The Five Things You Must Do to Recruit Talents in the Forex and Binary Options Industry
This article is courtesy of Talia Ben-Abu, Recruitment Coordinator of HR-BFX.
First of all, welcome to the “golden egg” industry, which rolls up millions of dollars every year.
So, what is it, and what are we really talking about?
Binary options and Forex are trading methods that were invented approximately 15 years ago, where for all intents and purposes, anyone with a computer or mobile phone can connect to a trading system from home, and start trading. One can start with sums as low as $100 and go as high as $100,000. This industry has the tools and ability to serve any client in the world.
There are currently some 200 companies in Israel in this field. Most of them are located in Tel Aviv, the stock exchange in Ramat Gan, and Herzliya Pituach. Approximately 5,000 people work in the industry. A majority of them are multi-lingual and work in call centers: English, Russian, French, Turkish, Swedish, Chinese, and Japanese. Know another language? Great – come and work!
Everyone is looking for multi-linguists, and everyone is prepared to pay… a lot.
So besides the very tempting salary that the industry is offering (salespeople can make up to NIS 25,000 a month just by talking on the phone), there are a few additional tips that will help you lock in the future talents in the field.
We’ve gathered a few of them here for you! Get out a pen and paper, and start writing:
Personal conversations with each candidate –
Having an initial, “getting acquainted” call with the candidate before the interview will significantly increase the chances of recruiting him for your company. There are companies that receive someone’s CV and then answer via email: “Please come tomorrow at 3 PM.” Candidates tend to take such firms less seriously, and in most cases they don’t show up to the interview. Why? Because it’s cold, it’s not convincing. It doesn’t push anyone to come to a meeting.
Therefore, make sure to make a good first impression with the candidate. Have an introductory call, talk a bit about yourselves and why the best thing he could do is come work for your company. Smile into the phone! Stir things up, motivate him to act. It works. Guaranteed!
The way to a candidate is through his stomach –
Believe it or not, the “tour” stage of the interview must pass through the kitchen and employee dining room. Besides the meeting rooms, entrances to offices, and the lovely receptionist in the lobby, candidates closely examine the corner you’d provide for them during their breaks: the drink machines, candies, pleasant tables, newspapers – and most of all, the food, if you have it. These play a part in the candidate’s considerations when choosing a company. Take care of your employees, make sure they have an inviting and well-stocked kitchen. It’s definitely a factor that helps you get your man.
A short and substantive recruitment process –
Every candidate in the field will have more than 10 companies interested in him, especially if he already has experience and speaks a “hot” language (like English, German, Chinese, etc.) The recruitment process has to be short and to the point. It shouldn’t last more than two meetings or take longer than 72 hours all together. Especially for the call-center jobs, when each candidate is going to at least 5 interviews. Have the interview with the recruitment coordinator and the one with the professional manager on the same day; don’t split them into two different days. If your company has other stages in the hiring process, finish them up in one more meeting. And then send the answer…
Remember: A candidate who gets “cold” is one who doesn’t sign up! Candidates like a short, crisp process. You recruited him and then decided to only open the course in two weeks? – Take into consideration that he will already fly off to a different company. Sign a contract and try to have him start working very soon afterward.
The bonus model – size does matter!
Over and above everything else, most of the candidates in the field of Options and Forex work on the basis of a base salary+fees. Besides the base salary, which is pretty standard in most cases, the candidates want to know that they are going to make money – and as much of it as possible!
What to do?
It’s important for the company’s recruitment coordinators to know how to clearly explain their company’s bonus models. Most of them are in the form of unreadable Excel sheets that are more complicated than Pentagon documents, and are certainly unpleasant to the eye. Invest some time in understanding the bonus model and write it down for the candidate in an easily understandable and inviting way. Make him understand that this is the place, and this is the time for him to make money.
If you can present some slides showing the bonuses that current employees have recently received (without any identifying details, of course) – that can certainly close the deal with the candidate. Every candidate will want to work in a place where he sees that there is a real possibility of making fat bonuses.
Placement agencies – your best friends
In a world where there are hundreds of candidates, there are more than a few agencies who provide recruitment and placement services. Make sure to work closely with just 2 or 3 of them, not with 20 or 30, because then you’ll have a personal connection with them. And the more you cultivate that personal connection and good chemistry with the placement agencies, the harder they’ll try to provide you with the best candidates.
Every placement agency has a statistical report of how well they’ve done in placing job seekers.
And every placement agency has their favorite clients (measured by percentage of candidates placed, the warranty period and timely payment of the placement fee).
A personal connection will increase the rate of candidates sent to the company and ensure that you receive quality prospects. In a world where there is tough competition for candidates, only the strong survive…
Make sure to equip yourselves with the leading placement agencies in the field, and work continuously with them. That’s the only way you will secure the best talent that the industry has to offer!
This article was written by HR-BFX Recruitment and Placement Services in the field of Binary Options and Forex. The company was established three years ago, and offers recruitment and placement services to clients in online fields.
For additional information, contact: