The current hiring market is candidate-led, and this can leave employers in an awkward position.
When you need to fill an integral role such as a Credit Underwriter, or perhaps your team is expanding and you need several Business Analysts – if you’ve spoken to a few suitable candidates, what you need to know now is precisely what the candidates are looking for at the interview stage.
In this article, I will explain some of the biggest concerns that candidates have when deciding on a new company, and what goes through their minds before the interview; by understanding this, you can eliminate the guesswork from your interview and onboarding process.
With 65% of candidates saying that a bad interview experience makes them lose interest in a job, what are the key things that candidates are looking for from their interview?
Let’s go through them.
1. Will This Company Offer Me Development Opportunities?
I’ll start with this issue as it’s one that my candidates raise regularly. Often when a company is failing to recruit and retain competent employees, it comes down to training and development opportunities – or lack thereof.
LinkedIn’s 2018 Workforce Learning Report found that 93% of employees would stay with a company longer if it invested in their careers.
In the interview, employers are keen to find out if the candidate sitting in front of them is right for the role in question, but as a recruitment consultant, my advice is to be longer-sighted than this. Yes, the candidate might be perfect for the IT or banking vacancy you currently have in your team, but will they continue to be as valued in the coming months and years? Candidates want long-term career prospects, and if your interview fails to highlight these opportunities, this can be a red flag for them.
2. Will I Fit in Here?
I mentioned earlier that the current Australian job market is candidate-led, but how significantly? Well, earlier this year the unemployment rate hovered at around 5% – a 6 ½ year low.
High employment rates and an increase in job opportunities have meant that now more than ever, candidates are not only looking for a career with prospects but also for a job that they love, and which will offer them a great company culture and a harmonious work-life balance.
Candidates will be looking out for evidence in the interview that the culture of your organisation is somewhere where they will thrive and feel appreciated.
Alongside an excellent compensation package, candidates assess your company culture on whether you provide extras such as health insurance, a wellness policy, flexible working opportunities, an inclusive and friendly environment….I realise that for some employers getting this right can seem like added pressure to please their employees, but the reality of the situation is that this is what employers have to do to attract the kind of talent that they want in the current job market.
3. What Exactly Will My Responsibilities Be?
Banking and FinTech candidates are increasingly eager to understand where they fit into their company’s bigger picture.
A failure to be transparent in what the exact role and responsibilities are expected of the candidate will leave them feeling confused and uncertain of if they ‘fit’ into the company as a whole. A lack of clarity in roles can come from when a company has not clearly defined the job responsibilities and objectives.
For example, when looking to recruit a Collections Manager, will there be systems in place already, or will the candidate be expected to set up the Collection functions from scratch?
A recent study found that 43% of new employees who quit within the first 90 days stated that the reason was that their role was different from that which was presented to them during the hiring process.
Set aside time before the interview to clearly define the candidate’s daily responsibilities, plus objectives for the future of their role – candidates will want to know that their role has clarity and direction.
4. How Will I Be Managed?
You might have heard the phrase ‘employees don’t leave their job, they leave their manager’ – and this adage is true. A Gallup poll found that the top reason employees give for their resignation is the relationship they had with their boss or immediate supervisor.
Candidates in the current job market are looking out for a manager who will be supportive and openminded to the often changeable and sometimes difficult life of a FinTech employee. Tell your candidate in the interview what kind of management style is employed in your company, and ask them how they like to be managed, so that there is a clear understanding in this area from the start.
5. How Long Will the Process Take?
I’ve left this point until last, but I want to affirm how essential this is to the candidate. A lengthy hiring process will drive the best FinTech candidates towards your competitors.
My recommended process for hiring the best candidates is between two and four weeks, from start to finish. When quality candidates are looking for a new job, they will usually have several opportunities to consider at the same time, and they will be put off by having to wait for what they consider to be an unnecessarily long amount of time.
One finance candidate that I recently worked with told me that a company he had interviewed with contacted him six weeks after his first interview – at this point he was already settled into a new role in a different organisation.
Let your candidate know precisely how long the process will take and keep to the time-frame you set out!
This article should have highlighted the most important points that highly skilled candidates consider on their recruitment journey, and what ultimately sways them in making their big decision. Jobfitts work with quality candidates which means we can match the right candidates to roles in which they will excel and grow with the company – 98% of our candidates stay in their role for at least two years.
If you need help recruiting top talent into your organisation, get in touch with us today to discover how we can help.