The job market is changing at a rapid pace. Whatever business sector you are in, it is becoming increasingly difficult to find the right set of potential employees with the proper skill set that you need. With the UK facing a shortage of technology, sciences, engineering and finance workers, the competition to secure skilled workers is intense. With so many positions to be filled, companies are using required incentives such as above-market salaries and increased benefits packages. However, what are the options for employers when the candidates are simply not there?
We are a finance recruiting company that specialises in tapping into the often-overlooked **passive candidate pool**. Helping businesses access candidates who aren’t actively seeking new opportunities but may be open to the right offer. With this approach, Core3 enables companies to access a much broader base of talent. This is a massive advantage in a skills-starved workplace. This blog will look at how you can attract these key skilled workers and reach an employment solution.
The Skill Shortage Crisis: Why Traditional Recruiting Methods Fall Short
When there is a shortage of skilled workers in any industry, this is very much a cause for concern. Finance is particularly prone to feeling the effects of this drought of incoming talent. There are several reasons for this. Firstly, the workforce is ageing and retiring sooner than it was before. The increase in digital platforms has meant that many workers have been left behind, plus employers are faced with increasing demand for flexible working requests and positions where employees can work from home.
How a job is communicated to the potential workforce is also changing. The day of going to the job centre or the labour exchange, as it was known before that, is a thing of the past. The same can also be said of traditional approaches such as fairs, postings and boards. Any company using these methods is going to miss out on potential candidates.
The Power of Tapping into the Passive Candidate Pool
The trick is to attract the passive candidates. These potential employees do not even realise they are perfect for your organisation, at least not yet. You may have the ideal role for them that also fits their values and beliefs. There is an untapped market here full of potential talent just waiting for your organisation to get in touch.
But why should companies focus on passive candidates?
- Higher Quality Talent
With a passive candidate, there is a perfect chance they have already excelled in their current role. This means that you don’t have to spend time training them or setting goal expectations; they will possibly already be working on them now. The ideal passive candidate isn’t looking for a salary increase; they may already be happy with that. Instead, they are looking for a new challenge, a management position, or to increase their skills. The key word here is that they are looking for opportunities. Companies do not have to resort to salary war to gain them.
If you can attract the passive candidate, then there is a good chance that you will be able to attract a proven performer who may not feel appreciated by his current employer. They may be excelling in the field or be highly respected
- Diverse Perspectives and Experiences
Employing diversely is a significant focus for many prospective employers, and the pool of passive candidates suggests there is a chance to draw upon this. Targeting those not actively looking to switch roles may find you a set of potential employees who can bring a fresh vision. New views, perspectives and experiences may enable businesses to move forward in ways they had not considered.
- Reduced Turnover
Finance professionals have a new sense of social, cultural and environmental awareness, and the passive candidate is no exception. If you can attract them using a finance recruiting company, you may find that they will stay with you longer if they feel the company culture is better suited to them. Hopping from role to role is not what most people are looking for.
- Filling Specialised Roles
Organisations are increasingly faced with the need for employees with specialised finance skills. They are needed for compliance, especially regulatory work, risk management, and analysts who can get to the heart of the data they are looking at and what it can tell them.
How Core 3 Unlocks the Potential of Passive Candidates
So, how do we help you to access the passive candidate pool? We can’t give everything away, but what we can tell you is that we actively engage with passive talent, and as a finance recruiting company, we are respected seekers of talent away from the traditional recruitment avenues.
We use Targeted Sourcing and Relationship Building
We do our research. We will establish what you need and go out and find it for you. This means you don’t have to spend the time and resources looking for the right person. We use market research and an extensive network of finance professionals to find that talent and make them aware of how you align with the goals and culture they might be seeking.
Building relationships is at the heart of Core3’s approach. Passive candidates are often not in a rush to change jobs however, Core3 focuses on building trust over time, understanding the candidate’s career goals, and ensuring that any potential match meets their long-term aspirations. This relationship-building approach leads to more successful placements, as candidates are more likely to be committed to their new roles.
We ensure that we understand the employee’s approach to work and what ethos they want to be a part of. We also look at their long-term aspirations to ensure they fit in with what you can and want to offer them. We strive to build a relationship as we find that this is the secret to creating long-term employees who are happy and want to perform and meet the company vision presented to them.
Perhaps you have not considered using a finance recruiting company such as ourselves. Please get in touch if you have a specialised finance role that needs to be filled as we have a track record of success filling roles with talented finance professionals.
