John Pierce is Head of Business Development at Cetera Financial Group, driving Cetera's financial professional recruiting strategy.
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This year has made most companies pivot and rethink the way they recruit talent. Many companies continue to limit travel and face-to face-meetings amid rising expectations that the remote work environment may continue indefinitely. (In a recent survey, two-thirds of workers at top companies expected this to be the case). One of the unanticipated benefits — if one can look at the glass as half full — is that the job market is flooded with highly talented individuals that were once in stable, well-paying jobs. Many are now looking at changing careers and, potentially, industries. So how do employers capitalize on this when face-to-face contact has been largely suspended for most companies?
The answer lies in creating a personalized, virtual substitute for the traditional face-to-face interview in which candidates can effectively convey their value to a potential employer while employers can accurately access a candidate’s individual fit and skill set. Above all, candidates are expecting an individualized, on-demand experience. Fortunately, technological advancement and remote work innovation have advanced to the point where companies are able to produce virtual information sessions to make their pitch to candidates in a highly informative and customizable context.
In our segment of the financial services industry, we call these interactions “virtual home office visits” (VHOVs), and it is as much an opportunity for candidates to interview the company as it is for the company to learn about a candidate’s skills and qualifications. There are three key reasons to conduct a VHOV for top-tier candidates:
1. Scale: Candidates who normally would not consider your company can now invest three to four hours of their time to learn about you and your value proposition. VHOVs also allow you to increase the number of candidates you see, allowing you to hire the most qualified person.
2. Convenience: Candidates who are currently employed don’t have to justify time off, and they can time-block to attend a VHOV. Your company can also arrange a larger presenter audience across a broader geographic footprint for the most compelling company experts.
3. Cost savings: Not only does your company lower its costs of travel, lodging, food and entertainment, candidates also save on travel time, time away from family/friends and being away from their clients.
Now that we have established the value of a VHOV, let’s discuss how to optimally execute this type of virtual meeting. The VHOV is employers’ opportunity to evaluate “Do I like you?,” “Are you competent?” and “Do I trust you?” This is not just to benefit you, as the employer; it also speaks to what prospects are thinking about your company and its capabilities. Here are five keys to a successful VHOV:
1. Listen: What you — the employer — want to convey is secondary to the needs of the candidate. The biggest mistake that happens in a VHOV is the presentation of a sleek, flawless event that ends up falling short because the topics were of no interest to the candidate. Listen to your candidate for her needs, current pain points, long-term objectives and dreams. When you address the topics of interest to your candidate, you are ahead of your competition. Many firms fail to customize their sessions in a way that reflect candidates’ interest and background.
2. Plan: Find the most appropriate company experts to best address the needs of the candidate while embedding the culture, your value proposition and the history of your organization. One size does not fit all. While there may be topics of common interest to many, avoid the same presentation for everyone because it is easy and expedient. Your competition is terrific at “easy and expedient.”
3. Execute: Provide a positive, well-rehearsed event that does not exceed three hours. Each company representative needs to understand the objective of their presentation. Above all, stay on time. If there is Q&A time, leave time for questions — don’t over-present; allow your candidate to ask questions relevant to their experience. Ensure your speakers arrive in a participant room early and have their computer, lighting and sound checked. Ensure proper dress that is appropriate for the event/culture/corporate dress norms.
4. Follow up: Once the VHOV is over, follow up with a hand-written note. Send a trinket to their home (where allowable by regulatory authorities) such as a book or artwork about your city, or something unique to your community. If you have family details, send a thank-you gift to a child, partner, etc. Make an impression on their family unit. Not many people write hand-written notes — be different.
5. Offer: If you do a series of VHOVs for candidates and you identify your target candidate, hire that person immediately. Stop the committee meeting and the multiple layers of sign-offs, and get the highest quality talent into your firm quickly. Time kills deals, and wasting time allows candidates to migrate to your competitors.
Bottom line: Take a page from the financial industry playbook and plan a memorable, scalable, repeatable VHOV session to recruit the best talent available.
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