7 Hiring Mistakes That Are Sending Finance Pros Running

The hunt for top finance talent has turned into a real nail-biter lately. With the job market getting tighter and economic worries on the horizon, candidates are pickier than ever about where they work. And guess what? Missing out on even one great candidate could mean big trouble in filling your team with the stars you need.

Noticing more tumbleweeds than talent in your application inbox? Seeing too many empty chairs at interviews? It might be time for a hiring strategy makeover. Here’s a quick dive into seven slip-ups that might be scaring off the financial wizards you’re trying to woo.

1. The Reputation Riddle

Ever scratch your head wondering why job seekers get jittery when they see your company name a bit too often on job boards? They might start thinking, "What’s the deal? Can’t they keep people happy?" And in today's world, where everyone’s online, a bad rep spreads like wildfire. A curious candidate will dig deep into what others are saying about you. With LinkedIn's 2022 stats showing that 75% would steer clear of a company with a bad rep, even if jobless, that's something you can't ignore.

The fix? Build a work vibe that’s so positive, that people can’t help but leave glowing reviews. Sure, you can’t win ‘em all, and there might be a few bumps in the road. But don't let a couple of grumpy reviews rain on your parade. Work on creating a place where everyone feels valued, seen, and heard. Keep an eye on what’s being said about you online and tackle any negativity head-on, showing you’re all about making things right. While you can't make everyone your biggest fan, smoothing out the edges can turn a lot of potential skeptics into believers.

The job market has undergone a drastic transformation in recent years, becoming increasingly competitive and leaving many talented applicants feeling uncertain. With a frightening economic downturn knocking on the door, the top talent now demands higher expectations from both employers and prospective financial jobs – resulting in fewer available applicants for each opening. This means that losing even one could have dire consequences on their ability to fill positions with qualified talent. 

Are you experiencing a lack of application responses, no-shows at interviews, and vanishing potential employees? Don't be discouraged – take the opportunity to evaluate your hiring process and see if any missteps could be causing potential employees to flee.

2. Vague and out-of-date job description

Understanding the job market as a finance pro can feel like deciphering a cryptic puzzle, especially when they stumble upon a job description that's as outdated as a flip phone. For a candidate to seriously consider an opportunity, they need clarity – not just about the job itself but how they fit into the broader mission of the organization. However, when job descriptions are vague or rely on descriptions that could have been written a decade ago, it’s a signal to candidates to keep on looking.

Here's what using tired phrases like "dynamic environment," "competitive salary," and "friendly team" really tells potential applicants:

• You haven't taken the time to deeply analyze what the job entails.

• You opted for the easy route, recycling generic descriptors instead of crafting something unique and engaging.

• Your company culture might lean more towards the traditional and bureaucratic side of things.

Intriguingly, the word "competitive" next to a salary detail is more likely to deter than attract, with over 50% of job seekers saying it puts them off applying. 

The job market has undergone significant changes, especially with the recent shifts brought about by the pandemic. The expectations around roles, required skill sets, and what makes a position attractive have all evolved. It’s crucial to illuminate your needs clearly in your job ads, reflecting the present reality.

To make your job ad stand out:

1. Refresh and Revise: Ensure the job description is up-to-date. Gone are the days of "one size fits all" postings.

2. Detail the Role: Clearly outline the responsibilities and the impact the position has within the company.

3. Be Transparent About Pay: Instead of hiding behind "competitive salary," provide a salary range or at least a ballpark figure.

By addressing these areas, you not only clarify expectations but also signal to candidates that your company is in tune with the current market and values transparency and specificity.

3. Lengthy application process

Imagine a stellar finance candidate, eager for new challenges, comes across your eye-catching job advertisement. They're all set to apply, only to be faced with an application process so lengthy and complex, they give up halfway through. Despite the appeal of your ad, the cumbersome application experience drives away the talent you're hoping to attract.

Insights from Indeed reveal the impact of a demanding application process: introducing 30 screener questions can halve the number of applicants, and forms with over 45 questions see a staggering 90% drop-off rate. Furthermore, nearly one-third (30%) of candidates are unwilling to dedicate more than 15 minutes to filling out an online application.

It's easy to assume that candidates who don't complete an application might lack dedication. However, forward-thinking recruiters understand that top financial talents highly value their time. In a job market brimming with quick-apply features and autofill options, lengthy applications are at a severe disadvantage.

Adapting to the preferences of today's job seekers means simplifying your application process. It should be straightforward, taking into account the financial candidate's time and effort. By making the application journey as smooth and brief as possible, you stand a better chance of attracting the exceptional finance professionals your company desires.

