The short answer is: YES! The long answer is: there are many things to take into consideration when looking to optimize your candidate screening and hiring process. Hiring managers in the investment business ultimately have three objectives when it comes to this process:
- Targeting their sources so the pool of applicants is limited to the most valuable talent available.
- Narrowing that targeted applicant pool down as efficiently and accurately as possible.
- Onboarding new hires without external complications such as delays or competing offers.
So how do we do this? Luckily, there are many tips to follow and tools to utilize that can help you in achieving your objectives and getting you where you need to be in the hiring process. Most hiring mistakes are preventable, so it is important to remember these general hiring and screening principles when moving forward:
You don't need to go it alone.
Collaboration with others is key throughout the hiring process. Industry experts and staffing professionals can serve as a great asset to your search when it comes to sourcing as their understanding of the current market and geographic area that you are working in will be a benefit in terms of experience, knowledge, and connections. Working hand-in-hand with established recruiting sources like our team at Fanning Personnel can lead to fruitful end results.
Make sure that all communication is clear.
Leave no details unexplained when it comes to the responsibilities and requirements of a position whether it be in discussion with recruiters or advertising to candidates. The right people will take everything in thoroughly, but keeping in touch regularly, prioritizing important details, and frequently monitoring phone and e-mail messages certainly doesn't hurt.
The hiring process is not cut-and-dry.
Just as the market is always changing, so are the most optimal hiring processes. Prevent yourself from settling into a constant rhythm by modifying your processes, strengthening your interviews, tightening background check efficiency, and making other adjustments accordingly to prevent weak hires from getting through the door and keep qualified and talented candidates from going elsewhere. If something is proving to be ineffective, eliminate it.
Welcome candidates with open arms.
What proves to be just as, if not more, important in a workplace besides salary is mutual trust, understanding, and respect in the relationship between an employee and an employer. When it comes down to the nitty-gritty and your candidate pool is down to the last couple of contenders, check in with them. Make sure that they still feel welcomed and interested.