The candidate funnel is a crucial component of the recruitment process, particularly in the forex and CFD financial industry where specialized knowledge and skills are sought after. HR professionals face unique challenges in optimizing the candidate funnel for this industry, requiring them to identify, analyze, and resolve issues specific to forex and CFD hiring. This article aims to shed light on the process of enhancing the candidate funnel by emphasizing the importance of addressing these industry-specific challenges. By recognizing the significance of each stage within the funnel and leveraging data analysis and proactive strategies, HR professionals can attract top talent, streamline hiring processes, and excel in recruiting for the forex and CFD financial sector.
Drawing from our personal experiences, we will share real examples and insights gained from candidate funnels in this specialized field, providing valuable lessons and prompt decision-making for effective recruitment.
Analyzing the current situation
To draw conclusions and utilize statistics for each stage, it is necessary to establish a data collection process:
- Document the stages of the funnel that are important for analysis for each job vacancy.
- Develop a habit of regular analysis.
For example, our team of recruiters would start each work Monday by analyzing the funnels for each position and discussing the issues highlighted by the numbers.
Let's explore different types of funnels and examine the problems they can indicate at each stage.
Recruitment Funnel for CMO Position
This is an example of a funnel where the team of recruiters did not consider the resources required to handle the entire traffic: having 315 resumes at the entry point is a lot. Having too much traffic is not always beneficial. And choosing from hundreds of irrelevant resumes is a waste of the recruiter's time, for which you are paying.
The problem with this funnel is the presence of numerous irrelevant responses and an inadequate barrier for filtering the traffic at the beginning.
Solution. To filter out unsuitable candidates, we have:
- Added questions that candidates must answer before submitting their resumes.
- Included a structured cover letter.
- Renamed the job position.
As a result:
We were able to reduce the time spent on processing the traffic by half, as irrelevant candidates (those who did not submit a cover letter or follow the provided structure) dropped out at the beginning. Based on the responses of the remaining candidates, their level of suitability was immediately evident.
Typically, the issue of excessive irrelevant traffic at the initial stage of the funnel becomes apparent within 2-3 days after starting work on the vacancy. Therefore, changes can be implemented quickly, saving you time. Analyze the funnel at least once a week and make sure to gather the necessary data without laziness.
Recruitment Funnel for Chief Dealer
As companies in the Forex and CFD trading industry become more intricate — expanding into various markets, serving diverse customer segments, and navigating regulatory landscapes — many companies appoint a Chief Dealer Officer (CDO) to spearhead and execute the GTM strategy. In this pivotal role, the Chief Dealer Officer takes charge of revenue generation and oversees key functions crucial to the company's success in Forex and CFD trading. These functions include:
- Trading and Market Execution
- Risk Management
- Liquidity Management
- Regulatory Compliance
- Technology and Trading Platforms
- Trading Analytics
- Partnership Development.
This is a very extensive role, which includes a lot of large blocks that should work like clockwork. This requires a large, well-worked team. And we got close to the problem.
Problem: Chief Dealers prefer to move from company to company with their team.
Very experienced candidates with many years of experience and an already well-established team move with their teams. Therefore, you need to immediately calculate and allocate a budget for the whole team when searching.
Action plan:
- Determine with management what size of team you can afford. The chief dealer's team, as a rule, contains 5-6 people.
- Indicate in the vacancy the possibility of hiring a chief dealer immediately with the team.
- Find out from your colleagues their experience of hiring a chief dealer, how to negotiate and find a compromise in hiring the whole or only part of the team.
- As for any C-level positions, please try to reduce the funnel of communication. You can remove the stage of communication with the HR company and redirect candidates immediately to the hiring company's C level
Recruitment Funnel for the MT4/MT5 Admin Position
Problem: Inadequate formulation of job requirements and task descriptions for the MT4/MT5 admin position in the Forex CFD industry, leading to challenges in the assessment process. While the candidate funnel initially appears to be functioning smoothly, issues arise during client interviews, resulting in the filtration of all candidates, including those who have successfully completed the assessments and likely meet the job description's criteria.
There are several potential scenarios:
- The client lacks a clear understanding of their specific needs and refines the requirements without a solid foundation.
- As the candidate flow progresses, it becomes evident that the job requirements and assessment process were not accurately defined for the MT4/MT5 admin role.
Solution:
To address this problem, it is vital to ask the client targeted questions from the outset to ensure a comprehensive understanding of their requirements.
If the client struggles to articulate their needs initially and there is a discrepancy in tasks and compensation, providing the client with market analysis becomes crucial. This analysis will help them gain insights into the type of candidates they can expect within different salary ranges, such as entry-level or experienced professionals in MT4/MT5 administration.
