New recruitment solution developed for mortgage industry

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The Finance Brokers Association of Australia (FBAA) has partnered with leading recruitment
provider, The Brooklyn Group, to develop FinanceStaff.com.au, a web-based recruitment
solution dedicated to the Australian mortgage and finance sector.

The initiative, which is the first of its kind for the industry, has been specifically designed to assist companies operating in the sector to source quality staff more cost-effectively.

FBAA National President Peter White said FinanceStaff.com.au is a service which addresses
the recruitment needs of all participants in the mortgage and finance industry.

“The site caters for all industry participants – from lenders, originators, aggregators through to
brokers and beyond,” Mr White said.

“We partnered with The Brooklyn Group and undertook the initiative in response to the
industry’s concerns relating to costs associated with sourcing the right staff for their
business.

“The cost of engaging a full-service recruitment consultancy can be substantial and given the
vast majority of firms operating in the industry are not large multinationals, this cost can be
prohibitive.

“With an increasingly tight job market there is also upward pressure on the cost of recruiting
staff with consultancy rates on the rise. This new service allows firms to better manage
spiralling recruitment costs and ease the challenge of sourcing high calibre staff”.

FinanceStaff.com.au is unlike traditional job boards as it is driven by purpose built software
and managed by professional consultants that combine to match job openings with suitable
candidates. Once a job has been posted on the site, applicants are ranked and an active
shortlist is produced that the employer manages with assistance from a team of specialist
consultants. The two parties then work together through the entire recruitment process –
from arranging and managing the interview through to the offer of employment.

For candidates, there is no charge to submit their resume and they are notified of suitable
roles by email or they can directly apply for positions of interest. The process is strictly
confidential, with all identities protected until the process is well underway.

Posting jobs on the site is free for employers if they are FBAA members or there is a nominal
fee for non-members. Once a job is posted, employers will be charged a small fee should
they wish to view the resumes of candidates on their shortlist and commence the
consultancy process. Once interviews have been held and a candidate has been employed a
placement fee is levied.

“The fee structure has been geared to show considerable savings over conventional options.
We’ve run a comprehensive cost comparison and we estimate FinanceStaff.com.au would
only be around one-third the cost of using a full-service recruitment consultancy.

“With an extremely tight job market and record low unemployment it can be very difficult to
source appropriately qualified staff. The industry has expressed their concerns in relation to
the time and costs associated with recruitment and together with The Brooklyn Group we are
taking a proactive approach in providing an effective solution,” Mr White said.

Source: FBAA

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