Banks take advantage of competitors slow recruitment processes
Banks take advantage of competitors’ slow recruitment processes
Attracting the best talent through pay has always been a key strategy of Investment Banks. With such big pay packages no longer on offer, The JM Group has revealed that some banks are now taking advantage of their competitors’ sluggish recruitment processes as a means to grab the best candidates first.
The JM Group, one of the premier IT, business change and digital recruiters, reported a significant slow down in banks’ recruitment process in its latest market report. The CV submission to offer process is now taking an average of 10 weeks, compared to 5 weeks a year ago. Then once a job has been offered, it is taking an average of 10 weeks before the person is in the role, compared to 6 weeks a year ago.
Dave Pye, CEO of JM, commented: “The recruitment process from start to finish is now taking twice as long as it did a year a go. This is a real frustration for both the candidates and us, the agency. Time and time again we’re seeing banks lose out on great candidates because of it.”
JM believes one of the key reasons behind the slow down in processes is as a result of the increasing pressure hiring managers are under to justify their particular selection. With increasingly tight budgets, these individuals feel the need to be 100% sure they are hiring the right person for the job.
Pye continued: “In more recent months we’ve started to see some banks use their competitors’ slow recruitment process to their advantage. In particular, digital banking divisions are now making their processes much slicker to get candidates in for interview and a job offer out before anyone else. This strategy is proving to be highly successful for them.”
Martin Rennison, Head of Investment Banking at JM, added: “Banks are no longer able to attract candidates through pay or prestige in the same way they could five or more years ago. To attract the best talent now they need to be thinking of other means, whether this is through offering a better work/life balance, better training or more flexible working. The slow down in their recruitment processes is yet another hurdle preventing them from getting great candidates. With some banks now using this to their advantage I think it is only a matter of time before their competitors realise they should be doing the same.”