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Over recent months there have been a number of significant changes of personnel at senior levels in the industry as well as some major new appointments. Whilst such changes and injection of ‘new blood’ can help the banking industry remain sharp and vibrant there are always knock on effects from such appointments. For some staff such changes in management can be a time of insecurity, anxiety and frustration so it is important that change is well managed and transitions of people and processes are handled as smoothly as possible. This is particularly important in the sphere of recruitment because of the ripple down effect of top level appointments. Very often such appointments are characterised by organisational changes and restructuring which lead in turn to an increased demand for recruitment. Getting the recruitment process right is therefore critically important. According to Andrew Mitchell of financial recruitment specialists ‘Opus Mitchell’ there are a number of issues and challenges for both recruiters and candidates that need serious consideration and Andrew has therefore compiled some key tips and recommendations for making the whole process as painless as possible. According to Andrew the starting point is to ensure that the expectations of both the recruiting organisation and the candidate are fully met in order to avoid unnecessary mismatches. Far too often candidates quite legitimately have complaints as the following quotes demonstrate:
But it's not just the candidates who are having problems. In many cases it is the Recruiting organisations who also suffer the consequences of inadequate attention to detail, despite paying the bill for an expected quality service. A typical complaint is usually along the lines of:
Such comments, from candidates and Recruiters alike, reflect badly on recruitment agencies and suggest that in many instances there is a lack of professionalism. However, having worked in both the Finance and Recruitment sectors Andrew is well positioned to defend some of the charges against agencies. He suggests that in reality there are usually three sides to the story. Firstly it is true that there are a number of agencies that undoubtedly lack specialist knowledge of the banking market whilst others may have the knowledge but score poorly on their level of service. There are other factors though, that are often the root cause of problems that can be addressed with a little forethought. These are factors like good quality levels of communication, careful preparation and an honest and open approach. Secondly recruiters often believe that dealing with multiple recruitment agencies gives them a better chance of finding the best candidate but this is not necessarily the case. Dealing with multiple agencies means multiple lines of communication which invariably leads to more complexity at best and total confusion at worst. Very often this multiple agency scenario can lead to agencies lacking the information they need and candidates frustrated by the lack of clarity regarding their position. In many cases this situation can also result in agencies being asked to recruit for positions without such basics as a job description or a candidate specification, both potential recipes for disaster. The other downside of using a multiple agency approach is that there is a much higher likelihood of the same candidate being put forward for the same job several times – embarrassing for agencies and candidates alike. The third issue is that of the actual relationship between the candidates and their agency. This is where mutual honesty is paramount. Candidates need to be very careful not to over enhance or over engineer their CV’s in their bid to secure a position. They need to let agencies know if they are applying for other positions and why they wish to leave their current role. Likewise agencies must also resist the temptation to over sell to recruiters. Mutual respect and honesty between an agency and candidates is therefore essential in order to build a long term and fruitful relationship. According to Andrew the key to success is therefore for candidates to cultivate a relationship with an experienced and trustworthy agency who know their market and run an efficient and professional operation. This relationship also benefits the recruiter and makes the whole process less complex and more straightforward for all concerned. In addition to building good relationships another fundamental requirement is for clear and unambiguous information. Candidates must take care to ensure their CV accurately reflects all their previous roles and level of experience as well as a clear statement of the type of role they are seeking. Similarly both the recruiter and the recruiting agency must ensure that there is close co-operation between them and that there is a clear mutual understanding of requirements in terms of the detail re responsibilities, qualifications and competencies etc. If agencies are prepared to take this more professional approach then good candidates will soon feel more confident in dealing with them. Small points like keeping candidates informed about whether or not they are being short listed for a particular role and regular status updates re the decision making process will all help to establish a good rapport between agent and candidate. This good rapport should not be under estimated. Taking the time to research and select the right agency to meet their needs is time well spent by prospective candidates. Adopting all these recommendations is to no avail however if there is no sense of urgency. Good candidates need to be placed quickly and recruiters will not be prepared to wait for agencies that take too long to process candidates. Equally candidates and recruiters must be prepared to act quickly if a suitable role is found. By following these simple guidelines recruitment agencies will find that they quickly build and maintain a reputation of professionalism and trust. The recruitment process will be more painless for both candidates and recruiters alike and then upheavals like personnel changes in the banking market will be seen as opportunities for positive change rather than times of uncertainty. |
There is one
certainty about the banking market - it is an industry in a state of constant
change. It is not just legislation and economic factors that are driving
recent changes however, it is also about people.
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Telephone : : 01684 773456 |
Email : : andrew@financialemployment.co.uk |
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