8 Reasons: How Partnering with an award-winning Financial Services Recruitment Agency in sync with Your HR Process is Key!
The Power of Close Alignment Between Wealth Management Recruitment Agency and Your HR Process!
In Financial Services and especially in Wealth Management, there is a shrinking labour supply which, to some part, keeps IFAs and Wealth Planners in the driving seat. As we know this a grey market, where more people are retiring than joining currently as Financial Advisers Post the pandemic there only been a limited pivot back to the office from remote and flexible working. As we know, salaries will be front of mind for employees, during this cost-of-living crisis, but benefits and a robust and transparent recruitment process will stand employers apart from their competition
Workplace happiness is critical to employee retention, and this starts with your recruitment process and who you choose to partner with: Truestar Talent Ltd won the "Financial Services Recruitment & Headhunting Enterprise of the Year" award in the Corporate Vision Magazine's "HR and Employment Awards 2024"
"This award illustrates how our team at Truestar Talent working transparently and effectively with HR and hiring managers, ensuring consistent high-quality talent, championing diversity and cutting out the white noise in creating long term happy homes for people to thrive within"
Pam Sutherland: Founder
Working with a financial services recruitment company who closely follows your HR recruitment process offers many advantages
Here are 8 Key reasons:
Understanding of Company Culture and Culture Fit or Add
A great Wealth Management recruitment company who closely follows your HR recruitment process will have a better understanding of your company's culture, values, and goals. This ensures that they can effectively represent your organisation to potential candidates and attract individuals who are the right long term fit
As many of us know, evaluating Cultural Fit or Add is not just about assessing candidates based on their skills and experience but also on their cultural fit within the organisation. This helps ensure that new hires align with the company's values, ethos and work culture. How candidates are treated throughout recruitment process, reflects on why they ultimately choose to work with you over a competitor and partnering with a culturally aligned financial services recruitment agency increases and aids this positive candidate experience
Cost Efficiency of agency hiring
While recruitment agency fees vary, studies have shown that the cost of a bad hire can be substantial as well as badly affecting the morale of the team they had joined. By closely following your HR recruitment process, agencies can help minimise the risk of hiring mistakes, ultimately saving the company money in the long run In addition, having the partnered agency handling tasks such as sourcing, screening, and initial interviews, allows your HR and hiring managerial teams to focus on other strategic initiatives
Working Transparently and Effectively with HR and Hiring Managers
Transparent communication and collaboration between the Financial Services recruitment company and HR departments/hiring managers are essential for successful wealth recruitment. This involves clear sharing of job requirements, expectations, and feedback throughout the hiring process
By maintaining open lines of communication, they can better understand the company's culture, values, and specific hiring needs, allowing them to tailor their recruitment efforts accordingly One such company is Truestar Talent. As stated on the Corporate Vision Magazine website in relation to winning the HR and Employment Award 2024:
“Multi-award-winning, Financial Services and Wealth Management recruitment specialists, Truestar Talent, work closely with HR professionals, supporting their HR processes, ensuring effective, consistent, fair and diverse hires. Ardent advocates for both clients and candidates, Truestar Talent’s national team optimises their, on average, 35+ years’ experience in financial services recruitment.”
High Quality Candidate reach
Although your employer brand is great, Financial services recruitment agencies typically have more access to a broader network of candidates, including passive job seekers. This expands the talent pool and increases the likelihood of finding qualified candidates who may not be actively searching for job opportunities
Working with an agency who follows your HR process will then expand your candidate reach Truestar Talent's focus on quality, for example, ensures that their Talent Managers thoroughly vet candidates to match the required skills, experience, and cultural fit for each role. This commitment to excellence means that hiring managers receive a consistent stream of top-tier candidates, reducing the time and effort spent on reviewing unqualified applicants
Research on LinkedIn suggests that companies that engage recruitment agencies often report higher-quality hires. This is attributed to the agencies' expertise in sourcing, screening, and matching candidates to the company's requirements. So a well-managed recruitment process, facilitated by a reputable financial services recruitment agency, can enhance the employer brand. Positive candidate experiences and successful hires contribute to a company's reputation as an employer of choice, attracting top talent in the future
Championing Diversity
Again who you choose to represent your employee brand in the recruitment market is very important. Financial Services has a focus on diversity, which can only be a good thing Truestar Talent actively promotes diversity and inclusion in the recruitment process, recognizing the value of diverse perspectives and experiences in driving innovation and success
They strive to source candidates from a wide range of backgrounds, ensuring that the talent pool reflects the diverse nature of society and the workforce
Faster Time-to-Hire
Working closely with a Wealth Management recruitment company means that they will closely follows your process which can streamline the hiring timeline
As they are familiar with your requirements, they can quickly identify suitable candidates, reducing time-to-hire and minimizing disruptions to your business operations
According to survey information on Glassdoor, the average time-to-hire for companies using recruitment agencies is often shorter than those that handle recruitment in-house. This can lead to significant cost savings and productivity gains. So as long as this is also paired with high quality of candidate hire, then this can be a winning formula
Flexibility and Scalability
When you work with an agency you trust, who has taken the time to truly get to know you and always follows your HR processes, you have peace of mind that they can adapt to your changing hiring needs
Whether you need to scale up recruitment efforts during periods of growth or adjust the process to meet evolving business requirements, they can provide flexible solutions to support your organisation
Creating Long-Term Happy Homes for People to Thrive Within
Overall, working with a Financial Services recruitment agency who closely follows your wealth management HR recruitment processes, enhances collaboration, efficiency, and the likelihood of successful hires and ultimately contributing to the long-term success of your organisation
Truestar Talent's ultimate goal is to match candidates with roles where they can excel and find fulfilment, leading to long-term satisfaction and success for both the individual and the company. By facilitating successful matches and nurturing strong employer-employee relationships, Truestar Talent contributes to the creation of positive work environments where individuals can grow, develop, and thrive
Truestar Talent's approach emphasises transparency, quality, diversity, efficiency, and long-term success for both candidates and clients. By aligning closely with HR departments and hiring managers, they create value by delivering top talent that contributes to organizational growth and success. In relation to winning the HR and Employment Award 2024, Pam Sutherland said:
“Winning such an award speaks volumes about Truestar Talent's commitment to excellence in financial services recruitment and headhunting. It reflects positively on their expertise, dedication, and the value they bring to the financial services industry.”
HR’s value is not always appreciated, nor HR recruitment processes always followed – but when they are, it can be spectacular!
Who and how you partner with a Financial Services Recruitment Agency in sync with your HR Process is key!
Check out one of our other articles: Why does Advocacy Matter? We genuinely believe that to help you, we must first understand and then empower you https://www.truestarlegacy.co.uk/blog/why-does-advocacy-matter
