5 ways to win during the CP86 Hiring Frenzy
Ok, so you’ve just completed a CP86 desk-based review with the Central Bank of Ireland (CBI), and you are pretty sure you will need to make some changes, and fast. One of the areas identified is that you will need to ‘put boots on the ground’ here in Dublin and hire permanent employees for specific functions and/or increase the existing headcount.
However, you are not the only ManCo/SMIC who needs to do this now, and so the search for talent intensifies.
Here are 5 ways to ensure success in a hyper-competitive market:
Before you go to market, it is crucial that you have clearly identified what hires you need to make, at what level, what are the core responsibilities of each role, structure and reporting lines, as well as having a plan for what the entity/role will look like over the next few years. You may not have all the answers but be warned – candidates will want to make sure you are committed to Ireland, and that there is a well-developed business plan in place for the Irish entity.
Once you kick off the recruitment drive, it is crucial that you keep the process moving, and keep the candidates up-to-date at each stage of the process. There is nothing worse from a candidate experience perspective than long delays between application, interviews, subsequent interviews etc. without any update/engagement from the firm. It creates a feeling of uncertainty and raises doubt in the candidate’s mind. Firms who have a clearly defined and seamless hiring process (how many rounds of interviews, timelines for interviews and interview panels at each stage of interview process) are more likely to secure the best talent, because being organised and engaged creates confidence in your brand.
The interview process itself is obviously very important. This includes considering WHERE the interviews will take place. We have seen a lot of new entrants come to the Irish market, only to conduct some or most of the interviews in London or via web calls. If you are serious about Ireland, you need to demonstrate this by having the key decision-makers fly to Ireland for interviews, and not expect the candidate to always be the one to travel. A web call is no substitute for a face-to-face interview. If this role is based in Ireland, then Ireland needs to be at the heart of the interview process.
We touched on this earlier – being efficient in any process is also so important and often overlooked. Unexpected delays can arise, however if you are to secure the candidate you want for the role, you need to ensure the process is as efficient as possible. Your preferred candidates will also be in demand by your competitors so timing is key.
Candidates in this market are quite shrewd and will want to know why they should come to work for you. What makes you different from the rest? Apart from offering them a seamless interview process, you need to back this up with the ability to accurately describe the firm during the interview itself – its culture, values and how you operate.
Candidates will want to get a good sense of ‘how we do things around here’, particularly if taking up a PCF role. Candidates are also placing huge importance on things such as work/life balance, flexibility and remote working, so if you can offer this type of working environment – it needs to be front and centre of your pitch to the candidate.