Changes in the Hiring Process

Changes in the Hiring Process

In a recent survey, many large companies revealed that there are changes in the way they hire. For finance job seekers, these changes in the hiring process are important, not just for the sake of short-term survival but also for the sake of long term financial security.

Let’s find out how companies are modifying the hiring process to adapt to rapid technological advances. Regardless if you’re looking for CFO jobs, analyst jobs or CPA jobs, these tips will come in handy in your job search.

Large companies have not completely ditched the traditional way of hiring new employees and promoting worthy employees but the evolution cannot be ignored. Internal promotions have become the trend, with companies choosing to elevate one of their own rather than take a risk by hiring a new employee to fill the open finance position.

If you’re looking to change jobs, you may not have a choice but to find one in your current company rather than look elsewhere. This means that employers are asking for longer-term commitments and loyalty, which could translate to better employment security for a new employee and the potential of promotions for current employees. If you’re currently employed, the best method for changing your job status may be to talk to your hiring manager in your current firm rather than printing out resumes for in the search for new finance job opportunities elsewhere.

One more thing that you should know is that professional relationships are valued more now than ever. Many new hires, especially in middle management, are from personal referrals. This means that it’s to your advantage if you can network with other people rather than risk it and submit your resumes to various companies. Networking offline is still a tried and true way to get a new job.

Many companies, however, are turning in the direction of social media. Some of the strategies that are used by these companies involved community-based internet hiring. However, the total hires from this source are still lower in percentage compared with the overall percentage.

The trend in hiring indicates that social media is becoming a rich source for employers to find the right candidates. Social media presence is both a good way to promote the company and a good way to attract talented individuals. The overhead for social media marketing may be offset by the ease of the process by which applicants can find out about the company and the hiring information.

It is not surprising that the professional social network LinkedIn plays a big role when it comes to financial hiring, especially in niches like private equity jobs. The more popular social media platforms like Facebook and Twitter are less relevant compared to Linked In when it comes to building long-term professional connections for financial firms, recruiters and professionals alike. However, some people still maintain that finance job seekers are more likely to get the best positions as candidates who received a warm introduction by using their personal and professional networks.

Job hunters should not feel complacent just because they went on an email frenzy and sent hundreds of resumes via email to potential employers. Thousands or even millions of people have done the same. This means that you’re less likely to stand out when your resume is included in a pile of unread messages in the recruiter’s inbox.

You may get a call sooner or later, but the applicant with the warm referral may have already snagged your finance job by then.