The recruiting market in the Commercial Lending/SBA space is on fire. Banks are desperately scrambling to capitalize on the small business growth in the market. Every bank and credit union today is looking for growth in this space. If you want to capture top talent for your financial institution, you must be willing to be flexible with your hiring process and budget.
Have an efficient hiring process
Make sure you are prepared to interview and hire that talent in very little time. With the job market so hot, the “A-players” are off the market in as little as five days. For example, I recently placed a $20 million SBA BDO candidate to a bank and they went through the interviewing process and hiring process all within four days.
My client knew that if they didn’t move quickly, they would have to compete with other institutions, and as a result, could be faced with a bidding war. And when that happens, the candidate often decides to not accept the offer. In other words, you have to be confident in the criteria you are looking for in a candidate.
You have to pay to play
Talent today costs money, and sometimes BIG money. Candidates that are producing big results and really moving the bottom line are being highly compensated. That means you need to be ready to fork over the top end of your salary range, and sometimes, even expanding that range. Because of our candidate-driven market, banks and credit unions are going to have critical job openings open longer if they aren’t willing to make some adjustments. As a result, traditional recruiting methods aren’t as effective. To keep the top talent interested, you have to be willing to pay them well.
We work with our clients to help them move that needle as needed. However, with a top-tier recruiter, they can still find those hidden gems. The best candidates are becoming harder to find, but they are not completely out of reach. Pay for performance is a trend we are seeing more and more, and it doesn’t look like it’s going away anytime soon.
To hire (and retain) the talent your organization so gravely needs, it may be time to work with a professional. The best candidates are the ones that are not even on the market. If you want the best candidates that are ready to make an impact on your company, it may be time to partner with a recruiter that specializes in your field.