Are you accessing the full talent market? Probably not…
Live recruitment market data to help you make decisions
A 60 second snapshot to take the temperature of professionals in FinTech, Financial Services & DeFi – delivering data and insight to help you make decisions.
In a week where Gemeni received the first VASP licence in Ireland and Starling Bank decided not to pursue a banking licence here, it has been mixed news for DeFi & FinTech. More news of tech company hiring slowing down / freezing however, could be a great advantage for traditional financial services and those serving/disrupting that industry in FinTech/DeFi.
This week, we wanted to test our theory that people don’t really apply to jobs anymore and the data backs that up in a big way. Only 9% of people currently looking or who have recently moved job found, or are planning to find, their next job by applying through a jobs board.
Not news to us at all. 95% of applications we receive through job adverts are not relevant at all. Of the 5% that are, most are not suitable for the specific role they apply for. 70% of placements we made in 2021 were from direct approaches on LinkedIn, 27% were on our database already or a network referral and only 3% were applications.
This has significance if you are hiring – if you do not have time to search for the talent you need, you are absolutely missing out on a huge percentage of the available market.
‘Recruitment Consultancy’ relates to people who would search for a job specifically through registering with a recruitment consultancy.
As always, our polls cover all levels and both technology and non technology roles. We received 293 responses across FinTech, Traditional Financial Services and DeFi and our results are broken down into:
- Executive (VP, Director, Head of Function, CXO, etc.)
- Non Technology (operations, corporate services, sales, risk, compliance, etc. below Executive Level)
- Technology (all areas of technology from build to test below Executive Level)
This week we asked:
“If you have recently moved job, are actively looking or plan to move soon, how will (or did) you find your next job?”
Key take aways?
- If you are finding that your current recruitment approach is not yielding the results you expect, if you do not have the time or ability to search LinkedIn in particular, you are missing over half of your addressable market
- Females are twice as likely to apply through a jobs board than men and men are 50% more likely to rely on their network
- For Executive Level candidates, only 5% will use jobs boards – 57% are expecting to be approached directly
- More junior, non technical roles, may be more likely to be filled through a job posting but still, 55% of this cohort expect to be approached
- ‘Registering’ with a recruitment agency is no longer expected to result in a job – borne out by our own stats referred to at the top of this article
What can you do?
- Assess how you currently recruit – do the resources you depend on to source talent have time and knowhow to actively source and approach people?
- If the answer to the above question is no, can you bring in resources to support this or is outsourcing to a recruitment consultancy an option?
- Are your job adverts written with diversity in mind? Given female talent is twice as likely to apply through a jobs board than male, is the language you use in how you write your ads / job specs suitable? (Check out https://gender-decoder.katmatfield.com/ for a free tool)
- Nearly 20% of people expect to get a job through their network – is this an avenue you specifically focus on? How do you generate referrals through your business?
We are asking weekly questions to our pool of professionals to give you live market info to help making decisions.
Check out our recent surveys including:
- How will talk of recession impact the recruitment market?
- If I was told to come back to the office 5 days per week I would…
- Employees EXPECT to be compensated for high inflation
If we can help solve any of your talent headaches – get in touch – firstname.lastname@example.org