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      Why Fintech Firms Struggle to Hire Top Talent

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      Fintech is the future of finance. But, with that comes unique challenges when trying to find top talent, especially given how much competition there is in this space.
      Trying to find the right talent is one of the most important tasks for any company, but it is especially difficult given that fintech is a relatively new field. Even though fintech is still in its early stages, it has already redefined every major industry. What challenges is the industry facing?
      Gender diversity remains low
      As a fast-growing, high-growth industry, fintech is expected to transform the global ecosystem, especially the financial sector. The industry currently has a shortage of qualified candidates who possess the right skills and experience to help it continue growing.
      According to statistics from recruitment platform Ward.co, this lack of diversity is even greater among the top teams at fintech firms with major yearly revenue. There are fewer females than males in these companies, which also have fewer female leaders.
      The gender gap is one of the most pressing problems in the financial sector. While many women want to work for fintech companies, far too few are able to get hired.
      Drawing from a diminishing tech talent pool
      Despite this shortcoming, fintech still has made some progress. The industry has managed to draw on resources from other industries like IT and marketing, which are currently facing similar issues.
      One example is how machine learning can play a role in hiring. Fintech firms are currently looking at ways to use this when hiring new employees. This method involves using computer algorithms in order to sift through candidates’ profiles and test their skills, in order to select the most suitable candidates for the job.
      With this technology, it is possible for fintech companies to hire the right people faster than before, particularly the right candidates with the right experience. It is up to them to look for them among the existing pool of candidates available.
      How can fintechs hire top talent?
      Hiring top talent is a challenge that fintech firms must overcome. The industry is still in its early stages, and growth will need to continue as they become more influential in the global financial sector. We’ll discuss three main areas you can optimize in your fintech business to attract the best talent.
      Hiring process
      Fintech companies and employees would benefit from looking for ways to improve their hiring process. This can be done by trying out new technology and drawing from the knowledge of other industries.
      Human resource executives at banks and other financial institutions are grasping for ways to lure their best talent as the sector goes through a high-profile makeover. But as firms race to implement fintech innovations like robo-advisors, blockchain, and machine learning, they may be overlooking important changes in recruiting.
      In the fintech sector as a whole, employers are competing for talent from a growing population of graduates who have been trained in data science and computer programming. It’s a supply-and-demand situation that analysts say has created a “gold rush” for candidates.
      The right kind of training
      The employees who are well trained at your fintech company will do fantastic work, love coming into the office every day, and be the envy of competitors.
      Most people consider training to be something that is done when someone just starts at a new job, and then it ends. However, the truth is that training should be ongoing at your fintech company. The best companies never stop learning and growing, and they bring in new technologies and strategies constantly.
      When you make training a continuous process, not only will your employees come to appreciate it and be more engaged. But it also helps you to stay relevant and up to date with innovation in the world of finance.
      There are many ways that you can use training at your fintech business to attract top talent. Employees want interesting work projects and they also want access to the greatest training resources available in order to do great work for your company. To attract the best candidates, you need to have several training opportunities available for them to participate in. This includes both computer-based training, online training courses, and in-person training programs.
      Competitive salary
      We all know that tech talent is scarce and expensive. More than ever, tech companies are relying on top engineering and tech talent to provide a competitive edge in a crowded market. However, most recruiting professionals agree that offering a competitive salary is a highly effective way of attracting the best and brightest.
      Competitive salaries can be defined in different ways. Factors such as location, experience level, and the employee’s past salary history all affect how competitive your salary offer will be. For some companies, a competitive salary is defined as the highest amount paid by fellow tech companies in a specific area. For other businesses, it can be tied to the median income numbers for a given city or the middle point between the highest and lowest offers from other companies.
      You can attract top tech talent by being transparent with salaries from the start. Many startups make the mistake of keeping salaries confidential which can put workers off from applying for open roles. If you want top talent, you’ll have to pay for it. If you are not able to offer the highest salary in your area, then consider offering benefits that help you remain competitive with similar companies.
      By Carl Poxon of Caspianone Fintech.
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      Hired Candidate Spotlight: Eugene Matvejev, Tech Lead at Discovery Inc.

