Kiwi financial jobseekers becoming more impatient during recruitment process

82 per cent of CFOs said candidates are more unwilling to wait and find out if they got the job. Photo / 123RF

New Zealand's financial jobseekers are becoming more impatient during the recruitment process, according to new research.

The research, commissioned by specialised recruiter Robert Half, of 100 chief financial officers across the country found that 82 per cent said candidates have become more unwilling to wait and find out if they got the job compared with 12 months ago.

Megan Alexander, general manager of Robert Half New Zealand, said a reason for this was companies were tending to extend the hiring process to find ideal candidates.

"Because companies want to make sure they're choosing the right person for the job, they tend to extend the duration of the hiring process. However, as jobseekers are confronted with longer hiring processes, they are less likely to wait around if they haven't received a timely response before accepting an offer elsewhere," Alexander said.

However, Alexander cautioned that hiring managers needed to act fast if they wanted to prevent losing applicants to the competition.

"In order to secure the best talent for the role, hiring managers need to act fast, streamline their hiring practices and extend the offer to the candidate once they have found a match – or else risk losing their preferred candidate to the competition," Alexander said.

A key factor causing candidate impatience was the increase in the number of interview rounds being held, according to 63 per cent of finance employers.

The next reason, according to 61 per cent of CFOs, is candidates' attitudes have changed - a wider reflection of the power balance shift towards candidates in a market characterised by an ongoing war for talent.

Other reasons for candidate impatience included an increase in counteroffers (52 per cent), an increase in jobs available for finance candidates (43 per cent), and an increase in the total duration of the hiring process (9 per cent).

For jobseekers, Alexander offered three tips they can do to accelerate the hiring process:

1. Don't leave the interview without knowing the next steps

Alexander says job applicants should never leave an interview until they have confirmation the hiring manager has all the information he/she needs as well as sufficient information about the next steps of the hiring process.

"Making sure the hiring managers have all the information they need allows job applicants to address any concerns the employer may have about them before they have a chance to make their decision. Asking for confirmation on next steps can also set a clear timeframe for when they can expect to hear an update on their application," Alexander said.

2. Follow up

Following up with hiring managers is the best way for applicants to remain at the top of their mind, according to Alexander. A thank you note within 48 hours of the first interview is a nice touch.

"Communication goes both ways, so if a jobseeker hasn't heard back from the hiring manager after a week, they should pick up the phone and call them. If the employer has no update, they can ask when they can expect to hear back and again stress their interest in the role," Alexander said.

3. Make it clear that your search is moving forward

One way candidates can potentially speed up the hiring process is by reminding the hiring manager that they are still job hunting. Candidates should inform the hiring manager they have received interest from, and have been interviewing with, other companies.

"Setting clear expectations to the hiring manager helps to send a clear signal that candidates are not sitting idly and waiting by the phone forever — and it lets the employer in question know they're not the only business competing for their talents," Alexander said.