Finding qualified candidates who meet the requirements of the job description and compliment your company’s culture is becoming increasingly harder when you don’t have a system in place to logically work through a plethora of resumes being submitted via various venues. This alone is a difficult task, but even more-so when your firm is competing with others in the market. In some cases, firms do not have the capability to house a recruiting team internally, meaning this process quickly becomes a juggling act with employees’ day-to-day operations. Dealing with a manual recruiting process paired with other work responsibilities is a recipe for stunting your firm’s growth, either by missing out on high-caliber candidates due to lack of time focused on recruiting, or hiring ill-fit candidates by rushing through your candidate pipeline.
An Applicant Tracking System (ATS) can mitigate these risks and help your firm scale at its highest potential by automating your operational workflow and assisting your team with cumbersome tasks, but how?
Handle Larger Applicant Pools
Finding the best fit for your firm is a numbers game. Plain and simple. Not only should the candidate meet your desired skill set, but also should share the same drive and values aligned with your firm’s mantra. The ability to parse through large amounts of resumes in the screening stages ensures the candidates whom are passing through to the next stages are interview-worthy. With an Applicant Tracking System, utilizing pre-screening survey questions will allow you to automatically weed out candidates that do not meet your requirements. Setting this pre-screening questionnaire can also aid in prioritizing candidate interviews based on the score of the questionnaires so that your recruiting time is using their limited time to focus on the top candidates first.
Using Analytics to Your Advantage
Utilizing an Applicant Tracking System’s reporting and analytics functionality can paint a clear picture of your recruiting trends as to what is working. Whether your top candidates are coming from a specific university or have a niche background/skill set, analytics can allow you to focus on those recruiting efforts which are bringing your firm the best talent at all levels. Analytics can aid recruiters to understand when candidates are applying to jobs the most during the year so that they can anticipate the heavy rush and reach out to the business in advance to get the most up to date list of positions needed by the firm.
Creating recurring and one-off reports for management reporting is simplified with the ability to store report templates within the system, which are preset based on your reporting requirements and parameters.
Keep Worthy Candidates in Your Back Pocket
Often, the best candidates are the ones not available. Utilizing the talent pool functionality within an Applicant Tracking System can help your team keep track of those candidates who would be a great fit for the firm, but are not currently available, or your firm does not have availability at the time. Often the recruiting process is building a relationship with candidates so having a built in CRM “customer relationship manager” will help facilitate the tracking and communications with these candidates. These candidates can be bucketed into talent pools based on skill set, experience, or any other criteria desired which makes it easier to locate them and include them in campaigns.
The process ultimately begins with making sure the right system is chosen from the start so that you ultimately minimize your risk and create a smooth implementation and a faster adaption into your overall process.
About FinServ Consulting
FinServ Consulting is an independent experienced provider of business consulting, systems development, and integration services to alternative asset managers, global banks and their service providers. Founded in 2005, FinServ delivers customized world-class business and IT consulting services for the front, middle and back office, providing managers with optimal and first-class operating environments to support all investment styles and future asset growth. The FinServ team brings a wealth of experience from working with the largest and most complex asset management firms and global banks in the world. To learn more about FinServ Consulting’s services, please contact us at email@example.com or (646) 603-3799.