Five things you need to know about pre-employment credit checks
It’s becoming more common for employers to perform credit checks on candidates. The number of workers being rejected for jobs because of bad debt is on the rise, and has become the most common reason potential employees fail their vetting test. To understand the what and the why, we ask Director of Reed Screening, Keith Rosser, five key questions about pre-employment credit checks.1. What is a pre-employment credit check?“There are a range of checks you can carry out on a candidate, and these inform an important part of the recruitment process. They help employers to understand the financial situation of a candidate – to help them reduce the risk of employee fraud – as well as helping to comply with law.”2. Why should employers perform credit checks?“Many employers would argue that assessing a candidate’s financial situation reduces the risk of fraud being committed. There’s a school of thought that the ‘bad debtor’ classification indicates the person may commit fraud in future. This is challenging as there are many cases where people with no debt go on to commit fraud. While predominately used in the financial sector, an increasing number of employers in other industries are performing pre-employment credit checks, such as healthcare and engineering.”"The number of people rejected for jobs because of bad debt has grown 7% since 2016."3. What is looked at when performing a credit check? “A typical pre-employment credit check will check public and private databases for a candidate’s Court Judgements, bankruptcies, voluntary arrangements, decrees and administration orders, as well as the candidate’s electoral roll registration to confirm their current address. However, it should also be taken into consideration that debt levels across the UK have risen because of economic factors largely out of the candidate’s control.”4. What can a candidate do to aid their credit screening when they apply for a job? “Candidates can check their credit reports easily online, but for many, it won’t have crossed their mind that an employer might check. Make them aware of the fact and tactfully advise that they should be keeping an eye on their financial health with simple things like making sure they’re meeting monthly payments in a timely fashion. As there is no standardised approach to pre-employment credit checks, requirements can change between companies – which is why we are lobbying for a universal approach.”"Candidates can easily check their credit with free reports readily available online."5. What services do Reed provide? “Reed is one of the largest pre-employment screening businesses. As part of a commitment to reducing risks and with our roots firmly in recruitment, Reed uses market knowledge and expertise to recommend a background screening package that best suits the needs of your business.”Get in touch today to find out how our additional services can benefit your recruitment strategy.
How to create a great recruitment strategy
Getting your recruitment strategy right is key to hitting your business goals. Here are some expert tips to help you set up your company for success – and the shortcuts to keep you ahead of your competition.What is a recruitment strategy?A recruitment strategy is a clear plan that explains what roles you’ll recruit for, when, why and how. It should be tied to your overall company objectives.Your strategy must be possible to implement and easy to communicate. While you can tweak your tactics, the strategy must always be clear.Unsure how many employees you’ll need? Hiring temporary staff helps you expand quickly and risk free.The core aspects of a great recruitment strategyGrowth PlansIn order to scale up your workforce, you’ll need to hire – which takes time and resources.Create a measure to help you identify which areas of your business will benefit most from increased headcount.This could focus on return on investment or opportunities lost.Shortcut: Unsure how many new employees you’ll need? A recruitment agency will give you access to temporary staff and contractors to help you expand quickly and risk free.Employer BrandMake sure your employer brand and message are attractive to your target audience, particularly over social media. A well-known brand is a big selling point to talented job hunters.Be open and transparent about the company’s working culture to ensure you attract candidates that will match your business.Shortcut: If your brand isn’t well known, a recruitment agency can contact candidates directly and spend time promoting your employer messages.Skills AuditUse your company objectives to identify developing areas of the business, then decide on the skills you will need to succeed.Your recruitment strategy should include ways to find and bring new skills into the company.Employers often focus on advanced digital and technical skills, but you should also consider bringing in candidates with different experiences.Shortcut: When interviewing for a role you’ve never done yourself, your recruitment consultant can offer interview tips and support to build your confidence."You can tweak your tactics, but your end goals must be clear."FlexibilityIf your company needs to adapt quickly to an unpredictable market then hiring permanent staff may not be the right option.Your strategy should include a plan for temporary staff and contractors to cover projects that are likely to change at short notice.Shortcut: Unless you already have an advanced payroll function, it makes sense to ask your recruitment agency to manage payroll for your temporary workforce. They look after tax, holiday pay and even pension contributions – saving you a lot of hassle.When to review your recruitment strategyYou should always be thinking about how you differentiate your company from your competitors, and how you can be a more attractive prospect for potential candidates.Pay close attention to all aspects of the recruitment process, and make tactical tweaks throughout the year when necessary – while holding firm to your recruitment strategy.You should review your overall recruitment strategy annually to make sure it ties in with your wider business objectives. It’s important that everyone in the company understands your goals – so be clear and concise about what success looks like and how you will get there.
