Comments
Trust & Commitment In Today's Financial Services Industry
Newest First  |  Oldest First  |  Threaded View
Greg MacSweeney
50%
50%
Greg MacSweeney,
User Rank: Author
8/13/2014 | 2:47:26 PM
Committed vs looking
I think Alan was describing a situation where the candidate was in the later stages of looking for a job and may have already had a job offer.

That said, there is a tremendous amount of time wasted by business people who are only "going through the motions." For instance, for every sale that is completed maybe two dozen proposals are generated, meetings are held, travel costs are incurred, and so on. How many of the deals that were not completed because of clients who really weren't serious about buying? And how many didn't buy because they didn't like the price, or the offer?

Those are 2 very different things. The clients, or job seekers, who aren't serious are wasting everyone's time. But the ones who find a better deal, that's just business.
pudnhead
50%
50%
pudnhead,
User Rank: Apprentice
8/13/2014 | 12:58:09 PM
Re: trust and commitment
Interviewing for a job is not a commitment. There is no commitment until an offer is accepted by the job seeker. Once the offer is accepted, both sides have made a commitment. Until that point, both sides are trying to get the best deal. If another employer comes in with a better offer, so be it. 

If an employee accepts an offer, and then a counter offer comes in that is better, that is when there is a problem. If the employee accepts the counter offer, they will burn their bridge with the recruiter and with the other employer. If the employee honors their commitment, they kept their word, but they may be in a role they don't exactly want, at a smaller salary. That's is a tough decision to make.
ageller101
50%
50%
ageller101,
User Rank: Author
8/13/2014 | 12:24:36 PM
Re: trust and commitment
So it's OK for candidates to go back on their commitment to a new employer and accept last minute counter-offers? It's OK for employers to back out of hiring decisions on a regular basis? 

Would anyone else like to comment on this?
NJ_trader
50%
50%
NJ_trader,
User Rank: Moderator
8/13/2014 | 10:26:51 AM
Re: trust and commitment
I don't thnk many workers completely 'trust' their employers anymore. Complete, absolute trust? Definitely not. 

I do trust some of the people I work with, but I certainly do not trust everyone. Is that a problem? Yes, and no. 

I don't think this is different in other industries. I'm pretty sure it is healthy to have some scepticism about your employer and what your employer says and does. Unless you drank the koolaid, it's hard to not read between the lines. 

There are also many other reasons why a candidate does, or does not, take a job. Perhaps the candidate received a strong counteroffer from their current employer (an offer too good to refuse, perhaps?). Perhaps, something changed in their personal life. Also, as SusanV828 says, employers back out of hiring decisions just as often.
IvySchmerken
50%
50%
IvySchmerken,
User Rank: Author
8/10/2014 | 11:10:53 AM
Re: trust and commitment
Susan, I too have heard of situations where candidates go on multiple interviews to land a position in financial services technology company, and are turned down after investing many hours in the interviewing process.

I can also understand how a recruiter would feel a lack of trust and commitment when three times in a row separate candidates expressed interest in a senior position only to pull out after the recruiter spend considerable time and effort presenting their qualifications to a Fortune 100 company.  A job candidate can express interest and pull back, but at a certain stage, this can damage the recruiter's relationship with the company conducting the search.

It also reflects the uncertainty of the times - post financial crisis, rounds of layoffs at large companies. I think the candidates in these scenarios had doubts about pursuing the new positition. Maybe the candidate was just testing the waters, wanted to see how the market valued them, and weren't serious in the end.

 
Akram Majed
50%
50%
Akram Majed,
User Rank: Apprentice
8/8/2014 | 3:26:26 AM
Interesting experience about Trust & Commitment In Today's Financial Services Industry
I have a similar experience for stock customer care but after going through some legal procedure I got my rights :)
Byurcan
50%
50%
Byurcan,
User Rank: Author
8/7/2014 | 10:39:06 AM
Trust
Interesting to see this inside look at the recuriting process at a high level in financial services. It's hard to know really without being privy to the entire had conversations had between both parties, maybe his current employer suddenly offered a raise/better title. But your larger point is well taken, there needs to be trust in any industry.
SusanV828
50%
50%
SusanV828,
User Rank: Apprentice
8/4/2014 | 10:00:13 AM
trust and commitment
Frankly I do not find the candidate's behaviour displays lack of commitment. As discussions progress in a job search, a candidate gets to "feel" and gets a better understanding of the offer and prospective empoyer as well as the recruiter. And this works both ways. I have heard of perfect candidates invest alot of time interviewing for a job and being denied the offer because one party on the interviewing team did not like their style and that was it. Chances blown because one person did not like you.

It would be interesting to see a poll done, "do you trust your employer/employees?", "do you trust your recruiter?" and "do you trust your manager?" I would respond "no" to each so there you go, there is a lack of trust in the financial services industry.

And in terms of commitment, I am commited to my job and doing it well to keep this industry in shape but I am not commited to my employer or manager and I expect there are many others who might share this sentiment. The common goal is service to the industry, it's the individuals and organizations that mess everything up. But this is the same outside financial services too, isn't it?


Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - Elite 8, October 2014
The in-depth profiles of this year's Elite 8 honorees focus on leadership, talent recruitment, big data, analytics, mobile, and more.
Video
Exclusive: Inside the GETCO Execution Services Trading Floor
Exclusive: Inside the GETCO Execution Services Trading Floor
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.