8 Ways to Improve your Hiring Process

After speaking with loads of hiring managers throughout the years, I still regularly hear of all the frustrations of coordinating a thorough and effective interview process. The process can prove challenging, especially when there are a number of people involved. Follow the 8 ways to improve your hiring process below. These tips will assist your company to align its recruitment strategy with your desired outcomes in relation to attracting and retaining the top talent within the Financial Technology and Market Data industries. 

Job interviews are often structured to test the technical competencies of candidates. However, Mark Murphy, CEO of Leadership IQ believes that “coachability, emotional intelligence, motivation and temperament are much more predictive of a new hire’s success or failure.” 

Write an Attractive Job Advertisement

Writing and posting an enticing job advertisement is the perfect first step in any successful recruitment process. Ensuring the advertisement is an accurate reflection of the job on offer is an important way to get the right types of candidates to respond in the first instance. 

Brainstorm the types of people that are best suited to the job. Ensure your advertisement reflects the skills, experience and traits that you expect a successful candidate to possess. Salespeople, for example, are often motivated by extrinsic rewards. Therefore, you’ll likely engage their interest by listing some of the material incentives on offer. 

Revise the Job Description

In addition to making sure the job advertisement is up to scratch, the next step is to ensure that it is a positive representation of the job itself. Companies that fail to revise job specs are less likely to attract the right type of staff. If required specific skills aren’t mentioned in the job description, effectively you’re sending the message that those particular skills are not an essential element of the job.

Minimize Repetition

With a variety of people playing a part in the interview process, it’s important to maintain a consistent approach. Be clear about what each person’s role is and what they should be testing for. It’s frustrating for a candidate to sit through an interview with Human Resources, only to be asked the same questions by a Sales Manager and then the Regional Management team.

Strengthen the quality of your recruitment process by ensuring various aspects are covered, not just the technical elements of the role. Educate and role play with interviewers until they appreciate the complexity of the interview process. They should be clear on the specific type of information that they are required to obtain in each interview.

Restate Relevancy

Emphasize the importance of each new hiring decision with senior managers involved in the recruitment process. Remind them of the significance of their decisions and that each person joining the company has the potential to increase the bottom line, or detract from it.

Use Time Wisely

It is not uncommon for managers to engage in casual conversations with candidates. This can result in misuse of valuable time to gain insight into a candidate’s prospective success with the company. At the end of the day, it’s nice to find out which football team they support, but more importantly, you will need to test their ability to excel in the role. 

Become a Digital Leader

Candidates are attracted to companies with a strong digital presence and that actively maintain their social media networks. Job seekers are conducting online searches about prospective employers like never before and subsequently, company investment in digital strategies is bringing an ever-increasing return on investment.

High performing employees want to work for dynamic companies that reflect the vision and values of cutting edge businesses. They’re also judging companies on such things as the sophistication of their website, the depth and breadth of social media presence, and the currency of online content. 

Consider the Value of External Assistance

You may also wish to engage the services of a professional recruitment firm to assist you with the challenges of making such important hiring decisions. By sourcing and utilizing knowledgeable professionals who possess dedicated experience within the FinTech or Data sectors, you’ll have access to a vastly qualified talent pool and practical relevant advice.

Ask Insightful Questions

John Schwarz, CEO and founder of workforce analytics company Visier, believes answers to questions such as, “Who are you going to be 10 years from today?” and “What makes you get up in the morning and do what you do?” can tell you a lot about a candidate’s drive and ambition.

The interview process should be used to gain maximum insight into each candidate’s suitability for the role and your company. Ask questions that will delve deep and gauge critical thinking ability and technical know-how.

It’s also important to assess cultural fit, so take the time to ask questions that will reveal the work ethic and environmental preferences of each candidate.

Plenty of ways to improve your hiring process

Selecting the right candidate isn’t always easy. Fortunately, there are various ways to improve your hiring process. With the assistance of the tips shared above, your new hire will certainly be off to an impressive start. Need help in hiring the right people? Datasearch Consulting can help!

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Gary Dean is a Director at Datasearch Consulting, a leading executive recruitment firm specialising in the Financial Technology & Market Data sectors.

You can download their FREE comprehensive guide on “The Complete Guide to Hiring Fintech & Data Talent – 5 Proven Steps to Secure the Best Candidates Possible” hereAlternatively you can view the Datasearch Consulting website or contact them directly on info@datasearchconsulting.com for a more detailed discussion.

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