8 ways to get a job with no experience
You need experience to get a job, but you need a job to get experience... How do you get your foot on the ladder? Whether you're fresh out of education or looking to follow a new career path, feeling like you don't have the experience to land that first job can be frustrating. So, here are some of the ways you can achieve the (seemingly) impossible and get a job with no experience!Address the issueIf you lack experience, don't try to brush over the fact. A cover letter is the perfect place to address any gaps in your CV, so use the opportunity to address any concerns the employer might have. Then...Focus on what you DO haveExperience is important, but so is your attitude to work, your personality, your understanding of the company and its activity, motivation, resilience, ideas for the future - the list is endless, so don't get too hung up on any one thing.Find experience you didn't know you hadBefore you decide you don't have the experience, make absolutely sure this is true. Think back over your past jobs and try to draw links between the experience you need and the experience you have. Remember: it needn't be exactly the same; the key word to keep in mind is relevant. If you've organised a meeting or answered the phones, that's admin experience. If you've set up a Facebook page or created a flier, that's marketing. Think outside the box!Create some experienceDo some voluntary work, work experience, or an internship."Don't be afraid to start from scratch. Getting your foot in the door is crucial, and you never know what might come next."But (as above) make sure the experience you're getting is relevant. If you're still taking your first steps, don't waste time with unrelated work, especially if it's unpaid!Demonstrate your intentIf you really want to get into a particular industry, make sure that people know about it. Get involved in relevant industry discussions on LinkedIn, join relevant groups, attend networking and careers events, and make sure you make your enthusiasm public.NetworkIf you don't have the desired level of experience, you need to be trustworthy. Network, and get your contacts to recommend you. Employers are more likely to overlook the gap in your experience if you come with a recommendation from someone they can trust. Find out more about effectiveness networking.Apply speculativelyIf you only apply for advertised jobs, you're going to be assessed against set criteria. Apply speculatively to companies that interest you, demonstrate you've done your research, and ask if there's any opportunities for you as you're looking to break into the industry. If the answer is no, ask if you can apply again in 6 months, and find out what you can do in the meantime to improve your chances.Get an interviewIf nothing else, just focus on getting an interview. This is easily the best situation in which to address your lack of experience and the best place to sell your other strengths. Remember: whether you can do the job is just one factor the interviewer is considering, alongside your motivation, and your fit with the company culture. Ace both of these and who knows... 2 out of 3 might be enough!
Top 10 soft skills you need to work in finance
When searching for a role in finance, it's often not what you know, but what you can offer. Job hunters have long been told to list, and give prominence to, technical skills on their CVs, but finance sector employers are increasingly looking for candidates with interpersonal abilities known as ‘soft skills'. Demonstrating these 10 characteristics will help candidates prove their value in the workplace.10 soft skills to help you prove your value in the workplace.1. CommunicationEarlier this year, analysis by LinkedIn showed that 57.9% of new hires who changed jobs in 2014-15 listed communication as one of their strong suits. Good communicators are in demand across a range of industries, and they're vital in fields that require employees to explain their specialist knowledge to others. An aptitude for number crunching won't get you far in finance if you can't justify and explain your calculations.2. NegotiationWhether you're closing a deal or managing expectations, it's important to know how to fight your corner without ruffling any feathers. An aptitude for negotiation will allow finance professionals to reach an agreement that benefits all parties. Failure to compromise effectively can create frustration and damage interpersonal relationships or, at worst, result in loss of revenue for a business. Having a demonstrable knack for negotiation will put you ahead in any financial enterprise.3. InfluencingFinance professionals must be prepared to explain how