Recruiting in Cyprus- a retail broker’s perspective: FinanceFeeds talks to Merav Ziv Dagan from FXGlobe
FinanceFeeds meets with Merav Ziv Dagan, HR Manager at FXGlobe, to discuss what recruiting in 2017 is like in Cyprus as the company expands rapidly.
Cyprus has become a finely honed center for retail FX and is home to highly experienced professionals with full understanding of every aspect of the FX industry from Tier 1 liquidity provision, through market connectivity, platform development and infrastructure, to retail brokerage and ancillary services.
FinanceFeeds talks to Merav Ziv Dagan, HR Manager at FXGlobe to discuss what the recruiting process is like in Cyprus and what can be expected in 2017 as they grow their operations there.
In a very condensed area, how does this cause competition in attracting an executive to move and ensuring that they stay considering the vast opportunities available?
The fact that there are so many brokers in such a small area has definitely had an impact in attracting the right talent but this can also be viewed in a positive light as whilst there are many employment opportunities, there is a lot of skilled talent in Cyprus due to this.
What we’ve found is that many of the best potential candidates are working for the bigger brands and have been for many years. This is normal in recruitment as the bigger shops tend to attract the right hires based purely on name.
But at the same time, staff become a comfortable part of a “well oiled machine” that often leads to the feeling that their small contribution in their position is mundane or they are just doing their part. This is where smaller, more people focused firms like FXGlobe offer a fast paced, dynamic and constantly changing work environment that challenges individuals within a tightly knit team.
So whilst the competition is high, staff look for unique employers that value their teams, invest in their future and take care of their needs as a person vs. a number. Staff are happier, we have a lower turnover and everyone gives their best efforts into succeeding.
Due to the large pool of experienced candidates, surely candidates come to interview already armed with full and extensive knowledge of the company’s structure and operations, hence the negotiating process in terms of package, responsibilities and salary is extremely competitive.
It is highly competitive especially with the amount of positions available for the average Joe working in the business in Cyprus, but let’s not forget that we are still dealing with real people. There has been extensive research done within the recruiting industry and looking at the results, the most important thing that staff value isn’t always money.
Whilst I don’t suggest that paying the right money for the right people isn’t important, company culture, development, feeling of belonging and having their needs met always rank above salary as reasons why employees join and then stick it out for the long haul.
Is there a distinct advantage to employers in the FX industry in Cyprus in that recruiting at any level means that no training or industry overview is needed as not only does the candidate usually know the component make-up of this business comprehensively, but also usually knows many of the executives in a firm personally too?
There are benefits to having a pool of skilled talent in Cyprus due to the industry being such a large part of the job landscape, but on the flip side, we still focus on employee introduction and training regardless of their knowledge level for most positions. This allows new candidates to get a feel for the company vibe and the way we do things vs. being thrown in the deep end right away and treated like a number.
How likely is a company in Cyprus to make a counter-offer because the executives are able to choose their next position, rather than companies struggling to choose executives, in order to retain their key staff?
I believe that if a person joins an organization for the salary, they usually end up leaving for the salary. These kinds of people, which are a very small part of the industry, are driven by the chase for bigger salaries vs. the opportunity to grow and be a part of a successful team.
Long term these same staff will find it hard to grow professionally as no recruiter recruiting for a large position at the right firm/s will look at a candidate that has moved shop every three months.
On the flip side, good companies aren’t immune to headhunting of their key talent. It all comes down to how happy / satisfied your employees are that determines your chances of keeping your best. I personally believe this can be minimized by taking care of your staff at all levels.
From the point of view of a recruiter at a major firm in Cyprus, how difficult is it to gain the attention of potential candidates bearing in mind the array of choice that they have?
I think a brand’s reputation is important as the first and foremost deciding factor. Just paying the highest salaries in the industry doesn’t keep staff if the reputation does not match.
It’s about reputation with customers, time in the market, current employees, and what others in the industry think of a particular company. This sometimes is the only factor that matters long term to the right talent that views the industry and his or her professional career as a long term one.
Is there a degree of apathy toward work because of the choices available?
Good talent works hard regardless of what the market conditions are. A good company treats its talent as the force driving the company forward and in turn good quality staff stick around and therefore a feeling of being valued and a part of something big is essential.
We also know how to filter through the “bad eggs”, so tend to avoid this. Our recruiting process also takes longer than usual, not because we like to take our time, but we instead focus on hiring the right talent and vetting to make sure we are the right fit.
What will FXGlobe’s 2017 recruitment drive look like and how will it be achieved?
We are actively looking to expand our team, not with mass hiring but rather strategic and quality talent that will be with us and grow with us longer term. We understand that there is a lot of competition in Cyprus and a large pool of potential talent, however; we aim and target the talent that is committed to the industry, want to change the way the business runs and are looking for an employer or specific company that supports this vision and in turn provide them with industry leading benefits, salaries and support.
If you are interested in working with a young and vibrant company and team- Merav Ziv Dagan would like to hear from you via [email protected]