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      We’re excited to spotlight Eugene Matvejev, who recently secured a role at Discovery Inc. through the Hired platform. Let’s get to know a little bit about his diverse background and career journey. Hi Eugene! Please share a little bit about about your educational background I went into ‘gymnasium’ back in my homeland of Latvia, which […] More

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      It’s Time to Ditch Traditional Recruiting and Embrace On-demand Talent

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      The record number of vacancies across the country is no secret. The war for talent is creating a difficult hiring environment for organizations across all industries. This has prompted a self-fulfilling prophecy, and in turn a key challenge for all businesses – the power has well and truly been put into the hands of workers (of all kinds).
      The ‘great resignation’ is the result of individuals realizing they can have more control and autonomy over their careers based on their experiences during the pandemic. As a result, most have more demands from prospective employers than ever before.
      Those sourcing workers with digital skills in particular are experiencing some of the starkest shortages. So, if businesses don’t look to overcome them soon and find the talent they need, they’re at significant risk of having to put their digital transformation strategies, which are crucial for their future, on hold.
      Priorities are changing
      A lot of digital transformation has taken place over the past 18 months, but digitizing is an ongoing process with no end game. In fact, most businesses are still playing catch up as they look to overcome the challenges created by the pandemic as many weathered the storm by adopting a reactive business continuity approach to digital development rather than taking a more strategic view on the opportunity. This is in addition to the challenges brought on by Brexit and the subsequent supply chain struggles. However, digital transformation cannot go ahead without the right people driving it.
      This increased demand for a specific set of skilled workers is having a big impact on the way businesses are looking to attract them. Some have turned to increases in salary, for example, but research shows that’s not enough – employees now increasingly value flexibility on par with, if not more than, their salaries, having appreciated the work-life balance afforded to them during national lockdowns.
      With so many businesses hiring from the same pool, organizations might need to think outside the box to get the people they need to drive their futures. After all, this landscape means it is becoming more time-consuming and expensive to recruit in the traditional way.
      Breaking the habits of a lifetime
      Especially when recruiting for digital roles, organizations are usually looking for highly specialized skills, and at short notice. Often these skills are needed for specific and individual projects, which can put HR teams under pressure to fill the gaps quickly. However, the sourcing of permanent, full-time employees typically remains the end goal, for which the traditional recruitment process is too cumbersome, expensive, and limited.
      Instead, when recruiting to make up the personnel shortfall needed to deliver these projects, businesses must embrace more flexible methods beyond the standard recruitment of full-time employees. Away from the world of fixed notice periods and poor scalability, doing so can provide faster access to quality talent that businesses might not have had the pulling power to hire permanently.
      For example, freelancers are playing an increasingly important role in plugging the skills gap faced by businesses. It’s becoming a more attractive career option for many, as individuals realize they can take back control of their own time and prospects. Many furloughed workers who have turned to self-employment simply haven’t gone back. Thankfully, embracing this more flexible talent pool is an important and efficient way of making the recruitment function – and therefore the company’s workflows – more agile.
      Businesses should remember that embracing a more flexible and elastic workforce must be matched by a more flexible way of working. To truly take advantage of the sharing economy for skilled labor, they must have a global mindset, rather than falling into the trap of settling for local candidates, something now possible with most knowledge workers based remotely. After all, the benefits of a flexible and elastic workforce will be largely redundant if the search for said skilled workers is restricted to a comfortable commuting distance.
      It’s time for change
      It’s hard to believe that so many businesses are putting potentially revenue-generating projects on hold because of hiring struggles. The incumbent recruitment strategy feels even more outdated when you consider that many of the skills they need today might be different tomorrow. However, working with skilled freelancers – or building an elastic team– to complement full-time staff, means businesses can use as much or as little resource as they like and scale and recompose depending on demand.
      This doesn’t put recruiters out of a job. Like all industries, it simply demonstrates a need to evolve. As we look to 2022, businesses will need to adopt more flexible approaches to recruitment and talent management. This doesn’t mean simply putting better ‘perks’ in a place like hybrid working – arguably the bare minimum for today’s workforce – but shifting to a new flexible, elastic model that can respond to how the hiring and recruitment landscape is changing.
      By Callum Adamson, Co-Founder & CEO, Distributed.
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      Why Successful Recruiting Has Become Harder in the Past Five Years

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      The debate on labor market changes and transformation has been ongoing globally for years. Yet, most organizations are still suffering from a lack of good quality candidates in the recruitment pipelines.
      In a recent study of over 200 HR professionals, most organizations are suffering from a lack of good quality candidates, even if 43% of companies are investing more into recruitment than previously. Despite increased resources, 55% of the interviewees said that recruitment has become more difficult in the past five years. Less than 20% of the companies have been able to increase the number of quality candidates.
