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What separates the good from the great in the Forex industry?
People, of course.
The same can actually be said of virtually any service industry. However in the fast paced and fast changing online trading sector in which brokers are always looking to expand to new markets, add new products and defend old turf, finding and retaining the best people is often what separates the great from the not-so-great.
Helping fill in the personnel gaps, as well as developing personnel strategies are the professional recruitment firms. More and more brokers and platform providers are establishing relationships with these ‘headhunter’ firms for a variety of reasons which go beyond just finding the next great employee.
LeapRate provided exclusive coverage recently of a merger in the digital recruitment space, with Malta-based Red Executive buying Forex recruitment specialist Jimmy Red, based in Glasgow, Scotland. We’re pleased to be joined today by Red Executive Managing Director and founder Martin Collins, to address these issues and more.
LR: Hi Martin, and thanks for joining us today. Please let us know a little more about Red Executive. At which personnel levels do you help your clients?
Martin: Red Executive was formed in 2009, with a simple mission: to enhance digitally disruptive organizations by bringing them the finest talent on the market. We exist to solve the ‘business critical’ talent problem that exists for all digitally focused solutions on the market.
The top 20% of talent will simply not apply for roles via adverts. After all, they are happy and achieving success in their current roles. We provide access to this ‘passive’ demographic that helps our clients outperform their competitors. Generally we work from Mid to Executive level, much of the time helping our client base expand internationally. In 2015, we placed in 28 different countries across the planet.
LR: How did the agreement to acquire Jimmy Red come about?
Martin: The Founder and former MD of Jimmy Red and I are former colleagues and old friends, and Fintech and Financial Technology was always an area where Red Executive did a small amount of work, generally on the ‘tech’ side of talent. When he left the business, and it had been performing so well, it made perfect sense to assume the current business and its fantastic staff and have an instant-made network and solution for the Fintech space.
Moreover, given our vast network across EMEA, we can help them expand beyond their traditional client base within the UK. For the last 4 months, we have been integrating with our ATS and training the staff on our ‘quality’ driven approach to delivery. Already we have reaped rewards from the acquisition, not only in terms of expanding our client and candidate base, but also in terms of attracting talent, now we also have an office in the UK.
LR: What have been the major changes recently in recruiting, especially when it comes to senior level staff? And can you address how the mobile has changed recruiting – it seems as if every industry is adapting because people do so much more nowadays on their smartphones and tablets. It certainly has changed the retail forex sector. Has mobile also changed recruiting?
Martin: The major changes in recruitment have occurred recently in terms of how a potential employer represents themselves on the market. The market has become incredibly ‘candidate driven’ in terms of required skills and therefore, organizations must create a culture that will ‘attract’ this talent. Moreover, once they have managed to attract the talent, they must have a professional approach to the process, highlighting to the individual why their company vision matches the individual’s aspirations and what part they will play in achieving those goals.
Gone are the days when organizations can take their pick from a shortlist of candidates. They must create a culture and matching strategy to identify and engage with the top talent on the market to remain competitive. Red Executive expertly represents these visions and strategies on the open market. Mobile and Social Media is simply another medium to represent this culture and vision and provides easier access to your business as potential employer. Indeed, this communication must be seamless across all the new communication mediums, such as mobile.
LR: What recruiting challenges do you see for digitally-focused firms in general, and for Forex and Binary brokerage firms in particular?
Martin: The biggest challenge in recruitment currently is the skills shortage. Therefore, as a potential employer you must distinguish yourself on the market. This can be done via packages on offer, the culture you create or the benefits and flexibility you offer. Indeed, every day I am hearing new ideas about how organizations distinguish themselves as a places to work. In terms of Forex and Binary, this is no different. These organizations, like anyone in Digital, must continue to reinvent themselves and be on the cutting edge of their industry to attract the top talent. Without this ‘cultural innovation’ and a positive ‘employer brand’ you will struggle to engage the people required in order to remain relevant.