In the second of a two-part series, we summarise more of the key discussions from the recent eFinancialCareers recruitment roundtable. If you haven’t read part I yet, click here. The event was attended by 12 HR professionals from leading foreign and domestic financial institutions. Delegates asked not to be named in this report.

Bad news if you’ve just applied for a job – the approval process is likely to take several weeks (or even months). Even with the job market in recovery mode, sign-off is still slow.

It’s also tough. Many of the roundtable attendees said they have recently ramped up their use of psychometric testing in a bid to reduce turnover by ensuring better cultural fit between candidate and company. Psych testing is becoming particularly popular for front-office roles.

There are more interview rounds compared to 12 months ago, with foreign firms needing overseas approval even for junior jobs in Australia.

But it’s not only employers who are putting up hurdles in the hiring process. “Candidates’ fear of being last in, first out might be subsiding compared to last year, but it’s definitely something that HR has to overcome,” commented one delegate.

Being able to offer career progression opportunities is key to convincing cautious candidates. “Even younger applicants are asking for a long-term commitment. You have to show them what you can offer them for the future,” said one roundtable panelist.

Not surprisingly, HR people are having to handle more difficult questions than in the easy-interviewing days before the collapse of Lehman Brothers. “Candidates don’t take things at face value any more. They look for evidence that the position you’re offering is a genuine one, especially if it’s in a new product group.”

Does that mean HR professionals have essentially become salespeople for their firms’ vacancies? No, said one attendee: “It’s not so much about selling the role - that implies some kind of spin - as being very honest and open about it.”

So with all these obstacles in the way, what is motivating people to move jobs these days? “Hours and stress are coming into the equation more and more these days, especially for people whose teams have been cut and who’ve had to work harder as a result.”

The trouble with recruiters...

The use of recruitment agencies has dropped over the last year and firms are still under pressure to reduce costs by doing their own hiring. Global banks told the roundtable that they need head-office authorisation before they can use a recruiter.

Delegates were divided as to when and if they will start increasing their agency mandates again when vacancy numbers rise. But they agreed that direct-sourcing will remain at a higher percentage of overall recruitment than it was before the financial crisis. The role of agencies will be to supplement internal HR teams, rather than replace them.

One panelist had some stern words for mass-market recruiters. “Sometimes I’m getting 10 calls a day, but they’re asking ‘can you help me out and give me a role’, rather than trying to build a long-term relationship.”

Other roundtable attendees bemoaned the loss of relationships as a result of job losses in the recruitment industry. “With staff numbers falling, knowledge levels are decreasing, especially at the large firms. By contrast, niche providers with specialist, in-depth skills are becoming more respected.”

Using search firms for senior roles is still considered worthwhile. “It adds a lot of value over what we can do.”