News & Views

Taking a Vacancy to Market

Business Management for Financial Advisers and Paraplanners

17 Apr 2019

Taking a Vacancy to Market

As your business continues to grow you may need to increase your head count. 

Essentially, you want to employ the best-suited candidate in the timeliest manner possible. No one can tell you the best way to do that but with careful evaluation of the options available, you can decide which is the most effective for you.

Identifying the requirement

Firstly it is important that you are aware of what is required to help improve your business from the outset. Writing a suitable and detailed job spec or briefing an agency in full is crucial for those individuals wishing to apply.

Advertising and Job Boards

Advertising is a great way to attract talent and there are a number of specialist job boards that focus on the financial services sector. Costs vary depending on the number of vacancies, post duration and which channel you choose to advertise through. Some useful job boards include: 

  • Efinancial Careers
  • Cityjobs
  • Total Jobs
  • Jobsite
  • Indeed
  • Monster
  • LinkedIn

Job boards also provide a CV database and search function allowing you to search through candidates and sort by relevance, salary, notice period and location.

Pros 

  • An easy way to attract large numbers of candidates in a short period of time
  • A good way to let the market know you are expanding
  • Taking control of the process and managing all communications yourself
  • Often cheaper than using a recruitment agency 

Cons

  • Writing a job specification, posting online, monitoring responses, sorting through very large volumes of applications, responding to applicants and then arranging and carrying out interviews can take up a large amount of time which can impact on the day-to-day running of your business
  • Advertising will often bring in large volumes of applications but not necessarily the skill set you are looking for
  • The job boards that yield the best results are expensive and won’t necessarily guarantee that the vacancy will be filled

Social Media and Networking

Social media is a fast-growing and oft-preferred way of highlighting a job vacancy. LinkedIn in particular is a useful tool and platforms such as Instagram, Facebook and Twitter are becoming more popular for a variety of companies. Response is dependent on the strength of your network and seen as a long-game strategy to building a brand and network.

Pros

  • A cost-effective way of advertising vacancies as the majority of platforms are free of charge so cuts out advertising and/or recruitment agency costs
  • An excellent way to build your brand and create interest in your company 
  • A strong social media presence can attract talent and help bring in business

Cons

  • This is a timely commitment and results depend upon the number of postings, the strength of your content and the quality of connections within your network
  • There is no guarantee of attracting the right skill set and a lot of time can be wasted discussing the role with candidates that don’t fit the requirement 

In-House Teams

A large number of clients now choose to recruit an internal talent & recruitment team to oversee all aspects of attracting and managing talent. This is largely dependent on the number of hires required at any given time and the size of your business.

Pros

  • This can be a cost-effective way of building your business as a full-time employee salary may be cheaper than advertising and/or recruitment agency fees
  • A chance to train somebody on your brand and ensure that all advertising and social media content is controlled and impacting positively on your business
  • Allows you to focus on the day-to-day running of your business

Cons

  • May not be necessary if you only have a small number of vacancies to fill
  • Time will be needed to hire the right person for the job and train them
  • Salary costs may exceed hiring costs if the right balance is not struck or hiring strategies don’t go to plan 

Recruitment Agencies

Recruitment agencies offer a useful option in finding the right talent for your company. Agencies now tend to focus on specialist skill sets and offer insight and advice on the hiring process and what talent is available. 

Pros

  • Using a specialist recruitment agency saves huge amounts of time. A good agency will take a briefing then write your job specification, advertise, monitor responses and shortlist the top candidates for the role. They will also manage all interview arrangements and offer/contract negotiations. This allows you to focus on running your business
  • A good agency will be well networked and an expert in finding the best candidate on the market. Often headhunting the most talented candidates and persuading them to make a move
  • Agencies often move very quickly, resulting in you filling your vacancy much sooner than if you were handling yourself

Cons

  • Agencies charge on every placement they make and charges can vary depending on the firm and vacancy. Fees tend to range from 15-25% for permanent roles and 15-20% for contract. 
  • There are a vast number of agencies in the market and finding a partner you can work with in the long run is not easy. It’s important to insist on transparency throughout and making sure terms and conditions are agreed and sustainable. 

Panacea Recruitment 

If you are interested in finding out more using a recruitment agency, Panacea Recruitment may be able to assist.  Please Luke Welham for more information:

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