Undoubtedly, technology and transformation professionals are important to your Insurance or Asset Management business. With both sectors heavily reliant on technology, it’s essential that you have skilled employees who can help you adapt to changing market dynamics, regulatory requirements and ever-advancing tech. But they can also help your bottom line grow. A McKinsey survey found that UK insurance companies that have a larger cohort of digital and analytics talent also have higher profits.
Unfortunately, it seems the UK Insurance industry lags behind when it comes to its digital workforce. Just 28% of employees in UK Insurance companies possess digital and analytics skills, with only 12% in roles such as Software Engineer, Data Scientist and Product Manager. This starkly contrasts global technology firms where over half of employees have digital and analytics skills, and 30% are in digital and analytics roles.
On the back of this is the recent news that over 70% of UK Asset Management firms saw a big jump in employees leaving for technology firms in the past 12 months. In such an environment, it’s vital that you do all you can to attract top technology and business transformation professionals to your open Insurance jobs or asset management jobs. And with plenty of competition for the limited talent available, this can sometimes feel like an uphill battle.
But there is a way to secure yourself an advantage: by partnering with an asset management recruitment or insurance recruitment specialist. What follows are five ways a specialist Recruiter can help you find the right talent faster.
Higher Calibre Candidates
In these talent-tight times, perhaps the greatest advantage of working with specialist asset management and insurance Recruiters is having access to their deep pool of qualified candidates.
A key part of their role is nurturing relationships with active candidates and those in a category that is extremely hard to reach without a deep industry network – the passive candidate. These are skilled professionals who aren’t necessarily looking for a new role but are open to the possibility. A savvy Recruiter is highly adept at reaching out to such professionals about your open role in confidence, whilst offering the right incentives to get them to entertain a move.
A specialist Recruiter also invests considerable time in understanding your specific requirements, company culture and team dynamics. This time investment also occurs on the candidate side with plenty of pre-screening and reference checking. By assessing technical skills and cultural fit, they’ll then present candidates who possess the necessary qualifications and align with your values, fostering long-term success and employee retention.
In-depth Industry Understanding
Not all recruitment agencies operate in the same way, with some recruiting for a broad range of industries, while others concentrate on one specific sector.
In an industry as niche as insurance and asset management, it pays to consider developing a relationship with a specialist Recruiter. They have extensive knowledge of the nuances and trends within the industries, particularly when it comes to roles, salary benchmarks, compensation packages and candidate availability.
Leveraging these insights helps you hone and make informed decisions about your recruitment search.
A Streamlined Recruitment Process Leading To Faster Hiring
When it comes to the recruitment process for your open asset management jobs or insurance jobs, time is a key factor. According to a recent global survey of almost 4000 workers, 70% dropped out or considered dropping out of their last hiring experience. The top three reasons related to the recruitment process being too lengthy (39%), too complicated (37%), or having too many touchpoints (27%).
In engaging a specialist Recruiter, you can exponentially speed up your hiring by utilising end-to-end recruitment best practices. Consider briefly how involved the process is – It begins with truly understanding your recruiting role, so you can develop the right advertisement to entice the best candidates to apply.
It proceeds to reviewing applications, filtering out ones that don’t suit as well as trying to determine which candidates are best to interview. Then it’s time to interview them (the most imperative recruitment stage), and critically assess all interviewees, not to mention the copious amount of candidate follow-up that goes with it. And you can’t skim on timely follow-up as it’s imperative for your employer brand, as a bad candidate experience can severely damage it.
The time it takes you to manage this process is costly. It could be better spent on concentrating on your other core responsibilities, such as developing a great onboarding strategy to increase the chances your new hire stays for the long term.
It’s worth taking a moment to further consider the merits of using a Recruiter for the crucial interview stage. As any good journalist will tell you, it takes many years of practice to develop interview skills. It’s a delicate balance of active listening techniques, psychological analysis and objective evaluation.
Recruiters are well-versed in the art of the interview, as they do it on a daily basis, both for their internal talent pool and on behalf of their clients. The top know how to make applicants feel comfortable to allay their nerves and help them showcase their best, but they can also spot a true talent from one who looks good on the surface but in reality, is highly unsuitable.
Curated Job Ads With Targeted Placement
Recruitment has changed considerably over the past few years. It’s no longer enough to post a job ad to one or two online job boards and hope for the best. In today’s fast-paced online arena, you need digital smarts to tweak your ad copy to appeal to the right audience and maximise the number of qualified people who see it.
Great recruitment agencies specialise in creating compelling job ads, but also have a large range of tools, including SEO, at their disposal to rank highly in searches. In addition, they utilise a wide selection of job sites, social media and professional networking forums to boost applicant numbers.
Further Hiring Support
These are just five key advantages of partnering with a specialist insurance recruitment and asset management recruitment agency. If you find yourself struggling to entice top tech talent to apply or get them to say yes at the offer stage, it’s certainly an avenue to explore.
Here at Red10 Recruitment, we have over 20 years of experience in the business, helping our clients in the Asset management, insurance and technology space build their technical workforce from the ground up.
Whether you’re looking for a short-term contractor to boost your tech team, or permanent hires to support your change management needs, please connect with one of our specialists today. We’d love to help.