      The effectiveness and costs of different recruitment channels are not monitored
      Recruiters are largely unaware of which advertising channels work best. This is due to the rapid growth in the importance of marketing in recruitment and the lack of attention paid to measuring the effectiveness of these channels. In general, there is a shift in recruitment advertising from traditional advertising channels to digital channels. Digital recruitment marketing allows the effectiveness of channels to be measured so that decision-making and recruitment development can be based on data with confidence.
      The direct cost of recruitment campaigns in terms of capital invested into visibility and reach varies from less than a hundred euros to over 1,000 euros. The most surprising finding in the study was that a whopping 28% of the respondents didn’t know how much money was spent on their recruitment campaigns.
      Digital tools and channels make it possible for much more detailed data gathering than traditional channels, like newspaper ads. Even so, almost 40% of the organizations couldn’t name their most effective recruitment channels. In the worst-case scenario, this leads to more investments into ineffective channels, making recruitments unnecessarily expensive and heavy for the companies.
      Of those who buy social media publications, 46% report that most of their leads come from social media. Less than one-fifth of those who buy paid job boards said that job boards are the largest source of job seekers. The vast majority of service providers direct candidates from social media ads to their own employer job board, which partly skews the estimate. A third of organizations use direct search services for recruitment.
      The importance of marketing in recruitment is highlighted, but the effectiveness of marketing is not measured. This leads to an increase in costs because it is not known which measures are working. In the worst case, this leads to organizations investing in ineffective measures, resulting in higher costs.
      Challenges vary between industries
      One of the hardest industries for recruitment is the healthcare industry, with a crippling 93% of organizations feeling that recruitment has become more difficult. Another hard-hit industry is IT, with 83% of the organizations finding it hard to recruit suitable candidates.
      Internal vs external recruitment factors
      Based on the responses, the factors influencing recruitments can be divided into two main categories: internal and external factors. The internal factors describe the organization’s own activities, while the external factors are external influences.
      Around 69% of those who experienced a negative development attributed the cause exclusively to external factors. The most common external factors influencing recruitment are industry attractiveness, the influence of Covid-19, and political and economic factors.
      External factors can have both a positive and a negative impact on organizations in the sector at the same time.
      Communicating with candidates
      The survey shows that less than 58% of respondents reported that their organization managed recruitment through a recruitment system.
      Candidate communication plays an important role in the success of recruitment. It is the candidate’s first contact with a new potential employer and has a strong influence on the candidate’s perception of the new employer. The main purpose of candidate communication is to inform the candidate about the recruitment process and to guide the candidate through the different stages of the recruitment process.
      From the candidate’s point of view, the best processes provide candidates with interim information on the progress of the recruitment process and any delays. In addition to this, candidates who are not selected for the post will be informed in person.
      Bottlenecks in the application process hinder hiring top talent
      Employer brand development is often sparked by a lack of quality or quantity of candidates, but the main bottleneck is often in the application process. Application processes have been built over time to attract active job seekers, so that today, when sectors are suffering from labor shortages, it is not possible to attract talent already in employment elsewhere.
      Less than half of organizations have optimized their application process for modern times. Recruitment processes are often designed from an employer’s perspective, which means that the fast pace of modern life and the value of effortlessness are not sufficiently taken into account for candidates.
      Approximately one-third of the interviewees in the study said that they had developed their recruitment processes. However, most of these had developed their process to be organization-driven, meaning that organizations are trusting their brand to be strong enough to get the best candidates into their pipeline instead of smooth application processes and modern recruitment marketing strategies.
      Companies that emphasize the candidate’s experience and develop their company brand to support that are more successful in getting qualified candidates.
      To receive applications, companies should emphasize a smooth application experience, and ensure that it can be done with all mobile devices. The use of mobile devices has exploded as a tool to access various services and applications. Making the experience nice and effortless for the candidate usually demands a complete restructuring of the current process.
      Challenges with applications being made on mobile phones include open text fields and the requirement of attaching a full CV into the application, for example.
      Almost a third of respondents indicated that the application process requires separate registration in order to submit an application. From the candidate’s perspective, separate registration makes the application process more challenging and discourages in particular passive applicants. The requirement to register was particularly prevalent in the public sector.
