The search has never been harder to attract the best talent in the market.
With the average time to hire in the UK compliance and financial crime space down to just 34 days, candidates are being snapped up, and even temped out of comfortable positions, faster than ever before. We have compiled a list of the top 6 things you can do to ensure you are getting the best candidates on the market before anyone else.
Speed
It is no surprise, that the best talent is off the market quicker than ever before making it crucial that your process is streamlined and efficient. Where possible, think about combining interviews to reduce the number of rounds – we would advise a maximum of three.
Technology
Companies who have developed a streamlined, predominantly online process are able to run through the interview process faster than any other allowing them to capture the best candidates on the market. 2022 began to see the return of the face-to-face interviews, and this is often now conducted as the final interview stage with the more generic and standardised elements carried out virtually.
Contact
Once a contract has been signed it is best to keep in regular contact with your new employee. Regular contact with your future employee not only builds on a relationship and loyalty but potentially gives you any warning signs of a counter offers or change in the employee’s mind. Additionally, calls, coffee, and scheduling meetings with the team allow candidates to engage before they have started.
Salary
Still remains a key motivator for candidates, you have to factor in paying 15/20% premium to ensure you are getting the best talent.
Flexibility
Candidates are motivated more than ever by the work-life balance. It will come as no surprise that the most requested benefit was flexibility, and this has ranged hugely depending on personal circumstances. Most candidates now seem to be comfortable with 2-3 days in the office.
Culture
Candidates want to share your company’s values and cultural norm. By promoting diversity & inclusion, human rights, ESG strategies, corporate transparency, as well as company and personal growth. You will be in the best position to serve the top talent. There has been a significant shift in the way new candidates view potential employers, placing greater importance upon social responsibility, choosing to look for roles with companies that have shown themselves to be on the front foot of change that they can articulate at interview.
Need More Insight?
Download our Compliance Professionals 2023 Salary Guide to access the latest compensation and recruitment trends within financial services. Our salary survey also contains detailed information on permanent and day rate compensation for over 30 roles in compliance and financial crime, an overview of compliance recruitment trends and a look to the future, and insights on the top business candidate motivators.