How can you attract and retain new talent in a competitive market? Learning and development opportunities can play a big part, says Caroline Evans, business development adviser, Bespoke Training Solutions.
What do the exceptional organisations all have in common? They recognise that developing their workforce is their greatest competitive advantage. Every single year, we see that the financial services sector is susceptible to a talent/skills shortage. Firms, large and small, find themselves scrambling to attract (and retain) quality candidates, which then leaves less time to focus on achieving strategic goals.
If the applicant pool in your industry is small, it’s time to up your flirting game and start attracting the fewer high-quality candidates available to you.
What are candidates looking for in a role?
As a training company we regularly hear from our students that they are re-evaluating their lives and careers – and many are open to making moves. They want to work for employers who better match the work set-ups they want – particularly when it comes to supporting their studies and professional development.
Rather than jumping into a new position where they feel unhappy or burned out (and let’s face it when working in financial services the learning never stops!) most of our students are opting to seek a better opportunity from day one. The quality of the learning and development (L&D) programme on offer plays a big part in this.
At BTS we work with some fabulous companies who have invested in a robust L&D programme and although high salaries are still a motivating factor, candidates are enthused by roles that challenge and excite them.
They’re attracted to positive working cultures and environments where they can develop and grow their careers. For example, one of our corporate client Academies invests in a structured training programme for the CII exams. They achieved a 100% pass rate for all 17 candidates that sat the R03 Personal Taxation exam w/c 6th February 2023. This is the exam that had the joint lowest countrywide pass rate with the R04 pensions unit in 2021, at 57%.
It goes to show with the right type of support in place not only does employee productivity get a boost, but so does employee confidence in themselves and trust in their employer.
Let’s schmooze – initial attraction
So, let’s get flirty! How can you up your chances of attracting and retaining the best quality candidates? The BTS strategy on this is simple. When you give your current and potential candidates the best, you create a credible brand where quality training and quality candidates go hand in hand.
Being valued is crucial to employee satisfaction and learning and development is crucial if you want to compete in their marketplace.
You can’t play lip service to L&D. How many times have you read the classic anecdote about investing in people? It goes like this: “What happens if we invest in developing our people and they leave us?” “What happens if we don’t, and they stay?”
Training and development needs to be at the forefront of EVERY organisation.
Be fabulously flirtatious: We Like Those Who Are Like Us
It’s true that when it comes to job searching, we are all looking for that employer who shares the same values, beliefs, and interests, and from there we begin to determine whether we are compatible in a way that leads to increased business growth, better outcomes and a long-lasting relationship.
Similarity leads to attraction for a variety of reasons. For one, similarity makes things easier, if you want your employees to progress and grow within your organisation then why aren’t you investing in their training? Do you offer your employees dedicated study time?
Is it high time to consider using a matchmaker?
When it’s time to tighten up the budget, L&D is often first in the firing line. Eliminating training is an illogical cost-cutting measure, considering that a company’s most important asset is its people. It’s a common misconception that a training programme comes with a hefty price tag and that it’s only for the larger financial firms. Not true! There are options that are just as affordable and accessible for smaller firms.
The best thing you can get from an outsourced training partner is an outside perspective from a firm who’s invested in helping you find the best possible solutions. The benefit of using external trainers is that they are experts in L&D. Be sure to choose a training partner that takes the needs of your organisation into consideration. The best match is with a training partner that will walk alongside your business with a proven track record of accomplishing clients’ goals and supporting client success.
Professional development is major leverage in employee engagement. There’s a direct correlation between highly engaged employees and profit. By engaging with an external training partner, you’ll get the best out of your employees and ensure your company will always be ahead of the quality candidate shortage storm.
Three ways to schmooze your next candidate
• The goal of schmoozing is to build your brand. Next-generation candidates gravitate toward career opportunities that strike a strong work-life balance and career advancement. While experienced employees – Gen X and older – share that value, they’re also drawn to organisations that embrace innovation and flexibility.
• Build a brand that’s unique – and true – to your organisation. There is no ‘one size fits all’ when it comes to L&D. Build an employer brand that will resonate with job candidates and ignite your recruitment strategy by using a training company who know their target audience well, where they are fuelled by passionate, conscientious training professionals and will always make an effort to engage with their industry.
• Answer the “why?” question – your employer brand should speak directly to candidates’ needs and desires and show them why they should choose to work at your company. Making this connection is a sure-fire way to attract job seekers whose hard skills suit the position and soft skills complement your culture.
Success in any industry requires expert knowledge and that’s why BTS invest time and effort to keep up with trends and developments in the financial services sector. We do this by developing and using creative methods to deliver careers information, training, and development. All of which help to drive growth and ultimately match quality candidates with quality organisations.
For now, the power looks to be in the hands of employees – and they know what they want: more flexibility about where they work, and the support they are given to drive their careers forward. It’s a good time to promote your organisation by being open and honest about how you invest in your employees, have improved workforce engagement and to create a welcoming environment in which to schmooze your current and future workforce.
BTS can bring a wide range of benefits for your current and future employees by implementing essential skills and expertise to lead training programs that boost overall learning consistency and achieve excellent results. Employees are your greatest asset- it’s a no brainer to invest in them!
[Main image: anthony-da-cruz-b4dNhklLF7I-unsplash]
