Minnesota’s Banking & Financial Services Candidates in a Competitive Market: What Employers Need to Know
October 7, 2021
It’s no secret that Minnesota’s housing market is competitive when trying to find quality homes. A colleague of mine compared the high demand in the fast-paced housing market to the ongoing demand within the Banking & Financial Services hiring space, and the significant number of talented Twin Cities commercial bankers who are moving to new opportunities.Similar to buyers scouring the housing market, solid candidates are being sought by multiple employers, and the demand for talented commercial banking candidates exceeds the supply. Candidates are receiving multiple offers, and they’re being swept up quickly.As an employer seeking talent with a finite market of available candidates, here are four things to keep in mind:
1. Don’t discount the value of a “Fixer Upper”
It’s important to know what qualities you want in a candidate but be open to interviewing and considering candidates with different backgrounds and skill levels.Like “fixer-uppers” in the housing space, expanding your search to a wider pool of candidates may uncover undervalued ‘gems’ that other “buyers” (i.e. employers) may overlook. You decide which professional improvements are prioritized, and you may secure a solid candidate at a lower, but fair offer.
Even if a candidate doesn’t check every box on your preferred qualifications list, they still may have great potential, and with a little training and mentoring, they can become solid, long-term contributors.
2. Make a ‘Bid’ Over Asking
Don’t shy away from making a considerable offer for the right candidate. With a competitive hiring space, you may have to sweeten the pot with a signing bonus or some long-term incentives to attract the attention of quality candidates.These incentives can be production or outcome contingent, as strong candidates will appreciate the opportunity to earn it.The ideal candidate may require flexibility in terms of location or working remotely from time to time. Job offers may also involve getting creative in terms of enhancing the role for the right person. Depending on their strengths and goals, a candidate could be given the responsibility to be a team leader or a specialist in a particular lending vertical or strategy.
3. Act Decisively to Hire Minnesota’s Best Banking & Financial Talent
Good candidates, like houses in hot neighborhoods, won’t be on the market for long. Do your due diligence in terms of the process of vetting and interviewing a candidate, but move expeditiously and put forward a solid offer as soon as you are able.Minnesota’s Banking & Financial Services talent are long-term investments in your company’s future. The more you invest in an employee, the more they will invest in you. Though the competition for quality candidates is fierce, it is possible to make a valuable acquisition by being open to selecting candidates who have a solid foundation and great potential, by putting forth a good offer, and by not delaying making a decision.Remember, adding to your team involves more than purely economic considerations. Selecting a candidate is a decision with many factors to consider such as cultural fit, work ethic, attitude, commitment to your mission, and their willingness to learn new skills and expand their capabilities. Overall, trust the process and when it comes to the right candidate, put your best offer forward. You want them to choose you when they’re assessing which employer to call their new “home.”
If you’re looking for talented candidates,contact Versique. We offer an unparalleled blend of functional, industry, and recruiting experience in Executive Search, Direct Hire and Contract to help you find the right talent for your team.