      To sum up
      Companies that are not ready to radically change their ways of working will face major challenges in their recruitment efforts. Those that have been willing to evolve their practices to respond to market changes have been able to turn the situation around.
      With efficient candidate marketing tactics, following metrics and cost-structures of different channels, and fixing the broken process, many organizations can fix the issues in their recruitment.
      By Henri Nordström – CEO, Jobilla.
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      How Do You Recruit and Retain Flexible Workers?

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      Since the pandemic hit, we’ve been inundated with research, articles, news, discussions, and content of all kinds around the dramatic shift in the world of work.
      And so here’s another for you.
      But perhaps with an idea that goes slightly against the grain.
      We’ve heard much about the steep rise in demand for flexible working, with LinkedIn reporting a 60% increase in searches for ‘remote work’ and a 189% growth in applications for these positions.
      And providing the option of flexible working appears to be vital not just for recruiting talent, but also for keeping it.
      74% of employees have said they would be less likely to leave a company if given the opportunity to work remotely.
      So, just offer flexible working and all your talent acquisition and retention problems are solved, right?
      You of course know it’s not that simple.
      So, although the headlines read flexible working increases employee loyalty, it’s what’s under the headline that can be the difference between whether an employee chooses to stay or go.
      It’s how that flexible work is managed that’s key.
      Just because a team isn’t physically together 9 – 5 Monday to Friday, doesn’t mean company culture is abandoned. Especially since 77% of job seekers consider a company’s culture before applying and almost two-thirds of employees cite culture amongst the top reasons for staying in a job.
      So, whilst meeting that demand for flexible working is necessary, it can’t be offered in isolation. Think of it more as a strategy of recruiting and retaining talent. Here we run through the components that can make up that strategy.
      Ensure a strong line of communication
      This is obvious, we know. But that doesn’t make it any less crucial. Remote means no longer being able to turn to a colleague and get an immediate answer. Waiting ages for a reply or even not receiving one can be frustrating and slow down progress.
      This doesn’t mean immediate answers should be expected when working remotely. A downfall of working at home for some has been the expectation placed on them to be reachable and responsive 24/7. This, of course, is not what we’re suggesting.
      What we are saying is that there should be lots of opportunities for employees to reach out and get a response. So, that could be using a project management platform, setting up a WhatsApp group, and having weekly team meetings.
      Don’t abandon the onboarding process
      Hiring remotely comes with many obstacles. One of which is showing new recruits the ropes. But that first impression is key. Having a schedule set over 2 weeks that runs through projects, platforms, and meet and greets gives you a structure, plus the confidence that everything important has been covered.
      If meeting in person is an available option, take it. Even if it’s just one day, that physical meet can make all the difference to a new employee. If it’s not an option, then there’s always the trusty Zoom and screen shares.
      Celebrate employee success
      When an employee has done a great piece of work, gone above and beyond, or mastered a new skill, it’s easy to say well done when you walk past them in an office.
      It takes a little more time and conscious effort when remote. But only a little. And that small amount of extra effort can go a long way. So, be sure to send that email or publish that social media post to show your appreciation.
      Adopt a virtual open-door policy
      An open-door policy is often used as a way of encouraging effective communication, showing mutual respect, and building relationships. And just because you no longer have the physical door between you and your employees, doesn’t mean this sense of accessibility has to be lost.
      Make sure your employees know you’re available at the end of the phone, share your calendar, or add a Zoom link to your email signature that allows catch-ups to be booked with ease.
      Create a virtual water cooler
      We all know the cliche, office workers gathering around the water cooler to chat about their lives outside of work. General office chit-chat was a way for colleagues to build friendships. Being in the same room as someone all day meant talk wouldn’t just be about work, you could strike up a spontaneous conversation with someone with ease.
      And so, because flexible working can mean more varied schedules, there’s a risk that any conversation between colleagues only takes place when tasks need to be discussed. Spontaneity is lost and with it the chance to get to know one another.
      But that doesn’t have to be the case. Arrange Microsoft Teams or Zoom calls for colleagues to talk about anything but work. You could include activities and games, or simply keep it as a chance to just chat.
      Arrange meet-ups
      Why not go a step further than the virtual water cooler and organize in-person get-togethers? Team lunches or away days can be a real boost for morale and give you all the chance to create actual connections that can lead to more investment from your team.
