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FINANCE

Four tips to help reduce employee ghosting in financial services

By Daniel Mason, VP EMEA, Visier

In an increasingly digitised world, technologies are continually driving global behavioural changes at an alarming rate. Take our vocabulary, for example. The internet has completely changed the way we talk, with words such as catfish, influencer, meme and ghosted all having become part of both online and offline conversations in the past decade.

The latter of these, ghosted, originated from the modern world of dating apps specifically. Used to describe situations where a potential date suddenly – and permanently – stops texting you back, it is no longer limited to talk of Tinder. Indeed, these same acts have transcended into professional spheres, including the financial sector.

Finance is one of the most demanding and skilled professions in the world. It is a thriving industry, with an abundance of opportunities for employees, and a wealth of skilled talent available for employers to tap into. Yet this combination has seen an uptick in ghosting on both sides of the table.

The finance industry needs to work to eliminate ghosting. Whether it’s an employer failing to inform a candidate that they have gone with someone else for a role, or a candidate who suddenly stops responding mid-way through the recruitment process both parties have been shown to be culpable of causing uncertainty.

Why employee ghosting is increasing>

While the financial sector was undoubtedly impacted dramatically by the pandemic, it has been faster to recover than many other sectors, demonstrated by the fact that financial job vacancies in London surged beyond pre-pandemic levels in late 2021.

This has shifted the power dynamic in favour of employees as companies compete to attract top talent to fill these new roles. Unfortunately, this has contributed to the ghosting in the workplace.  Our recent survey reveals that over three quarters of Brits (76%) admitted that they have ghosted an employer in the last 18 months, even though six in 10 (59%) have been ghosted by prospective employers themselves previously.

Four tips to help stop potential candidates disappearing

By evaluating the hiring process and making a number of simple tweaks, employers can not only sway prospective employees away from the increasingly attractive avenue of ghosting and even help to attract and retain talent at all stages of the acquisition funnel:

  1.     Personalise the recruitment process

We’ve all seen the impact of personalisation in the market, and the same benefits apply in recruitment. Employees want to feel valued and heard, so taking simple steps such as addressing them by name in every email will go a long way. Equally, give them a flavour of the company culture – who the people are, what perks are offered

  1.     Be upfront about expectations

Managing expectations is vitally important to providing a positive recruitment experience. Ensure the candidate knows exactly how the interview process will work from the outset while also providing an easy way for them to ask questions, and receive answers quickly to keep their minds at ease. Doing so will help to minimise misunderstandings or crossed wires at crucial points in the process that might otherwise lead to candidates losing interest.

  1.     Be prepared to adapt

While a bombardment of CVs may lead employers into a false sense of security that they will have the pick of the bunch of employees, this isn’t the case for top talent. In order to ensure leading candidates are attracted effectively, employers should be willing to understand their own journey. This can be as simple as asking where they are at in the interview process with other companies, which may demonstrate the need to speed things up before a prime candidate slips through the net.

  1.     Communicate openly and often

Communication is key in the recruitment process. Simply texting or emailing candidates with clear updates at every significant stage can pay dividends in ensuring they don’t disappear. Of course, employers might not have the time to do this manually, but there are automated tools available to do the heavy lifting here.

At a time where technology has become king and data has been deemed the new oil, financial firms need to ensure they are ahead of the curve to maximise effectiveness of their recruitment efforts.

From ensuring software is suitable in properly supporting high volumes of applications to leveraging data wherever possible to better understand ideal metrics in the realm of talent acquisition, the use of cutting-edge digital capabilities will not only go a long way in reducing the opportunity for employee ghosting.

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