their objectives are mutually beneficial and anticipate objections. If, for instance, an investment banker wants to sell off a stake in a joint venture, he or she must be able to show how this will benefit the bank – even if some colleagues disagree.4. Critical thinkingA critical thinker objectively analyses or conceptualises a situation from a balanced perspective. Often, customers and clients will look to financial professionals to rationally evaluate a scenario – be it a ledger or the performance of a stock. In fast-paced business environments, a poorly thought-out decision can cost a company time and money. So the ability to make critically-informed choices is crucial for modern finance professionals.5. FlexibilityFlexible employees are capable of weathering change and staying productive in high-pressure situations. Good stockbrokers provide the most dramatic example of this: their day-to-day work revolves around coping with constant fluctuation and determining the best course of action. However, cultivating a flexible mindset also means being able to see through the eyes of others and understand their motivations. A flexible finance professional will always ask: "Why might someone think this way?"6. ResilienceResilience refers to one's ability to bounce back after facing adversity. While this is an important skill in any workplace, it's especially important in high-pressure situations. Being able to cope with changing circumstances, having confidence in your ability to deliver and thinking carefully about what you're trying to achieve can prove valuable – particularly in financial roles.7. CollaborationIt's no secret that top-level financiers are on the lookout for team players. A recent survey by Adaptive Insights showed that 70% of chief financial officers considered collaboration to be their top priority for 2016. In the financial sector, it has become increasingly common to work across multiple teams and geographies to achieve a shared goal. Someone who approaches group-working scenarios with an open mind and a willingness to listen will benefit any team.8. Problem solvingEffective problem solvers identify the issue at hand, weigh up their options quickly and make a firm decision about the best course of action. Those who excel at problem solving can really drive an organisation forward and will earn the respect of their colleagues by offering meaningful input in even the toughest situations.9. DedicationDedication is fierce commitment without the expectation of returns. Rather than becoming overwhelmed by a single task, dedicated workers will devote themselves from start to finish. Discipline, hard work and acceptance of delayed gratification are key ingredients in developing the dedication mindset.10. EmpathyIt's a common misconception that roles focused on data and numbers require a detached approach – empathy should never be undervalued in finance. Clients often seek financial advice during stressful life events, and dealing with someone who has suffered a loss requires a different approach from a couple seeking their first mortgage.An empathetic person shows that he or she cares. In displaying understanding, finance professionals will also build trust in their relationships with co-workers and clients.It's not enough to simply tell an employer you have the soft skills they're looking for. Instead, strive to demonstrate your skillset by offering up examples from previous job roles and highlighting talents you've developed outside of the workplace. Remember, employers are always seeking the right personality for the job – not just a list of positions and qualifications.How to identify your own skills:Reflect on your reactions to tense situations at work and compare them to those of managers and co-workers you admire.Prepare answers to interview questions that screen for soft skills, such as those about workplace experience in problem solving and collaboration.Ask current or past colleagues to evaluate your strengths and weaknesses. They may be able to offer insights you hadn't previously considered.Consider your strengths in relation to the job you want to apply for so you can be confident about the criteria you already fulfil and areas that you can develop on the job.How to acquire new skills:Make a conscious effort to improve your soft skills every day – remember, they're attributes to develop, not innate qualities.Take up skill-building hobbies in your leisure time. Something as simple as a cooking class might prepare you to prioritise tasks and work under pressure.Ask for help and feedback from colleagues and senior staff in your workplace.Enrol in a course designed to build soft skills, such as those offered by Reed.