4. Tech glitches

Have you ever been excitedly filling out an online shopping cart only to be thwarted by a technical glitch? Shopping online and applying for a job can be two very different experiences, yet both are often hindered by the same thing: technical mishaps. When tech troubles impede an applicant's ability to finish their application form, businesses not only lose credibility but also miss out on top-notch talent who may have been otherwise qualified.

Before you start hiring, ensure that your job application process is up to par. Have both external and internal candidates take it for a spin - they can consider how well-crafted the role description is, if instructions are understandable, as well as whether there are any technical glitches when submitting one's resume or linking their LinkedIn profile. 

According to the Appcast report, 67% of job applications were completed on mobile devices in 2021. Is your application form easy to fill out with a smartphone? Does the company have a mobile-optimized website and how well does it work? 

Companies in the US are facing a tech-savvy workforce like never before. As millennials and Gen-Zers make their way into employment, they're bringing with them the expertise of technology that companies must capitalize on to recruit top talent through an efficient online job application process open for both mobile and desktop users alike. HR executives need to hop on board this bandwagon: ensure everything is running glitch-free!

5. Too personal interview questions

An interview, no matter if it is in person or online, should be a business conversation, an exchange of information for the company and for the role. Of course, some personal questions are essential for a productive interview. By probing into the personal details of a candidate's life, financial recruiters can get to the heart of what motivates them during their job search. For instance, you may ask “What are your career goals?”, “what are your strengths and weaknesses?” or “What do you do in your spare time?”

However, there were numerous cases where the questions asked during the interview put candidates off. First of all, we are talking about the following:

• How old are you (for 40+ candidates mostly)?

• Are you married? Are you going to?

• How many children do you have? / Do you have small children? / Are you going to give birth soon?

• How do you feel about a romantic relationship with a colleague?

• What is your sexual orientation?

• What church do you go to?

• Have you had any recent health issues?

Before you ask something like that, think about whether you need to know the answers for this position. Posing questions related to certain topics can lead to allegations of discrimination, prompting an inquiry by the U.S. Equal Employment Opportunity Commission (EEOC), and may even result in a lawsuit if the dispute isn't sorted out.

To provide a pleasant and relaxed atmosphere, financial employers should prioritize the topics of conversation to be focused on the professional. From their skillset and education to their experience, ensure that neither you nor the candidate feels uneasy during your discussion. Make every word count as you craft an engaging tone and style for the interview.

6. Procrastination with response

Oftentimes, financial recruiters spend countless weeks searching for the ideal candidate, yet they only get a few applications and all of them are not quite perfect. The HR manager hesitates to choose someone, and puts hiring on hold, desperately hoping that the perfect employee will appear. Meanwhile, the candidates are waiting in the unknown. In fact, 52% of candidates have to wait 3 months or longer to receive a response from a job application.

If you're letting weeks or even months pass between reaching out to job candidates, you're sending the wrong message. Not only is it downright disrespectful to waste someone's time – but it also makes them question your company's seriousness and raises doubt that you'll keep your end of the deal. Potential financial talent may also perceive a delayed response as a sign that they will not receive support and feedback from this employer during their employment if they accept the offer.

Try not to procrastinate, stay in touch with the candidate, and be honest about your intentions. Make sure you give them prompt and timely replies – let them know that their time is valuable too.

7. Overkill with assessing tests

No doubt, pre-employment testing is essential to the hiring process. The Talent Board's Candidate Experience Research report shows that 82% of organizations now use these tests to bring out the best in their talent. Your typical job candidate knows they're going to be put through their paces, but too often these exams are an absolute blunder. 

When you keep candidates in the office for an hour or two, testing their professional skills, communication skills, and personality traits, it's tiring, alarming, and infuriating. Prospect accountants may think they will be working for a machine rather than a company full of real people of flesh and blood. This is not the best way to start a relationship.

If you do need to take multiple assessments, break them up and spread them throughout the hiring process. Don't burden yourself or your candidates - test smarter and save everyone some hassle.

Financial firms must remember that recruitment is more than just assessing candidates – it's a mutual evaluation process. Candidates are sizing up your company with the same intensity. Enhancing the candidate experience signals how much you respect and value their potential contribution. Each interaction, from filling out the application to the onboarding journey, is a golden chance for recruiters to showcase their company as the ultimate workplace.

Struggling to fine-tune your recruitment strategy? My Ideal Recruiter is here to lend a hand. We'll dissect your process, identify the snags, and pave a smoother path to securing the ideal candidate. Reach out to My Ideal Recruiter now, and gear up to attract a steady flow of top talent eager to be part of your success story.