what terms, it’s time to source some candidates. But where do you find them?

A recent Kelly Services global survey that provides some relevant data. The majority of Australians surveyed (54%) found their most recent job online, 9% found work as a result of a direct approach to an employer, 9% from a newspaper advertisement, 8% from a direct call from an employer or recruiter, and 7% through other methods. Online recruitment was considered by candidates to be a better way to find a job, with 83% pleased with the outcome compared with 51% for traditional written and posted applications.

You can check out job websites for economical online advertising, but don’t be tempted by just the ease and economy. Before you use any form of advertising, be certain it is placed where your target candidates are likely to be looking and that your advertisement is very specific in terms of your requirements. Anything less is a waste of time and money. The same guidelines apply when you use a recruitment agency.

One of the most effective ways to find candidates who ‘stick’ is to let others in your business networks know that you are in the market for a new employee. They can become extra eyes and ears for you in sourcing candidates, especially if you have given them a clear picture of your ideal candidate. Also make sure they can explain why people should want to work for you.

Careful selection of the right person out of all your candidates can be a time consuming process. However, any time invested here will be well rewarded when you have that person working for you. As a guide, the more selection methods you use, the more confident you can be that you’ve made the right choice. Relying on the resume and interview alone is simply not enough as several studies have shown that candidates will lie in both. Supplement these methods with (at least) a job suitability assessment and always do reference checking.

Throughout the whole hiring process, make sure you are selling the candidate the idea of working for you. What do you offer that makes your practice unique? (Remember, it’s not always about the money!) This is your EVP or Employee Value Proposition – just as important as your CVP.