Guy Fraser Market Insight
Recruiting the right candidate can be a long and complicated process; there are many potential pitfalls when it comes to choosing the perfect candidate. But this is not because good candidates are few and far between. Quite the opposite in fact. In my experience, the perceived “talent crisis” within the financial services industry is the result of companies and leaders not having a consistent hiring process in place and making decisions on who to hire based on arbitrary criteria.
All too often these end up being the wrong decisions.
Let’s get hypothetical
Let’s say you’re interviewing finalists for a position in your organisation. Everyone on your hiring panel (if one has even been created) - the HR manager, hiring manager and a myriad of others all have their opinions on who best fits the role from their point of view. But opinions are inherently subjective and not always based on objective truths.
Each interviewer will ask different questions of candidates and each (by nature of their role and interest) will be focused on slightly different criteria when they feedback to you.
re’s the thing, everyone’s going off their memories and gut instinct, rather than detailed notes. And because of this, the waters can get muddied when it comes to delineating the suitability of each candidate.
Essentially, the recruitment process becomes a popularity contest, with the hiring manager choosing the best liked candidate among the interviewees. Needless to say, this is far from a bullet-proof way to choose between two promising candidates.
Whatever your process, consistency is king!
You may be surprised by how many organisations out there, even well-known and respected firms with astronomical annual turnovers, don’t have a standardised system that helps them to make decisions when recruiting talent.
Organisations and even individual departments can vary enormously in the attributes they look for in candidates, the kinds of questions they ask, how they eliminate and advance candidates and even how they describe open positions when advertising.
Without a standardised process, not only can you never be sure that you have the right person for the job, you can wind up with huge discrepancies of knowledge, experience and talents within departments which can hamper the scalability of your operation and prove a barrier to operational efficiency. Frankly, you might as well choose a candidate by throwing darts at a dartboard covered in CVs.!
A standardised process, however, helps you to gather the right performance-predictive data that will help you make the right choice every time.
No idea where to start? Please fill out your details below for a simple process that you can tailor to the needs of your organisation.
Remember that any process is better than no process!