Myths make great stories, but they don’t necessarily translate to reality. Take Odysseus, the hero of “The Odyssey” — a brilliant strategist, problem-solver, and leader. He was the perfect choice for Homer’s epic, but was he a real person or just a legend? Likewise, in hiring, the idea of a “perfect candidate” can sometimes feel more mythical than real. Many employers, especially in financial services, struggle to find the right person for the job, making the search for top talent feel like an endless journey.Like other industries, many CFIs face difficulties in finding, hiring, and retaining the workers they need, such as accounting or IT. Research by Goodtime, a human resources company, revealed that only 49% of financial services hiring teams met their hiring goals in 2024. Some other bottlenecks financial services companies experienced in the hiring process for last year were:
- Lack of experience and preparation by interviewers (41%)
- Few qualified candidates (40%)
- Increased recruiter turnover (46%)
Common Misconceptions About RecruitersAlthough there are many other factors impacting the struggle to find talent in finance, some of these hindrances might be resolved by getting outside help. Working with a recruiting firm can help CFIs find more qualified candidates quickly, schedule and tackle initial interviews, and increase the power of a talent acquisition team by adding more members. However, some CFIs hesitate to work with recruiters due to misconceptions or past experiences. Below, we break down some common concerns and what CFIs should consider before dismissing the value of a recruitment partner:
- Concern: Recruiters are only useful for temporary hires. While some firms specialize in temp placements, many recruiters fill full-time roles across all levels, including executive leadership.
- Concern: Recruiters are too costly for small and mid-sized companies. While employers pay fees to work with a recruiting firm, there are also high costs of finding new employees without outsourced help. When you consider the time and effort as well as the operational costs of having so much of your human resource team’s efforts concentrated on hiring candidates, the costs may be more equal than expected. Some talent agencies recognize the skepticism about fees, so they break down their costs to provide companies more transparency about their services and fees.
- Concern: Using a recruiter means losing control over the hiring process. This is true to a degree — a recruiter, like any good vendor, takes the day-to-day tasks of finding new hires off your plate. However, they function more as partners, working to understand your needs, from company culture to the specific qualifications required for a role. While recruiters present candidates, the employer retains full control, making final decisions and conducting interviews with a more refined pool of applicants.
- Concern: Our CFI can find the same candidates on our own. While this is possible, it can take significant time and effort. Recruiters have access to hidden talent pools, including passive candidates who aren’t actively job hunting but are open to the right opportunity. Many firms also maintain databases of job descriptions and a network of clients, allowing them to identify and attract candidates more efficiently. Additionally, recruiters have established relationships with professionals in your industry, giving them insight into which candidates might be open to a move — even if they aren’t actively searching. They also have the expertise to assess candidates beyond technical skills, identifying those with the right soft skills and potential for training.
- Concern: The recruiter won’t fully understand our company culture. A good recruiter does more than match resumes to job descriptions — they take the time to learn about your company’s values, leadership style, and team dynamics. They’ll use details from your job postings, conversations with your talent acquisition team, and insights from the role’s hiring manager to build a clearer picture of what makes a candidate the right fit. Larger firms may be able to leverage a database of job descriptions and a network of companies with similar sizes and specialties, giving them additional context. Their goal is to build a lasting relationship with your company, and over time, they’ll refine their understanding of your culture and hiring priorities, leading to stronger candidate recommendations.
How to Find a RecruiterOnce you recognize the benefits of working with a recruiter, the next step is finding the right one. Many recruitment firms specialize in specific industries, such as finance and banking, allowing them to build deep expertise in what makes a strong candidate. Start by seeking recommendations from colleagues, industry peers, or LinkedIn groups. Ultimately, don’t let common myths about recruiters hold you back. Working with a recruitment firm can streamline hiring, connect your CFI with top talent — including candidates not actively job hunting — and potentially save time and resources.
