By Alon Gook, Head of HR and Compliance at Oracle Capital Group
With the economy just starting to pick up and the recession finally lifting, there are still 2.39 million unemployed in the UK. What does the job market look like at the beginning of 2014 and what does that mean for HNW employers?
The UK job market has remained more or less the same throughout the credit crunch period and into the recovery phase. With huge numbers of unemployed there are far too many people competing for the same positions and employers have the pick of hundreds of CVs when placing just one candidate in an entry level job. Despite this bounty of applicants, it remains hard to find the right person.
Real talent is hard to find. Talented people are rarely made redundant, they tend to be content in their current roles and not actively looking for a career change.
Over the last two years I have interviewed around two thousand candidates for various positions, from receptionists to Heads of Department, both for our company and on behalf of our clients, usually HNWIs. The truth is that no matter what the position is, it is still hard to find a good employee. Most applicants are motivated only by the salary, with little interest for the work itself. They will never choose to excel in their role, content with doing the minimum required by their wages.
Others applicants lack the necessary skills and experience or are just time-wasters. Many think they can do any job without proper qualifications or work experience, and at both junior and professional levels this attitude is completely unacceptable.
When you hire new recruits you are looking to find a comfortable balance between candidate quality and expense, but in the knowledge that the best person in the industry is not working for you he is working for your competitors.
Recruitment is a time-consuming and complicated process to which many HNW business owners have neither the expertise not the time to commit. With extensive experience in this area I have taken this burden from many of our clients, whether it be finding suitable and quality candidates for PA roles, domestic staff for their families, or various professional roles for their companies.
For those HNWIs looking to handle the process on their own I would advise the following steps:
1. Reach the right candidates
Approach head-hunters or advertise broadly and effectively using career websites, word of mouth and social networking.
2. Filter CVs discerningly
Some positions receive hundreds of CVs and anyone can use the internet to structure a respectable CV.
3. Recognise drive
Be prepared to do at least 10 interviews for each position. You need to check the applicants’ skills and qualifications, observe how they behave under pressure and ascertain whether they want the role and not just the package you are offering.
4. Select the best candidate
Choose between 2-3 candidates with a grading system or list of pros and cons to decide which one is a better candidate for you. If you require an unusual skillset don’t restrict your choices too early, the process will recquire more time and resources.
5. Sell the position
Convince the right person to work for you. Specialists receive job offers on a weekly basis, so you need to find them the right incentive. This can be salary, performance bonuses, general package (various life/medical insurances, gym/social memberships), holidays, working hours (maybe flexible), career perspective, interest in the job/product/company. You need your candidate to be motivated to deliver results for your business.