      Help with home setup
      Wanting and being able to work from home are two separate things. That’s why it’s important to support your employees with their home office setup. Make sure they have all the equipment they need to work comfortably and effectively, such as a laptop, desk, chair, and phone. And if they don’t, offer to help.
      Offer expenses allowance
      Typically, tea and coffee are on tap when you’re in the office. A kettle, coffee, and tea bags are staple office items, being without would probably cause the same stir as an office without, say, computers.
      But when you work from home, you no longer get the free coffee and tea bonus. Then again, why shouldn’t you? Offering a small expenses allowance for team members gives them the option of working from a coffee shop, this way they still get the drinks and benefit from a change of scene.
      Make sure remote also means flexible
      Just because a company offers remote working, doesn’t mean flexibility is guaranteed. Directors may fear a loss of control and productivity when their employees are working from home, leading to micromanagement.
      A big reason why so many want the option to work remotely is that they want flexibility. They want to be able to work when they’re most productive, pick up their children, do the washing in their lunch break, and start earlier to finish earlier. Make sure your form of remote working incorporates this fundamental flexibility.
      To sum up
      People want flexible work. It’s a fact. But that doesn’t mean they want to be left alone (not all the time anyway). Merely offering flexible working won’t win you the top talent and ensure you keep it. It’s what comes with flexible working that counts. It’s the communication, the increased freedom, the chance to connect, and the continued support, that’s what makes the difference.
      By Amy Nelson, Commercial Director at Nelson Recruitment Services.
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      How to Secure the ‘Passive’ Candidate

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      Thanks to the sudden shift from a client-driven market to a candidate-driven market, recruiters and employers across all industries, including accountancy and finance, are having to change tact to source and secure top talent.
      With many of the most desirable candidates having already been snapped up by the competition, knowing how to target the ‘passive’ candidate is more important than ever. Passive candidates are not on job boards or #OpenToWork on LinkedIn. Basically, they are not actively looking for new employment. But that does not mean they are not interested…
      What is in it for them?
      Passive recruiting is all about showing suitable candidates why a position within your company is the best possible fit for them.
      But how do you convince them to leave the comfort of their current role to join your team? Simple (sort of) — give them an offer they cannot refuse. When recruiting passive candidates, you are trying to convince them that the grass really is greener on the other side.
      So, what are the primary things you should focus on as an employer to impress your ideal candidate and sway them towards your business? There are several ways for companies to stand out against the competition and secure the best fit for the job when actively seeking passive candidates…
      Do your research

      How long have they been in their current position?
      What could you offer them that their current employer cannot?
      What is their experience, and why does it make them a perfect fit for this role?

      To make extra sure you are right to invest your time and energy into attempting to recruit a person not actively looking for a new job, it is essential to establish what it is about them that makes them ideally suited to this opportunity. This will make your communications with them more personalized and targeted from the first contact.
      Offer a competitive salary
      Unfortunately, it is not enough to slap a high salary on the offer and expect it to do all the talking. But although it is by no means the sole deciding factor for job seekers these days, salary will always remain an important draw for candidates. With both starting salaries and temp pay expanding at a sharp rate, it is imperative that the salary you are offering is attractive when reaching out to prospective candidates — and in line with industry benchmarks.
      Consider flexible working
      A recent survey found that 34% of UK workers said they would resign from their current position if their employer failed to offer flexible working options. In the new age of hybrid working, this will continue to be an important factor for candidates to consider. Employers must seamlessly incorporate and facilitate the new style of working if they want to secure — and retain — new talent, from early recruitment and onboarding procedures to long-term, flexible working policies.
      Demonstrate company culture and values
      Ensuring your company’s brand and values are consistently represented across all channels and communications is integral to making you stand out in the industry. Many candidates are growing increasingly aware of company values and how they are being implemented — both in policy and the workplace. This could refer to diversity and inclusion programs, gender equality initiatives, emphasis on work-life balance, or any other aspects of your company’s culture that make it a desirable place to work.
      Build a good reputation with existing staff
      Your current employees could become one of your greatest assets in the hunt for passive candidates. A positive review can make all the difference to a candidate weighing up whether or not to take up an offer. If past and existing staff speak highly of a company, it will create a positive overall impression and provide all the evidence needed to reinforce any claims about why a candidate should leave their role for a different one.
      By Julie Mott, Managing Director at Howett Thorpe. Julie is a highly respected and well-connected recruitment individual with over 20 years of experience working in the ever-changing industry.
