In today’s competitive recruiting landscape, attracting and retaining top talent requires more than just a solid job description. It’s essential to adopt best practices that foster a positive experience for candidates while ensuring alignment within your internal team. Here are some key strategies to keep in mind and pitfalls to avoid when navigating the recruitment process.
Define the Role Clearly
One of the foundational elements of effective recruiting is a well-defined role. Clearly articulate the responsibilities, expectations, and scope of the position to ensure candidates feel grounded and confident about what the opportunity entails. It’s equally important that your internal team is aligned on these points; mixed messages can plant seeds of doubt in a candidate’s mind. Consistency is crucial throughout the hiring process.
Remember, Recruiting is a Mutual Sell
Recruitment is not just about filling a position; it’s a mutual selling process. Here are some ways to keep candidates engaged:
- Cultural Fit Matters: All interviewers need to have an understanding of the firm’s culture and deliver a consistent message to the candidates. This is your opportunity to highlight the positive attributes of your firm and cultivate enthusiasm for the role, particularly as culture fit is one of the top drivers of job change.
- Maintain Momentum: Regular check-ins, even casual coffee meetings, help keep candidates feeling valued and in the loop.
- Be Honest About Final Rounds: Avoid using terms like “final meeting” if you anticipate more discussions, or adding extra meetings after an offer is meant to be delivered.
- Timely Scheduling and Feedback: Don’t make candidates jump through hoops to schedule a final meeting only to then make them wait. It also drags on momentum to leave candidates waiting for days or weeks without timely feedback. Ensure your timelines are clear and respectful of their time.
- Allow for Questions: Allocate enough time for candidates to ask questions. Thirty minutes is often insufficient for both parties to gauge fit and mutual interest. Make the interaction meaningful.
Streamline the Interview Process
A structured interview process is vital to an efficient and effective recruitment strategy:
- Define the Process Upfront: Clearly outline how many interview rounds there will be and who will be involved.
- Prepare Interviewers: Ensure that all interviewers understand their focus areas and any potential hurdles to clear with candidates.
- Prioritize the Hiring Manager: Always have the hiring manager conduct the first round to set the tone and establish rapport.
- Curate Interview Teams: Assemble a lineup of interviewers that can effectively evaluate the candidate while also selling the role. Bringing in senior leadership should be strategic—ensure their purpose is not only to vet but also to sell them on the opportunity. Do not give junior team members veto power and only bring them in toward the end of the process.
- Feedback Mechanism: Provide detailed feedback, especially for senior hires. Constructive feedback for candidates who aren’t selected is critical for maintaining your firm’s reputation.
Conducting Interviews
When it comes to interviews, small details can make a significant impact:
- Avoid Discussing Compensation Too Early: Discussing comp expectations too soon can shift focus away from the candidate’s fit for the role and the value they bring. It may seem obvious, but do not ask what someone’s current compensation is, it’s illegal! Keep compensation conversations behind closed doors with only essential parties present.
- Be Present: During interviews, minimize distractions. Looking at your phone or multitasking sends a message that the candidate is not your priority.
- Face-to-Face Meetings: As early as the second round of interviews, meeting candidates in-person makes the opportunity more real for them. Prioritizing time in-person can foster a more personal connection and reinforce their interest in your firm.
- Reframe Questions About Current Employment: Instead of asking why they want to leave their current firm—especially if they are in a good seat/firm—ask what specifically intrigues them about your opportunity. This approach promotes a positive dialogue.
- Case Study Rounds: Whether case studies are implemented in-person or remotely, they are a meaningful time commitment from candidates and are best suited for a small group of finalists at the end of the process. Avoid leading the witness with too much direction and instead provide requisite instructions and allow each candidate to showcase their thought process in how they each approach the assignment.
- For distribution professionals, these rounds can include mock pitches to show how they represent products to prospective clients, as well as business plan presentations and investor lists to explore how they would approach the first months of the role and their strategic investor targets.
- Investment case studies often center around a modeling assignment and investment recommendation in a mock IC setting. It is always more insightful for hiring managers when case studies are in the office, but in case of remote assignments, candidates should each be given a uniform amount of time and prep materials ahead of their delivery date.
- Keeping Candidates Warm: Both during the recruitment process and often throughout garden leave/non-compete periods, it’s essential to keep candidates warm and engaged. Regularly communicate with candidates about their status during the process and continue to engage with them throughout their waiting period to mitigate bid-back offers or cold feet.
Get to Know Your Candidates
Taking the time to really understand your candidates can set your recruitment process apart:
- Invest in Relationships: Spend time outside of the formal interview setting to build rapport. By spending time with candidates in social and more casual settings, hiring managers can be more effective in assessing personality and culture fit. This could be taking candidates and perhaps partners/spouses to dinner or having a lunch with the broader team.
- Interpersonal Connections: Make an effort to know the candidate beyond their resume. Building a personal connection can create a more inviting and engaging recruitment experience.
Conclusion
Recruiting top talent in today’s market is competitive and requires thoughtful strategies and practices. By clearly defining roles, maintaining communication, and genuinely getting to know candidates, you can create a positive experience that not only attracts top talent but also enhances your firm’s reputation in the marketplace. If you’d like to discuss how to improve your recruitment strategies and processes, feel free to reach out!
Written by:
Melissa Norris, Founding Partner & Co-Head of Asset Management
Preston Richard, Managing Associate