Why Juggling Agencies Can Hinder Your Financial Services Recruitment Efforts
If your business uses many recruitment consultancies hoping this will give you a better chance of filling vacancies, you might be making things harder for yourself. Especially in Financial Services, where finding the right people is time-precious and employer reputation is paramount, spreading your jobs too far can backfire.
Why does working with too many recruitment agencies cause problems?
🚩 Your brand gets lost:
When lots of consultants at different agencies are talking about your company, you lose control over exactly what they’re saying. This can lead to inconsistent, or worse, false information being share with potential candidates.
In Financial Services, where your reputation matters a lot and many candidates choose employers based on the brand name, this can turn good people away.
🤹♀️ It becomes impossible to manage:
Dealing with many recruitment agencies means a lot of extra work. You’re trying to manage the relationship, keep track of candidates, navigate diaries for interviews, and much more, all while answering the same questions multiple times as each agency contacts you to clarify information. This takes up time you don’t have.
😵 Candidates get confused:
It’s inevitable that some candidates will hear from many of the agencies about the same job. This can easily lead to them feeling confused, not sure who is actually authorised to represent your business, and potentially being put off the job altogether.
In a competitive market like Financial Services, delivering a strong and positive candidate experience from the get-go is key, and having them bombarded with calls and emails from so many people about the same role is not a good start.
🤷♀️ You receive less qualified candidates:
When recruiters rush to send candidates to beat their competition, they don’t always check them properly. And, unfortunately, some recruiters focus on quantity over quality. This means you’ll waste time reviewing CVs for people who aren’t a good fit or potentially haven’t even been briefed on the job.
👎 You don’t know who you can rely on:
Working closely with a few recruitment consultancies means they will take the time to really understand your company, culture, business goals, team structure, and more. This helps them find the right people for your long-term success.
Juggling lots of agencies means you don’t have the time to really get to know each business, their processes, their motivations, and what they believe a good recruitment partnership looks like, meaning you won’t get the best results for your time and monetary investment.
The Better Way: A Step-by-Step Guide to Strategic Recruitment Partnerships
To maximise your recruitment outcomes in the Financial Services sector, follow this strategic approach:
Step 1:
Select specialist agencies with proven expertise:
Begin by identifying and partnering exclusively with recruitment consultancies that specialise in your industry, such as a financial services recruitment expert like MERJE. This ensures you’re working with experts who understand the industry’s nuances and have access to the right talent pools.
Step 2:
Check recommendations and referrals:
Ask your network if they have worked with the agencies you’re considering, and what their experience was. Review testimonials and case studies on the agency’s website. And remember to consider both client and candidate reviews – candidates having a positive experience through the recruitment process will reflect back on your brand.
Step 3:
Invest time in building genuine relationships:
Don’t treat recruiters as mere vendors. Dedicate time to building strong, collaborative relationships. This involves both parties building a deep understanding of the other so you can work together to achieve your goals, fostering a partnership that goes beyond transactional interactions.
Step 4:
Share comprehensive company insights:
Provide your chosen recruiters with detailed information about your company’s culture, values, strategic goals, and long-term vision. The more they understand your business, the better they can identify candidates who are the right fit.
Step 5:
Establish clear communication channels:
Set up clear and consistent communication channels, whether that’s with hiring managers, your talent acquisition team, or a singular, central contact. This ensures that all parties are aligned and informed throughout the recruitment process, minimising misunderstandings and delays.
Step 6:
Discuss the market regularly:
Having regular conversations with your chosen specialists about the recruitment market and your industry means you’ll always be in the know about the latest trends and insights, empowering you to create a robust, successful recruitment strategy and informed hiring decisions. It will also solidify your trust in your chosen agency – a true specialist should be able to chat about their market and the latest news/trends at the drop of a hat.
Step 7:
Implement a collaborative feedback loop:
Establish a regular feedback process with your agencies. This allows them to refine their search strategies and better understand your evolving needs, leading to continuous improvement and optimal outcomes.
Step 8:
Find the right balance
Continually review the effectiveness of your agency partnerships, but make sure you’re giving them enough time to demonstrate their abilities. Many businesses review PSLs annually, however, this often means some recruiters have only worked on a handful of roles, not allowing them enough opportunity to deliver success.
Why MERJE could be your best recruitment partner yet
Almost a one-stop shop for Financial Services expertise ✅
Our team is comprised of seasoned professionals with deep, specialised knowledge of the Financial Services sector.
Thanks to our expert divisions – MERJE Governance, MERJE Finance, MERJE Operations, and MERJE Insurance – there are very few roles in your FS business that we can’t support on.
Each division is led by managers with decades of experience, ensuring we understand the specific nuances and demands of your industry, and our background covers mid-to-senior and C-Suite permanent and interim roles so almost your whole team is covered by our services.
Dedicated, single point of contact for seamless communication 🎯
Our Head of Client Services, Kirstie, will serve as your dedicated point of contact, ensuring clear, consistent, and efficient communication. This eliminates the complexities of dealing with multiple consultants, simplifying the process, saving you time, and allowing for a more personalised service.
Find out more about Kirstie and her Client Services role in this Q&A video >
Making sure you’re getting the most out of us 🤝
Kirstie can set up regular meetings with you to review the partnership, listen to feedback, and identify improvement opportunities. Most importantly, she will get to know your business goals and tell you how you can further capitalise on MERJE’s services and expertise. We’re here to help you however we can.
Proactive expert advice and industry insights 🤩
We believe in sharing our expertise freely. Whether you have questions about market trends, regulatory changes, or recruitment strategies, our team is readily available to provide insightful and practical advice, helping you navigate the complexities of the Financial Services talent market. We’re always ready for a phone chat, a video meeting, or even better – an in-person catch up (lunch anyone?) – to answer your questions and share our expertise.
Excellent feedback from candidates and clients alike ⭐
We consistently receive exceptional reviews from both clients and candidates (we’re rated 4.7 ⭐ on Google Reviews!), reflecting our commitment to delivering a positive and professional experience at every stage of the recruitment process. This feedback is a testament to our dedication to ethical practices and our ability to build strong, lasting relationships.
Solutions for any business need 🧩
We provide holistic recruitment solutions, covering almost all the key areas within Financial Services. This means you can rely on us to address a wide range of hiring requirements, as well as value-add recruitment services such as salary surveys and market intel. This streamlines your processes and reduces the headaches of managing too many recruitment partners.
It’s time to make a change…
If you’d like to chat about how we can reduce your recruitment stresses and help your business achieve its long-term goals through expert, considered hiring strategies, just drop us a note or give us a call – 📞 0161 883 2740.
