No longer will a younger generation of employees tolerate negative relationships with their managers — and they are eager to share their experience via social networks. This is especially true in the financial sector, which has experienced a rapid decline in financial candidates since 2008. That means recruiters and managers both must be willing to engage with candidates and employees one-on-one.
“The 100-plus universities that confer financial planning degrees place most of their students in jobs and say there is a waiting list of offers from prospective employers”, says Mark Tibergien, CEO of Pershing Advisor Solutions who writes for Think Advisor. He points out that recruiting is costly, as much as 250% of an individual’s base compensation to replace a skilled employee. Tibergien also shares that there is a need to increase salaries to attract candidates because of these shortages combined with less productivity.
Tibergien challenges managers to consider why they see employees as "cattle" rather than as valuable assets. Instead, he encourages leaders to show people they are appreciated by the organization, by using every opportunity to teach rather than punish. He also advises using performance reviews as a positive method of opening up communication with employees.
Tibergien makes some very interesting points about how leaders should treat employees, and these same principles can apply to candidates as well. How many candidates have experienced the feeling of being just another applicant and did not get recognized for their achievements? There are massive opportunities for recruiters to learn how to treat people better and develop stronger connections with candidates, even if they must reject them.
Tibergien states, "People in leadership roles hold the lives and careers of others" in their hands. Recruiters hold the future careers of individuals in their hands, too, and must be considerate of such when making decisions about how to interact with candidates.