Zeroing in on talent

When it comes to recruitment, all too often business owners will try to do it themselves without having thought through how best to identify the best-fit candidates for the role.

Most will contact industry colleagues in the hope that they will know someone suitable; and invariably they will end up with a mishmash of potential candidates who are anything but suitable. After much time has been wasted, they come to a fork in the road and the business owner has to make the decision: bite the bullet and engage a recruiter, or put the brakes on recruitment activity.

It is understandable that small financial planning businesses are unable or unwilling to pay recruiters, as this will often attract fees in the range of 15 to 25 per cent of base remuneration.

However, there is another option. For those who are willing to take a hands-on role in the recruitment process, Few issues in business cause more headaches than hiring the wrong people. Peter Dawson sets out a plan to avoid the worst pitfalls. Talent Mapping is undertaken by recruitment consultants who have an extensive network and are able to identify suitable candidates.

After you have briefed a recruitment consultant, they will work out which candidates are suitable and then bring them to your attention. From there your role is to initiate contact and take interested candidates through the rest of the recruitment process, which includes, but is not restricted to, interviewing, negotiation and referencing. While the recruitment consultant’s role finishes with identifying the candidates, some will provide you with guidance on interviewing and gaining the commitment of the preferred candidate, with advice on negotiation, remuneration et cetera.

When considering the use of Talent Mapping as a recruitment strategy for your business it is important that you work with a recruitment firm that has a track record of undertaking Talent Mapping assignments for positions similar to the one you are looking to fill. The recruitment consultant will ask you a raft of questions about the role in terms of scope and responsibilities.

They will also ask about candidate characteristics, capabilities, career path positioning, cultural fit and your expectations in terms of remuneration.

They will also want to know about your business in terms of longevity, focus and issues around work culture. The consultant will then supply you with a report identifying the targeted candidates, including career history, key motivators (including career and remuneration expectations) and the degree of difficulty in recruiting each candidate.

While the consultants will speak to each candidate, they may not conduct formal interviews with them – although they may have done so at some point in the past. You should clarify what level of candidate screening has been undertaken and if they have been interviewed; then you will be in a position to gain more information about them prior to you making contact.

The Talent Mapping exercise should take between two to three weeks, depending on the nature of the role and the depth and availability of suitable candidates.

It should cost in the range of $5000 to $10,000, depending on the degree of difficulty in identifying candidates and the recruitment firm you choose. Additional fees would be payable if the consultant was to provide guidance through the recruitment process and would depend on their level of involvement.

It is important that when you make the decision to use Talent Mapping as part of your recruitment strategy that you have thought through what is involved in terms of your time and the resources you will need to draw on from within your business.

Talent Mapping is a valuable resource if you decide to take a hands-on role in the recruitment process. However, if you feel that your time is best spent focusing on your clients, then you should consider engaging a recruitment firm.