Financial firms throughout the Boston area are looking for new financial talent. Whether your organization already has a candidate in mind or is starting the search from scratch, the hiring process takes time and effort. When a top candidate turns down a job offer, starting over can require monumental effort.
Currently, the market for financial talent in Boston is a candidate-driven one. The demand for qualified talent is rising faster than the rate at which these experienced professionals are seeking work. This places candidates in a strong position in hiring negotiations – one from which they can easily say “Thanks, but no thanks” to an offer that isn’t what they want.
How can you reduce your organization’s chances that your first-choice candidate will choose another firm? Consider the following tips:
- Communicate regularly. Touch base with candidates throughout the hiring process to answer their questions and to tell them what to expect in the days ahead. Give candidates a “contact person” with whom they can ask questions and share information. By keeping the lines of communication open, you remind top candidates that your firm is still interested in working with them. You also make it easier for candidates to have their questions answered, improving their comfort and confidence level with you as a potential employer.
- Provide timely feedback. Even the best interview will fail to “seal the deal” with a top candidate if nothing but silence follows. Communicate with candidates promptly after an interview. If delays are expected, let the candidate know that the timetable has changed and provide a tentative schedule. A candidate who believes your firm has forgotten about him or her is far more likely to accept an offer elsewhere than one who expects to hear from you before the weekend.
- Ask “why not?” When a top candidate turns down an offer, ask why the candidate has made this decision. Frame the question as a desire for feedback and a chance to improve your own processes – not an interrogation. Use the information provided to improve your hiring processes and reduce the chances of losing your top candidate in the future.
To find and engage the talent you need in a way that fits your firm’s culture and operations, talk to a staffing partner. At Daley and Associates, our experienced recruiters work with financial firms throughout the Northeast to help them find and keep the top talent they need. Contact us today to learn more. If you are looking for recruiting agencies in Boston, contact us today.