Finding the right candidates
Finding the right candidates for your card issuing company can be a challenging and time-consuming process. As employers methodically go through the myriad of potential candidates, there are certain problems that tend to surface over and over again. As card issuing payments recruiter professionals working in the payments sector for over a decade, here at Go-Impact Recruiting Services, we have witnessed first-hand, the changing marketplace, and how it affects employers.Thankfully, however, there are solutions you and your company can implement to help overcome these challenges, as a card issuing headhunter.
1. The best candidates have multiple offers
With the availability of resources to help potential job-seekers find employment opportunities, it has become more and more challenging to be able to hire great candidates. Nearly every applicant has multiple employment opportunities from which to choose. Many card issuing headhunter companies express frustration that it has become more and more challenging to acquire these highly valued applicants.
Searching for passive candidates used to be a viable solution, as this meant the potential candidates were not actively looking elsewhere, which helped to give employers more control over the employment process. However, in this day and age, passive candidates no longer appear to exist. The accessibility of acquiring jobs has increased greatly, and candidates have the luxury of simply sending a few messages to other employers via their vast array of business networks, to obtain the job of their choosing.
Solution: The best solution to this problem is to provide value as best as you can. Show applicants why they want to work for your card issuing payments company, by making the interview an amazing experience. Research conducted by LinkedIn shows when applicants have multiple job offers, the deciding factor is often the interview.
In order to guarantee a great interview experience for the potential applicant, research shows candidates want all their business questions answered. They want to know how the company works, and how their role will help the company’s success moving forward.
Research also shows a more laid back approach is better than interrogation-style interviews. Teach your hiring managers to be more conversational during the interview, to allow for a 2-way dialogue to manifest.
Finally, compensation, work-life balance, and room for advancement within the company, matter. Show the candidate that your card issuing payments company is one that will provide adequate compensation, a life outside of work, and opportunities for growth within the company.
2. Information overload
There are simply too many sources of information. There are many tools for card issuing headhunter companies to find candidates and vice versa; this will only increase into the future. According to Ambra Benjamin, engineering recruiter for Facebook, “the greatest obstacle for recruiters is connecting with candidates through the noise of all the other 2,000 recruiters trying to reach out to the same candidates. I believe the noise will only increase as more tools are made available.”
Solution: The potential solution to this perpetuating problem is branding. By building a brand and creating a persona that people want to be a part of, you can cut through all the noise and information. This will help increase demand for top candidates, and make the hiring process exponentially easier to employ top talent.
Another option, which is less time-consuming, is to create an employee referral program. If you create a company culture where people want to work, you can attract great candidates through word of mouth, from your current employees. People trust their friends, and if their friends say you have a top-notch company, closing the deal with potentially great employees, can help your business grow.
3. Time Management
According to Alexandra Sullivan, Executive Recruiter at Sage Human Capital, time management is the biggest problem for recruiters. The process of finding great candidates, weeding out the unqualified applicants, and hiring the best talent, takes time and resources, if done well.
Solution: Fortunately there are things you and your company can do to solve this problem. Using a targeted campaign to find candidates, can help you with the hiring process, and save you and your company valuable time.
Also, if your card issuing company has excellent internal analytics, you can communicate effectively with your team, allowing for collaboration, which can help you save time, and help you work more efficiently.
Another option, which ironically takes time, is to build networks. The importance of networking in business comes up again and again, and for good reason. If you are able to build great relationships with people, whether you are hiring or not hiring, you can increase your effectiveness when do decide to start the employment process. If you have invested the time in building great business networks, potential candidates will remember your company when entering the marketplace, in search for new jobs.
4. A shortage of quality
According to Angela Liu, the Senior Technical Recruiter for CompuGain:
“Biggest problem: Skilled labor shortage. One data source cited that there was one suitable candidate for every five openings.” She goes on to discuss that in recent years, it was considered a seller’s market, and there were more high-quality candidates than there were job openings. In the present, however, there are simply less talented applicants, than there are job openings, which makes it great for potential candidates and a struggle for employers.
Solution: Recruit more intelligently. With the lack of available talent in many markets, including the card-issuing payments sector, it is important to know where to look. There are different talent pool reports online that can you show you where talent exceeds demand. Since there are more qualified applicants than there are jobs available, it makes more sense to recruit from these areas.
5. Lots of change.
There have been many changes in recent years in regards to how businesses employ applicants. Ten years ago, social media was not nearly as important as it is in today’s changing card issuing marketplace. Potential applicants are using networking and social media sites, such as Facebook and LinkedIn, more than ever, for finding potential employment opportunities in the card issuing payments sector.
Solution: Adapt. It is vital to a company’s success to adapt to changing times. If you want your card issuing payments company to reach its highest potential, it is important that you adapt. In today’s world, this means being an active player in the virtual marketplace. By adapting to changing times, you will be much more able to recruit top talent, and create a company culture in which people want to be a part.