As a financial services firm, you will need a quality team to help you deliver the best advice to your clients. Building and leading a team takes up a lot of time and effort. When you get it right, you know what the sweet spot is. Getting it wrong feels very different. There may be occasions when you need a new team member at short notice. But what does that feel like?
Why Would You Need To Recruit Quickly?
There are several reasons that you might need to fill a vacancy quickly. The reason you need a paraplanner at short notice could be because someone had left quickly. You want a replacement. Although no decision of this magnitude should be taken in a rush, the vacancy is essential to your business. Every day the position is vacant is a day your business isn’t running at optimal capacity. Don’t rush someone into the position. This has many side effects. The business looks desperate. It feels like you are not planning ahead. But you feel like acting is a much better option than not acting at all.
There is a great way to look at this: –
Recruit quickly, take your time onboarding. Your new paraplanner deserves the time to get to know the role and feel their way into the team.
Dropping someone in at the deep end can have a sink or swim effect. Some will swim. And that’s great. But you don’t want to go through a few sinkers to end up with the swimmer.
There are other reasons why you might need a new paraplanner at short notice, such as maternity or a sudden growth in the business. But the principles are the same. Recruit quality, train effectively and reap the benefits. Don’t make the same recruitment mistakes others do.
How Could You Do It?
And you have some options in regards how to get quality team members on board. The traditional method of asking a recruitment agency to look on your behalf is often the first port of call.
Agency – How Much?
A recruitment agency fills that need in our business, don’t they? If we have a vacancy, then we give them a call, outline the vacancy and wait for the phone to ring. But there are two major drawbacks in using a recruitment agency –
- They don’t act particularly quickly
- Their costs are extremely high
In fact, these two go together in our experience. If they found, you a recruit in 2 days then they would have to reduce their fees, wouldn’t they? Plus, we are advertising a specialist role that needs a specialist that is in great demand.
There are no agencies out there that specialise in paraplanning. If you know of one, then let us know because they would be in great demand!
It always ends up in us uttering those same words – “how much?” So, we tend to think to save money and get the ball rolling we’ll do it ourselves.
Do It Yourself
There are so many aspects of our business that we can teach ourselves. All it takes is a little time, some advice, asking a few questions and getting on with it. When recruitment agencies want to charge fees of thousands of pounds, it feels like we can make a good saving with the DIY approach.
And in the modern-day, there is a great deal of software help out there to cut down on time, money and effort. Software options help us to filter down a field of candidates, score them and even provide feedback on how effective we were for the next time. But there are still costs to recruitment in terms of time and money. Someone has to filter the candidates, interview them, etc. Even using technology such as FaceTime or Skype can save time and preparation, but it still takes a full day or two at least to interview prospective candidates. Then you may have to wait 4 weeks plus for them to serve their notice with an existing employer. Remember that Every day the position is vacant is a day your business isn’t running at optimal capacity.
Offshoring – A Quality Paraplanner At Short Notice
Another option that has become more popular in recent years is offshoring. Some areas of your business just won’t stand up to this idea, but paraplanning might. The issues here can be cost, language barriers and accountability. The UK marketplace for paraplanners is highly competitive.
You can find quality from the rest of the world at a much lower price. And they are ready and waiting for your call. But you need to have nerves of steel to rely on paraplanners from outside the UK, with GDPR and quality considerations aplenty.
When looking for paraplanning cover at short notice, these are the options for any financial services company.