7 innovative ways to attract Insurance, Tech and Banking talent in a candidate-driven market

Finding the right candidates in an ever-changing environment can be a challenge for organisations in the Insurance, Tech and Banking industries. At a time where candidates have all the power, traditional hiring practices have been overhauled as companies compete to attract and retain the best talent on the market amid increased demand. This kind of dynamic between companies and candidates doesn’t always feel like a good thing, particularly when the evolution of our working landscape continues to accelerate, forcing companies to continuously adapt in order to remain competitive.

Although there are clear outcomes that arise from when the supply of jobs outstrip demand, such as wage inflation and reduced “short-lists”, this inability to find the best talent leads to several organisational challenges such as internal projects over-running and firms struggling to deliver on their promises to customers despite their best intentions. As one COO said to Davies last month, their development of what they would describe as a ‘colander model’ means as they fill up with new candidates, they appear to be losing them at the bottom, which is both time-consuming, frustrating and unproductive.

7 innovative ways to attract talent

To help boost your talent attraction and retainment, here are 7 less obvious steps to gain your firm the upper hand in this increasingly competitive world. Incorporating these methods into your hiring strategy is relatively straight-forward, yet we feel they really make a difference and help to tip the balance in your favour, such as:

1. Testing your website

Do something people rarely ever do in their own companies and apply for a live vacancy, see how easy it is and how engaged or welcome you feel as the candidate. You might be pleasantly surprised or… not.

2. Putting yourself in your candidates’ shoes and asking yourself ‘what’s in it for me?’

Always keep at the front of your mind WHY someone would want to do something. Why should prospective talent consider your company over the competition? Too many times hackneyed phrases like “fast-growing” and “dynamic” appear with little or no substance.

Clearly define your value proposition and key differentiators and ask yourself, what will candidates gain from joining your business?

3. Re-evaluating your bounty/referral schemes

Does your referral scheme need a bit more promotion, a refresh or an overhaul? That £25 gift voucher may have run its course…Look at what your competitors are offering in terms of their benefits and perks and consider how you can create a more attractive offer for prospective candidates.

4. Considering how to attract next-Gen talent

One thing that may not be apparent and is not going away, is that the next generation as well as a lot of current potential employees want to know what you stand for. They want to know who they are working with including company values, principles, ethics and where your moral compass is pointing.

5. Reinventing your job ads

It is staggering when organisations post the same job advert with the same company intro and job specification into the wider market and expect a different response each time. It requires a bit more effort and thought behind each post but more importantly, how it can be tailored to the right target market. Candidates are not stupid and can see desperation or laziness in a company’s approach to talent, so don’t put them off before they’ve even applied!

6. Using technology

Using technology like AI and automation to improve candidate and client experience is a win-win. Not only will it boost your talent attraction and retention, but it will also reduce your time to hire and increase efficiencies in your hiring process.

7. Never forgetting your candidates

It is important to always reduce your time to hire, but don’t assume when the candidate has accepted your offer it means your job is done. There are currently more and more candidates receiving counter offers or being brought back by their current company, so stick close to them right up until they start.

Click here for 6 reasons for rejecting a candidate.

How Davies Resourcing can help

If there was an 8th step, it would be talk to us! We don’t always have all the answers to organisations’ recruitment, training and development challenges but we certainly have ideas for a lot of them and we love to challenge, in a good way.

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