Why You Need To Speed Up Your Recruitment Processes

Talent shortages across the UK mean that it’s never been more important to ensure your recruitment processes are as efficient and effective as possible, especially with candidates having many options to choose from.

Acquiring talented finance and accounting candidates has become increasingly competitive, and if you want to be in with a chance of succeeding, be mindful that time and speed are of the essence. Halliday Marx Director John Marx says “2023 is the year of speed. If you snooze you will lose. The facts are these: All of our clients are shooting for the top 20% of accounting talent in the market, that means that the best candidates each have five or six options, so you must move fast. Wrap up the process super quick to get your desired candidate”. What’s more, by accelerating your recruitment processes, not only will you attract the best talent, but you’ll also be conserving your own time, energy and resources.

It’s no secret that Brexit and Covid have impacted the UK workforce. The pandemic has enabled many people to work remotely and Covid has seen a lot of EU talent leave for home shores, so employers looking to fill finance and accounting jobs now need to consolidate their recruitment efforts as a way to give themselves a competitive advantage.

How Does The Current Interview Process Need To Change?

The 2000s to 2020 traditional candidate interview processes is now seen as too lengthy and are not reflective of how the candidate market is moving. Previously in permanent recruitment, two interviews were the norm for non-qualified roles and up to five or six for C-suite roles. The last year has demonstrated the need for employers to move much faster and make an appointment after one interview in front of everyone, rather than 5 one on one meetings across 3 to 4 weeks.

Andy Halliday, Director of Halliday Marx, concurs with this adding “This is really simple and I cannot stress how important what I am saying is: if you want the candidate to meet three people, for goodness sake do it at the same time. We have Zoom and Teams, there is no excuse. If you want them in the office that is fine but if some of your staff are working from home that day then get them to join the interview live on-screen…just get it done. If you choose to have the candidate interview over three different times, each with a different person, that process is too long. You’re guaranteed to lose.”

At Halliday Marx, we are seeing some candidates receiving offers in as little as 24 to 48 hours after first being briefed about a job. Three years ago, this would have been unheard of. Now, we’re seeing that our most intelligent clients, securing the best candidates, are the ones who understand the levels of competition out there, and they are striving to be more proactive and decisive, ultimately demonstrating their commitment to their chosen candidate.

For £100k to £150k roles a well-thought-out and comprehensive interview process is still appropriate but it’s so important in today’s market to reduce the time between receiving CVs and every interview stage, and the risk of losing candidates.

As John Marx says, “We will be unapologetic in moving the process along faster. Ultimately we want all our clients to secure their best candidate. Without speed, they have no chance.”

Rapid Recruitment Saves Your Reputation

It is also worth remembering that your employer brand can help you stand head and shoulders above the competition. It is one of the key factors determining whether you’ll be able to attract the right talent. Today’s employees want to know they’re working for a company that values their time and prioritises a good candidate experience. The slower your recruitment process is, the more likely your candidates will lose faith in the process and subsequently your business.

Since today’s finance talent have endless options for choosing where they want to work, they’re actively avoiding employers with a poor reputation. The more your employer brand suffers, the harder it will be to recruit candidates and build your talent pipeline.

Fortunately, recruiting faster doesn’t have to mean giving up on your standards. However, it does mean you need to make your process more efficient and streamlined especially where candidates are entertaining multiple potential roles. Working with a specialist finance search and recruitment brand such as Halliday Marx will help you find talent faster, screen the best candidates, and make rapid decisions so that you don’t miss out on the talent you need.

If you would like any more advice on this topic or if you’re looking for your next role, please get in touch with our specialist team today on 020 7096 8200 or email us at [email protected]

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