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      How Recruitment Marketers Can Utilize Data to Drive Candidate Success

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      More than two million job vacancies are currently available throughout the UK. And so, while it’s still a difficult market to cut through the noise as several organizations restructure in a post-pandemic world, savvy recruiters – and their marketing departments – are tapping into insight in a bid to stand out from the crowd.
      That’s because they realize that a generic ‘InMail’ message via LinkedIn or cold email sent off-the-cuff is unlikely to pique interest in a job seeker who wants more from their recruitment contact if they’re searching for a role with an organization that displays a similar level of passion as them and fits with their culture and values, a flat, impersonal piece of communication simply won’t cut it.
      Yes, there will be recruiters out there who will experience some success when they send out hundreds of ‘batch and blast’ marketing messages to scores of recipients in their contact base. But when a blanket piece of irrelevant content is loosely received by all – and subsequently ignored or deleted altogether – are they making the most of their time, effort, and resources?
      Plus, does this type of content show that they’re genuinely interested in ensuring the right candidate applies for the right job? Perhaps not.
      Like customers searching for products or services, candidates want to feel like the brands they’re communicating with and understand their wants and needs in real-time. That means delivering hyper-personalized content covering available roles that suit that individual’s of-the-moment circumstances – from location to salary requirements – and skillset.
      When that type of marketing message hits the bullseye, recruiters are in a solid position to not only successfully fill a vacancy but attract more talent in the future because they’ve taken the time to get to know their recipients and have responded to their interests. Plus, word-of-mouth endorsement can be an exciting thing.
      Moving away from delivering bland messages
      So, can recruiters make sure they’re sending ultra-individualized comms that effectively cut through the online noise? It comes back to data. When savvy professionals unlock and understand their insight, they’re better placed to deliver digital comms to the right person at the right time.
      Many recruiters have seen them plug in marketing automation to do the ‘heavy lifting’ for them. Armed with an intuitive tool, users can extract critical information on each candidate’s preferences and respond swiftly to their online behaviors.
      To put this into context, if a candidate searches for a particular role and has downloaded a recruitment brand’s guide on ‘The X skills a modern-day construction manager needs,’ users can take this piece of detail and tailor comms specifically for that individual. It could be an invite to a relevant webinar with a construction company CEO or a blog covering the questions to ask in an interview.
      It’s all about utilizing the data they’re already sat on and creating something meaningful for each audience member.
      How to evaluate the strength of your content
      When roles become available, many recruitment marketers might opt to place all their vacancies in a newsletter sent to their database. And for them, a high open and click rate of that email is the measure of success.
      However, while it might be a good piece of content, these ‘vanity metrics’ don’t always tell the whole story. For example, a candidate could have accidentally gone into the email while scrolling through their newsfeed. If they’ve then hit ‘delete’ seconds later, it shows they’re not interested, but the statistics will tell a different tale.
      Instead, recruiters who have plugged in automation can unlock the powers of lead scoring. This means placing a metaphorical figure against each interaction – a ‘9’ for highly engaged recipients down to a ‘1’ for those who aren’t that bothered. As a result, recruiters, and their marketing teams, can prioritize the more significant numbers for further communication because they know they’re speaking to someone keen.
      Not every piece of comms will work
      And finally, it might not be something recruiters, and their marketing teams want to hear, but there won’t always be a winning outcome to every single email sent. That’s because nobody gets things spot-on all the time. So, why should they expect their content to achieve the impossible?
      The difference here though is that, when professionals have data and marketing automation to lean on, they’re immediately in a better position to deliver digital comms that land perfectly into the right person’s inbox at the right time.
      They can also use their clever tool to analyze each email, newsletter, or webpage to understand what’s working and what’s not. And when the latter occurs, they can swiftly tweak and alter copy to try another way of breaking through the noise.
      Overall, recruitment marketers who arm themselves with data – and use it to drive effective content – should soon see their success rate soar, putting themselves way ahead of the competition as a result.
      By Adam Oldfield, CEO at marketing automation platform Force24.
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      Want to Hire in Q4? Tap the Passive Market and Flex Your Hiring Muscle

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      Contrary to the popular narrative – these aren’t “crazy times”. This suggests that things will eventually go back to normal – which is far from the truth. The reality is that these are “new times”, and employers struggling to hire and retain talent need to adapt accordingly.
