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Recruiters write so many job descriptions that they tend to rely on the same formula with little variation.Unfortunately, that doesn’t help their organizations stand out enough to attract top talent, particularly in the financial services industry, where every institution is competing for the most talented candidates in a worldwide arena.
It’s clear the industry faces a major talent shortage, exacerbated by a rapidly shifting recruiting landscape and changing candidate behaviors.
Seventy percent of financial services CEOs see the limited availability of skills as a real threat to growth, according to a recent PwC study. Meanwhile, candidates are becoming more selective about the companies where they choose to work. Three-fourths of financial services professionals said company culture and reputation are “very important” factors when researching new job opportunities, according to the 2016 eFinancialCareers Employer Brand Survey.
Job postings are critical to creating the first impression and enticing prospective candidates to take the next step.
Here are four essential tips recruitment professionals should follow to ensure their financial services job postings sound original and attract the right candidates.
When it comes to attracting and retaining talent, culture and perception matter. Job postings must clearly define what makes the company unique and an employer of choice.
Consider how this recent job posting for Deutsche Bank begins with a concise, yet compelling description of the company:
“As a leading global bank with roots in Germany, we’re driving change and innovation in the industry — championing integrity, sustainable performance and innovation with our clients, and redefining our culture and relationships with each other. With operations in over 70 countries, we encourage our people to think for themselves and reward integrity.”
Since candidates value company culture and reputation, recruitment professionals should make it clear what the company stands for, how candidates can contribute to the overall mission and what they will gain by joining the team.
Research shows 8 out of every 10 readers never read past a headline — unless it catches their attention, of course. Great job postings are no different. While the title should clearly define the position, the opening line can offer some intrigue.
In the example below, Northwestern Mutual showcases their growing success up front.
The title also works because it’s simple and specifies the type of candidate needed (local). Some organizations try to be too creative with the title, and the nature of the role becomes unclear. Recruitment professionals should avoid acronyms, restrict themselves to five words or less, and be sure to use terminology the candidate will understand.
While it’s standard procedure to cover job responsibilities and requirements, job descriptions that stick to the bare minimum may not give prospective candidates enough of an indication of whether they would be a good fit for the position. To ensure job postings attract candidates who are a good cultural fit, job postings should also include descriptions of skills, characteristics and behaviors that will contribute to success in the role.
For instance, in its job posting for an investment accounting position, BlackRock includes more than a dozen specific skills it considers crucial to success. They include strong attention to detail, ability to identify and implement business process improvement discipline and knowledge of insurance-related reporting.This helps job-seekers who are a good fit for the position to self-identify as such.
Most job searches today begin with an online search, so even the most riveting job posting will quickly be lost if it doesn’t rank highly in search engines. To ensure job postings ranks highly in search results, recruitment professionals should include the following:
Placement is also crucial as it can impact both visibility and cost.
One popular job board requires an $8,500 annual fee simply to use its site for recruiting; creating an individual job posting can cost up to $500 per 30 days. On top of that, advertising expenses for the post could be anywhere from $300 to $500 per month. Despite the high cost, there is no guarantee those postings will reach candidates with the highly specialized skill sets the financial services industry demands.
Posting to industry-specific job boards helps narrow the candidate pool and increase visibility among the right candidates while reducing recruitment costs.
Just as the first impression of a candidate comes through on a resume, job postings are a way for companies to sell themselves and attract top talent who will succeed there.
For more tips on recruiting and retaining top talent in financial services, contact us here.