Finding high calibre Finance talent in the current market is not easy. Singapore has an unemployment rate of under 2% and with, many companies driving their expansion strategies in the region (and as a regional hub), Singapore is short on talent supply. Whilst there are challenges in the global economy, this is nnot’t the case in Singapore as companies compete to secure the very best talent while (and are often fighting to retain their current staff.
However, many companies need to relook at processes they have adopted to secure new talent. There are a number of reasons why clients are not able to secure the talent whom they want and here are the top 3:
- The recruitment process
Far too many companies adopt a recruitment process that does no’t come across as streamlined or slick. When a candidate has to go through 8 to– 10 rounds of interview for an accountant role requiring 5 years’ experience, it becomes tedious and time consuming. When a candidate starts an interview process and the process is stretched over a period of 3 to -5 months because of the interviewers’ travel schedule, that would seem inefficient and lacking in urgency and importance for the role.
Clients have to consider the negative impact that a very long process, when there are too many stakeholders involved, can have on a candidate. Often, this can be perceived by the prospective employee as the inability of a company to make a decisions and lead to concerns that this may extend to commercial decisions and a general culture of procrastination in the workplace.
Clients need to communicate and be clear of what candidates should expect the process to look like and then stick to that. Obviously, the more senior the role, the more stages there are likely to be, but the process should be run efficiently and professionally based on what has been communicated. If employers do this then they will stand a much better chance of securing the talent they want rather than losing them to a competitor.
- Budget for the position
There have been many situations where we have been given a salary budget for a position, only for it to be changed halfway through and, in some instances, ultimately reverting to the original budget. This reflects poorly on the organisation to those who have invested time in interviewing for the position and tarnishes the perception of the organisation as an employer of choice.
In a market where everyone is focused on cost, it has not been unusual for prospective employers to take candidates through a rigorous process and then at the very end offer a salary that is below what the candidate has communicated they were looking for at the onset, hoping they can secure the candidate for that number. This is possibly one of the scenarios that would have the worst impact on a candidate’s perception of the prospective employer as the candidate has invested time and effort based on what was originally communicated to them. Making changes thereafter leaves them feeling as though the rug was pulled out from under them at the very last minute.
- Not selling
Many employers don’t sell their companies enough. Whilst the candidate has a responsibility to sell their skills and competencies in order to secure a role, the employer MUST sell their company to the prospective candidates. This is a fantastic opportunity for employers to tell their story, explain their vision, differentiate their business from their competition and outline the benefits of building a career in THEIR company. Organisations cannot afford to think that their brand itself will acquire them the best talent. In fact, in our recent survey, brand did not even feature in the top 4 reasons candidates would consider when accepting a new position. The primary reasons were relationship with management and career opportunity and development. The only way candidates will assess this is through the interview process.
In summary, to put your company at the front of the pack, you need to have an efficient recruitment process which is communicated clearly to the candidates. You must have a clear budget for the role and only interview those candidates who fit within that. You must sell your company and the career opportunity for those in the organisation. This way you will reduce the chances of creating negative perceptions in the market and increase the chance of securing the candidates that you want in your business. The right people will enable you to grow your business faster and more sustainably and that is why the good ones are in such demand.
by Claire Chua