HIRING MANAGER: So I grant you that we need solutions expertise, knowledge of institutional clients, client management skills, ability to sell complex solutions in plain English, a network and cultural fit, but apart from that...........what is so hard about hiring in solutions?
HEAD OF SOLUTIONS: Well they'll need derivatives knowledge, real markets knowledge though, not the arm’s length stuff.
CIO: Yeah, but not too technical. We need someone who knows enough to be in an investment role, but doesn’t want to take the portfolio manager’s job.
HEAD OF DISTRIBUTION: Yes, but not a sales person, there’s a separate sales team that will do that.
HEAD OF SOLUTIONS: They need to understand all these assets and instruments but not tell our clients they need them. They’ve got to be product agnostic. And solution-based.
CIO: And obviously, we want someone who will move from an equally well regarded firm, for a role at a similar level, without a significant uplift in pay.
HEAD OF DISTRIBUTION: I suppose even to get them to meet us, they’ll need to understand why they’ll be better off here than their own firm.
CIO: Yeah and they’ll need educating that the market perception of our firm is outdated.
HEAD OF SOLUTIONS: Hmmm and get comfortable that we are committed to solutions and educate them about our achievements to date (that we haven’t publicised).
HEAD OF DISTRIBUTION: We might all need a bit of help when it comes to negotiating an offer? And I suppose they might need to just walk away from the deferred bonus they have been accumulating.
CIO: Thinking about it, we might need someone to chase us up, and make sure we don’t lose momentum during the long process which can drag on for well over 6 months. In the past we have lost great people through offers from other firms.
HEAD OF DISTRIBUTION: Let’s not forget navigating resignation, dealing with counter-offers, so the candidate actually accepts the job.
HEAD OF SOLUTIONS: Oh and keep them warm during gardening leave, meet them for lunch, organise drinks with the team. And what about diversity?
HIRING MANAGER: Ok I grant you all that, but apart from all of that, what could be so hard?
Hiring quality staff into a solutions role is a complex process. With a limited talent pool, the odds are stacked against you. Engaging a specialist headhunter, to run the search for you, can give you a competitive edge.
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