Finance recruitment agencies partner with financial institutions such as banks, accounting firms, and insurance companies to identify candidates to fill vacant positions. A finance recruitment agency’s clients will pay to assist with the end-to-end hiring process. Companies often gain distinct advantages when working with recruitment agencies compared to traditional staffing agencies. In this blog, we will cover how finance recruitment agencies operate, the fees associated with their services, and the key benefits companies gain from an agency partnership.
How a Finance Recruitment Agency Works
Finance recruitment agencies typically provide a wide range of services to ensure efficient recruitment cycles.
The agency recruiters will drive all candidate sourcing efforts. They manage the flow of candidates across all channels, such as those coming from the agency’s internal database, in-network referrals, and all applicants to job advertisements on job boards such as LinkedIn.
They then evaluate candidates and identify those who align well with the profile the hiring manager has created during the intake call. After researching each candidate further, the recruiter will present the vetted candidates to the client and explain why they have the potential to be a good fit for the vacancy.
Once the client approves the initial round of applicants, the recruiter will schedule interviews and lead all prep calls with the candidates. These calls will brief the candidates on the company and the position they are pursuing. After each interview round, the recruiter will communicate feedback to the client and the candidate. When the client has finalized a selection, the recruiter will check references before an offer is extended to the candidate.
This process usually takes accounting and finance recruitment agencies two to six weeks to complete, depending on the situation and role. It is used to hire roles in audit, tax, and operations, as well as finance and middle-back office roles. A finance recruitment agency can use this methodology to hire entry-level employees, C-suite professionals, and any role in between.
What Fees Does a Finance Recruitment Agency Charge?
In most cases, clients will meet with finance recruitment agencies before the search to discuss the agency’s pricing models. The most common finance agency recruitment pricing structure is to charge a percentage of the candidate’s salary for the services performed during the search.
Handling recruitment in-house is an option for firms, and plenty of companies do this successfully to onboard new employees. However, depending on the specific role and situation, firms may spend more time, money, and internal resources on recruiting projects that may not provide them with the desired results.
Banking and finance recruitment agencies can accelerate time-to-hire rates, saving their clients more money in the long term and returning valuable time to their employees’ schedules that can be dedicated to their other workloads.
Why Should Companies Use Finance Recruitment Agencies?
One of the main reasons financial institutions partner with finance recruitment agencies so often is that they have a proven track record of finding exceptional talent. These agencies have access to candidate databases, vast recruiting networks, and other resources that can help expedite and enhance the recruiting process.
Agency recruiters serve as industry experts. They have experience in their client’s field and are familiar with the nuances of the space. They understand the kinds of positions and titles that companies are looking to fill, and they can speak the language of the industry when interfacing with the hiring manager and prospective candidates. The former of the two scenarios is often underlooked, but knowing the industry’s terminology helps agency recruiters ask informed questions that can advance search initiatives.
Top agencies are also synonymous with superb brand representation, as they put time and effort into developing an understanding of your company. Their clients know that their agency partners will only suggest candidates with the right technical skills while also enhancing the company’s culture. The recruiters serve as an extension of the firm, which means they always represent its brand positively and professionally.
Key Elements to Look for in a Finance Recruitment Agency
Companies should be looking to work with agencies that have experience recruiting within the same industry or sub-industry. Companies should also ensure that the firm they are considering for their next search project has a history of recruiting for the positions they need.
Many firms specialize in a particular type of recruitment. Some firms are industry-specific, while others focus on a defined geographic region. Yet others recruit across industries and locations but only offer search services for specific roles or hierarchy levels.
While a traditional staffing agency may focus on short-term recruitment projects, a specialized firm such as a finance recruitment agency normally aims to develop long-term relationships with clients and candidates for future opportunities. This helps finance recruiting agencies build trust and earn repeat business, as their thorough approach to recruitment enables them to deliver exceptional results and relieve clients from an otherwise frustrating process.
If you are considering working with a new finance recruitment agency, it’s best practice to ask for case studies or references to get a feel for how the firm has executed projects. You can specifically ask for examples of their past work from companies similar to your organization in size, business model, vacancies, or other key criteria.
Connecting your hiring manager(s) with agency representatives is also recommended. Your hiring managers will be able to tell if an agency understands the nature of your industry and can speak your organization’s language. They can inquire about sourcing processes, job advertising strategies, relationship-building methodologies, and other resources that the agency may have that your firm can leverage to find the right candidates.
The Daley And Associates Difference
When a client engages Daley And Associates with a search, our industry experts develop strong relationships with company personnel to ensure we fully understand the firm’s business model, culture, and recruitment objectives. We’ve leveraged this methodology for more than 30 years to help our clients optimize their search for exceptional talent.
Our business model ensures clients and candidates are consistently informed and aligned on compensation, working environment, title, growth potential, and culture expectations. This helps reduce the surprises that can derail a search. Our commitment to relationship-building and clear communication allows our team to ensure every candidate presented is a solid match for the position.
For many clients, we’re more than just a finance recruitment agency. We’re a dedicated recruitment partner. Our team features award-winning executives, accomplished senior management, and exceptional recruiting professionals whose hiring expertise spans finance, accounting, legal, HR, and executive leadership roles. We’ve participated in searches across every level and nearly every industry. This has helped develop our strong talent pool and technical resources, which we use to amplify search efforts for all our clients.
Daley And Associates does not charge upfront fees or collect recruitment fees until a candidate has been placed and the search officially concludes. We also meet with each client to determine salary caps for individual positions before communicating them to candidates. Our recruiters strategically negotiate with candidates to ensure they are satisfied with their compensation while preventing our clients from exceeding their budget limits.
If you’ve had no luck working with finance recruitment agencies or traditional staffing firms in the past, our team is ready to help get you back on track. Connect with one of our experts to discuss how Daley And Associates can help your organization source quality finance talent with a data-driven approach.
