There are so many challenges that businesses now face, not to mention the current complexity of hiring. Whether you have an in-house recruitment team or outsource with a specialist recruitment agency such as ourselves, there are a few considerations when looking to create a recruitment strategy. Have a read of our below main considerations for creating your recruitment strategy.
Be specific.
Do you know what are you looking for? Do you have an idea of what your ideal candidate looks like? We do not mean this in the literal sense – read more on how to embed diversity and inclusion into your recruitment strategy if you need help with this – but what experience or skill set does your candidate have and your company need? Be clear in your requirements and remember to be realistic with experience and salary. It’s worth considering attitude and aptitude over experience.
When do you need them by?
“Yesterday” is the answer we get from a lot of our clients. With compliance and financial crime recruitment being niche, it is good to plan ahead of any hires you need, especially in a buoyant market that is candidate short.
If you have a strategic business plan with multiple hires required or are trying to build out a team, consider working with a specialist recruitment agency who will already have relationships with professionals in your sector.
What do you offer that sets you apart?
Candidates are no longer looking for just monetary gain. When looking for a new role, regardless of sector, candidates are looking for roles that come with scope to develop and grow as well as taking to account a company’s own growth, diversity, and ESG strategy, as this can make a real impact on the culture of a business.
Candidates are not only considering culture and company growth, but since the pandemic, gone are the days when working from home is considered a company perk. Working from home is now considered by the majority of candidates as a right – the Netherlands has recognised employees wishes and has become the first country to make working from home a legal entitlement.
Does your budget match your requirements?
With salary still being a key motivator for candidates, we would advise that if you want the best talent available, you must factor in paying a 15% premium to an individual’s base salary. It is best to do some salary research prior to requesting CV’s/interviewing candidates to ensure you are targeting the right skillset and experience.
Download our 2023 Compliance Professionals Salary Survey for salary insights on compliance and financial crime or download our sister company Saxton Leigh’s Salary Survey for insight into corporate governance salary guide.
When reviewing specific salaries, it is also a good opportunity to review your organisation’s recruitment budget. It’s also good to consider the salaries of your current employees, especially if you don’t want to replace them any time soon!
What is your time to hire?
Time to hire has decreased, with an average in the UK compliance and financial crime space taking to only 34 days. It’s a candidate market, so companies with lengthy recruitment processes or those who leave large intervals between each stage of the interview have found that the most sought-after candidates were already off the market by the time they reached the next stage in their process.
It is worth reviewing and streamlining your internal policies and processes to ensure your interviews remain effective and swift and, of course, that the candidate experience, for all candidates is great even if not successful.
Outsourcing
The main benefit of outsourcing your recruitment to a specialist agency is that they know the market and candidates best. A recruitment consultant will understand the challenges when searching for candidates and is equipped to help you build an exceptional team, with the best candidates and on budget.
Recruitment consultants such as ourselves also provide benchmarking for salaries and are able to provide an insight to prospective candidates into the company culture and interview process. A good recruiter can also guide you through best recruitment process as well, and reducing the administrative burden for you enabling you to focus on your primary role, doing all of the leg work from communication through to salary negotiations and final contract.
Why Compliance Professionals
Finding great people for your company, can be time-consuming and stressful, it doesn’t have to be with Compliance Professionals. Our mission is to make the; compliance and financial crime recruitment process a smooth and simple one. With over 19 years of experience, our complete job search and hiring service has helped both candidates and employers to achieve their hiring ambitions.
By specialising only in compliance and financial crime recruitment, we’ve become experts in our field. This means we can provide the support you need whenever you’re looking for a new opportunity, or new talent to strengthen your team.
Ready to take the next step?
Talk to a knowledgeable member of our team today to discuss your recruitment strategy.