      Listen: In a detailed analysis of the Great Resignation earlier in September, Business Insider pointed out that September will see even more significant data once numbers for the month are released. They write that COVID-19’s resurgence under the guise of Delta coupled with the lack of available childcare as kids return to school will send quit rates even higher.
      Add to that a new report from Manpower finding that 59% of US businesses are planning to add to payroll in the final quarter of 2021. Not backfill. Not rehire. Add to payroll. This suggests economically healthier times, but with job quit rates and job openings already at levels unseen in two decades, Q4 2021 will see even more challenges for recruiters.
      Are recruiters nervous? You bet they are, and a GetApp survey confirms this: 56% of recruiters fear that they have job openings that they will never be able to fill.
      Employers are at an urgent time. They don’t have time to pontificate over the “why” of all this stuff. They need to fill roles – and fast.
      The rules of engagement have changed
      Ultimately, these numbers show that the traditional recruitment process no longer applies to today’s working world. The rules of engagement have changed – nay, evolved – and smart-thinking recruiters and employers would do well to stay ahead of these changes. What’s normally a hiring frenzy in Q4 is going to be weird and different this time around.
      So, it’s important to look at what matters right now to potential job candidates. At the start of summer, recruitment technology leader Workable surveyed 1,250 workers in the US and UK to find out what matters most to them in a job. The resultant Great Discontent survey reports – one for the US, and one for the UK – find that, in the midst of all the findings around salary and other hiring topics, two themes really stand out: the high number of passive candidates among those open to new jobs and the high value of flexible schedules for many employees and job seekers.
      Passive candidates
      Let’s start with passive candidates. In the survey, Workable found that in the US, 70.7% of eligible workers are open to the idea of a new job – with 37.3% passively open to new opportunities. In the UK, those numbers are even higher – 75.6% are open to new opportunities, and 45.1% are passively open to new work.
      So, it’s not just about putting up a job ad and watching the applications roll in. Workable’s Hiring Pulse for September 2021 identified a sharp downward trend in candidates per hire right up to the end of July – so recruiters need to work a little harder to root out those valuable candidates.
      Part of that could be a need for better recruitment marketing, but it also means that recruiters will need to actively source candidates with cold calls and emails. Why? More than half of those open to new roles are passive candidates. That’s an incredible resource worth tapping into.
      While passive candidates aren’t actively looking for new work, they are open to having a conversation with you about a new opportunity. They’ll make a big career shift if it suits them.
      The other thing is, these are people who haven’t quit. They may actually be easier to recruit than those who left the workforce altogether.
      That’s a pretty good opportunity for recruiters looking to woo new talent to their organization.
      Flexible schedules
      Let’s move on to the other topic dominating the recruitment world: flexible work. But don’t fall into the trap of understanding it as one entity. There are two very distinct aspects of flexible work: remote work and flexible schedules.
      The data in the Great Discontent report shows why this distinction is important: 31.6% in the US and 25.3% in the UK said their job can’t be worked remotely at all. That compares to just 19.4% and 14.6% respectively in that they can’t realistically work on a flexible schedule – significantly lower numbers.
      The number of those who do think their work can be performed on a flexible schedule is significantly higher – 57.1% in the US and 53.8% in the UK voted 4 or 5 on a scale of 1 to 5 in terms of how easily they can work flexible hours (1=not at all, 5=completely).
      Plus, 58.2% of US and 57.7% of UK workers consider flexible work schedules to be quite important to them. Again, these numbers are notably higher than the importance placed on remote work.
      We also asked why flexible schedules are important to workers. More than half in both countries – 55.8% of US workers and 57.3% of UK workers – say having flexible schedules makes it easier to balance personal and professional priorities. At the core of this, of course, is maintaining your personal life obligations such as being there for your loved ones.
      So what does that mean for recruiters and employers? If you offer flexible schedules in your workplace, you’re helping your employees integrate their home and work lives rather than forcing them to find a balance between the two. That can be a powerful attractor for your business.
      Overcome those hiring challenges
      These aren’t the be-all and end-all solutions, of course. There’s a lot more. But as mentioned above, employers need to act quickly if they want to attract new job applicants.
      Actively sourcing passive candidates and building out flexible work schedule policies can help fill those crucial roles as you head into the traditional hiring season of Q4.
      The times have changed – and the onus may well be on you to adapt accordingly.
      Keith MacKenzie is Content Strategy Manager at Workable, a recruitment software company, and is the author of the Great Discontent survey reports which were published in September 2021. 
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