eFinancialCareers

In Scotland’s candidate-driven market, is it time to speed up the recruitment process or risk missing out on talent?

The typical recruitment process in financial services firms takes at least six weeks, during which time candidates can easily have multiple offers on the table. Existing employers are also likely to counter-offer in a bid to hold on to scarce talent, say recruiters.

Fraser McMillan, senior consultant at Robert Half, says: “We don’t want clients to feel we are forcing them over a barrel, but the longer you wait the more likely you are to lose people. You don’t want to make a snap decision, but there needs to be a balance.”

The number of jobs in Scottish financial services has grown by 60% in the last seven years, and staff retention and recruitment is a growing concern in the industry, according to Scottish Financial Enterprise.

Corporate finance, private equity and risk management are particular hot spots, and areas where companies are dragging their heels over recruitment.

It’s occurring at both senior and junior level, and it’s at the lower end where firms are most likely to lose out.

“These graduates are the top end of the market. They are well qualified people who are likely to go on to be top performers,” says McMillan.

He adds: “One candidate started the recruitment process in October and is having to wait until late December to hear back. He likes the company, but if it goes belly up, we’ve got some other irons on the fire.”

Colin Grieve, managing consultant at Head Resourcing, reckons there’s been a need for credit risk specialists for over a year, and current credit crunch problems have only heightened demand.

“It’s still a niche area and the skill-set is rare, so it’s difficult to find the right people. They are likely to have a lot of job offers, as well as being counter-offered by their existing employer,” he says.

Headhunters say it’s the bigger financial institutions that are refusing to budge on their recruitment process, as they believe their reputation will continue to attract the best candidates.