Are you recruiting talent for a startup and have to fill a difficult position, ideally yesterday? That is a typical startup challenge. Hiring can become a long process. In fact, the average time to fill a vacancy is at an all time high right now with 27 working days.
Alexandra Deisler, the HR Manager of the Berlin-based FinTech company LIQID, knows the struggle of finding talent for hard-to-fill positions in a short time span. In this article she shares how MoBerries supported her to speed up hiring and find candidates with the right skill- and cultural fit.
Interview Partner: Alexandra Deisler
Employees: 11 – 50
LIQID is a digital asset manager that levels the playing field for affluent investors with excess of €100,000 in investable assets. Through a unique combination of 30 years’ investment expertise and cutting-edge technology, LIQID offers its customers access to investment terms and opportunities previously reserved for the very rich. Having launched in September 2016, the company is already one of the largest players in European digital wealth management.
Challenge #1: Meeting Quality Standards
65% of Recruiters claim that one of the largest obstacles to hiring nowadays is talent shortage. This belief enlarges upon the war over qualified talent that needs to meet several criteria. “We have three requirements for our applicants: job-specific skill requirements, industry experience and team fit”, Alexandra explains. Purple squirrels, as the talent is being called, that fulfill all criteria, are hard to find.
Solution #1: Quality Over Quantity
MoBerries’ goal is not to place candidates in any job, but the job that best places the candidates and companies for growth. “LIQID is a startup, but our product requires a certain seriousness”, explains Alexandra. To be aware of the partner company’s individual needs, the system collects feedback on why unfitting candidates got rejected by the company. This ensures further adaptation of the algorithm, leading to finding that purple squirrel.
Challenge #2: Finding Talent Quickly
Due to the dynamic nature of most startups, it is hard to predict when exactly talent will be needed. Once the vacancy is open, the recruitment process becomes time-pressing and finding talent, ideally yesterday, becomes a top priority. Studies also found that slower interview processes are putting brakes on hiring as almost half of applicants decide for another offer as a result of long response times. Speed therefore is key.
Solution #2: Real-time Matching
Most vacancies in the system are actually urgent-to-be-filled, which is why MoBerries is creating a shortcut between companies and candidates. Alexandra states: “Before joining MoBerries, one of our positions was open for eight months. We tried so many different recruitment solutions. We were positively surprised when we filled the position with MoBerries, even while still being in the trial phase for the service.” By only displaying relevant matches to both candidates and companies, hiring times can be reduced.
Since joining MoBerries in November 2016, LIQID hired six candidates for hard-to-fill positions and interviewed over 130 applicants.
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