Subsequently, the requirements should be redefined, and a tailored assessment process should be developed to evaluate the candidates' proficiency in MT4/MT5 administration. The company has the flexibility to decide the most appropriate approach, and the recruiter's role evolves into a facilitator, assisting in the formulation of refined requirements and a clear understanding of the candidate's role within the team. Alternatively, the client may choose to revisit the vacancy after further reflection.
What we did:
- Conducted a comprehensive review and refinement of the tasks and requirements specific to the MT4/MT5 admin position in the Forex CFD industry.
- Reassessed the compensation structure based on market analysis to ensure alignment with industry standards and attract suitable candidates.
- Recognized the need for a specialist with specific experience and expertise in MT4/MT5 administration, and adjusted the remuneration accordingly.
- Successfully identified and secured an ideal candidate with comprehensive knowledge of MT4/MT5 administration, ensuring efficient operations within the Forex CFD industry.
Problem: Inadequate formulation of job requirements and task descriptions for the MT4/MT5 admin position in the Forex CFD industry, leading to challenges in the assessment process. While the candidate funnel initially appears to be functioning smoothly, issues arise during client interviews, resulting in the filtration of all candidates, including those who have successfully completed the assessments and likely meet the job description's criteria.
There are several potential scenarios:
- The client lacks a clear understanding of their specific needs and refines the requirements without a solid foundation.
- As the candidate flow progresses, it becomes evident that the job requirements and assessment process were not accurately defined for the MT4/MT5 admin role.
Solution:
To address this problem, it is vital to ask the client targeted questions from the outset to ensure a comprehensive understanding of their requirements.
If the client struggles to articulate their needs initially and there is a discrepancy in tasks and compensation, providing the client with market analysis becomes crucial. This analysis will help them gain insights into the type of candidates they can expect within different salary ranges, such as entry-level or experienced professionals in MT4/MT5 administration.
Subsequently, the requirements should be redefined, and a tailored assessment process should be developed to evaluate the candidates' proficiency in MT4/MT5 administration. The company has the flexibility to decide the most appropriate approach, and the recruiter's role evolves into a facilitator, assisting in the formulation of refined requirements and a clear understanding of the candidate's role within the team. Alternatively, the client may choose to revisit the vacancy after further reflection.
What we did:
- Conducted a comprehensive review and refinement of the tasks and requirements specific to the MT4/MT5 admin position in the Forex CFD industry.
- Reassessed the compensation structure based on market analysis to ensure alignment with industry standards and attract suitable candidates.
- Recognized the need for a specialist with specific experience and expertise in MT4/MT5 administration, and adjusted the remuneration accordingly.
- Successfully identified and secured an ideal candidate with comprehensive knowledge of MT4/MT5 administration, ensuring efficient operations within the Forex CFD industry.
Recruitment Funnel for Mass Hiring in the Office
In mass hiring, the most important aspect is to ensure motivated traffic within limited time frames and conduct the initial screening and group interviews with high quality. Instead of group interviews, there can be other options in the mass hiring process such as business games, video interviews, etc.
Issues in the funnel:
- Irrelevant targeted contacts - this can be observed from the final number of candidate exits.
- Poor phone interviews - unsuitable candidates were invited, indicated by a high conversion rate to group interviews and subsequent candidate drop-offs.
- Ineffective group interviews where the desired information couldn't be obtained from relevant candidates and failed to motivate them to proceed. As a result, only 10% of those who reached the group stage made it to the job offer.
Overall problem: unclear objectives for each stage and inefficient utilization of recruiting hours.
How to solve the problem:
- Specify the goal of each stage.
- Ensure the right and motivated traffic from the desired channel.
- Thoroughly work on the phone interview script: schedule, salary, location, availability, duration of job search, clearly and comprehensively explain the responsibilities.
- The group stage can serve two purposes: either evaluating soft skills through business games and sieving efficiently, or the goal of the stage is to create high motivation to work in the company and provide candidates with a closer and better understanding of the company.
Summing up:
- Operational analysis of funnels allows for adjustments in the hiring process.
- Well-structured stages and funnels help localize issues and take prompt action.
- The more frequently you analyze, the more effective your work becomes.
- In teams with limited resources, proper funnels increase the effectiveness of hiring and optimize recruiters' time.
- Analysis should become a habit, and then you simply won't be able to do without numbers - I recommend allocating time for it in the calendar together with the team.
If you want to find a top-level executive specialist in the team, you can write to us by e-mail at jk@finwizard.org. May your path be illuminated by success and charm as you navigate the ever-changing conditions of the Forex/CFD industry.