Second interview questions to ask candidates
The second interview may seem like there is a light at the end of the tunnel after weeks of recruitment to find someone for an opening at your business. Your previous interviews have removed candidates who don't fit the role, which leaves only a handful of people, one of whom you most certainly will be working with in the near future. But working out who this person should be is often decided by running a second interview.The second interview is an important comparison task for you and your team and therefore the questions you use need to give you some real insight into the person you may employ. Yet, just as in your first round of interviews, asking the right questions can be crucial in order to understand if a candidate is suitable for the role.Although there are never a fixed set of questions to ask in the second interview, here are our selection of questions for employers to ask which will hopefully allow you to understand a candidate more fully before making a decision on who to hire.Second interview questions to ask candidates:What are your personal long term career goals?The way your candidate answers this question will give you an insight into where they would position themselves within your company in the long term. If they answer directly referencing your business then they are thinking of remaining within the company for the future and will work hard towards achieving their own career goals whilst working hard for the business. It also allows for you to gauge their personality as their honesty will be very important when making a final decision about who to hire.Do you have any questions about the business or the role since your first interview?This gives your candidate the opportunity to ask questions they may not have thought of during the nerve-wracking first interview. This is good for both of you as it allows you to see how much they have prepared for this interview but also gives them the chance to ask the really good questions they probably thought of on the journey home from the first time they met you.What skills do you think are needed for this role?This does not directly ask them what they could offer but questions their ability to comprehend the role and think critically. It then invites them to state the skills they have and how they compare with what they think is needed.Why would you not be suitable for this role?This asks your candidate to think about problem and resolution - how they would overcome any professional issues they may have in the role. How positive they are in answering this question gives you an idea for their own motivation for achievement.What changes would you make at this company?This invites your candidate to analyse the business constructively from the research they may or may not have undertaken prior to the interview. It gives you the opportunity to see how they would deal with negative questions and how they would positively bring about change. Good answers could include more specific training or offering more responsibility to certain members of the team.How soon would you be able to start this role?This is quite a typical question but an important one as the logistics of taking on new staff can be an administrative nightmare. It can be purely comparative as some candidates will be able to start sooner than others. It also shows their commitment to their current roles and how professional they are in their conduct. If they mention leaving their current position without serving notice they may do this to your business as well.Ultimately, good questions are essential in establishing who will be best for your business. Hopefully, having met with a candidate for the second time, you will have a much better understanding of their skills, capabilities and – most importantly – whether or not they would be a good fit for your business.
How to prepare for an interview presentation
Particularly for executive level positions, a presentation stage can be an integral part of the short-listing process.Many employers opt for a presentation interview as it gives a better overview of your general aptitude when compared to (or combined with) a traditional question and answer interview. The presentation is your opportunity to showcase your knowledge, experience and communication skills as well as your general organisation and diligence.Here are our tips on how you can ensure you deliver the best interview presentation possible.Preparing your presentation for an interviewKeep each slide short and significant, aiming for no more than 10 slides. This ensures the information you deliver is memorable and will help you to stand out from other intervieweesUse a range of formats to help illustrate your points. Include graphs, statistics, diagrams, video clips, and images to help break up large volumes of text and maintain the attention of the interviewersInclude quotes from industry leaders and/or research pieces. This helps give your points authority and demonstrate your commercial awarenessIncorporate company colours or fonts in the design of your presentation. This will show you’ve done your research and highlight your brand awarenessCheck spelling and grammar thoroughly – small mistakes can really undermine the content of your presentationPresenting tipsPresent confidently and enthusiastically. Remember to speak clearly, make eye contact and use open body languagePractice, practice, practice. Ensure you are well rehearsed so that you are familiar with the structure and are able to deliver your presentation smoothlyArrive early to give yourself time to set up the presentation and settle any nervesGet comfortable with PowerPoint and presentation equipment. Make sure you know how to work the projector, visual screens or remote control before you begin to avoid any awkward stumbles or pausesHave access to multiple sources of your presentation. Email the file to yourself and the recruiter, bring a copy on a USB stick and bring printed handouts. This way you are covered if anything goes wrong with the file you’re intending to useStay within the allocated time. If you have not been given a guidance on length, aim for the 10 minute mark. Time your presentation when you are practising to make sure it will fit within your allowed time slot. If you need to reduce the content of your presentation, cut out the least relevant or weakest pointsBe prepared to adapt. You may have practiced your presentation in a certain way, but the interviewer might not respond accordingly. Be prepared to be stopped for questions or further discussion unexpectedly10 minute interview presentation templateBelow is an example for the structure of your interview presentation. Use this as a baseline and adapt or reorder where appropriate based on the task you have been set by the interviewer.Slide 1:Introduction – Reiterate the objectives you have been set and lay out the structure of your presentation so that the interviewers know what to expectSlide 2:About you – Detail your professional experience, skills and working styleSlide 3:Company history – Give a brief summary of the company history, any milestones or awardsSlides 4-7:Answering the brief – Give your responses to questions you’ve been asked to answer, the benefits and limitations of your suggestionsSlide 8:Question and answers – Include a slide titled ‘questions and answers’ as a cue to pause for interactionSlide 9:Conclusion – Sum up the key points you have made, reach a decision and explain your reasoningSlide 10:Personal achievements – End the interview on a high with a brief slide on achievements that show you will succeed in the roleTaking these steps should help you to succeed in your presentation interview.