The Financial Services sector has been going through a transformation, with changes in technology, regulation and candidates making it a highly volatile industry. Recruiting in the Financial Services Industry is resultantly very challenging, with the following points highlighting some of the key issues:
1. Labour Shortage
As a result of factors such as COVID-19, there is currently not enough skilled employees to fill open positions in the Financial Services Industry. We are currently in a candidate-driven job market, making it extremely difficult for organisations to attract quality staff.
2. Technology Skills Gap
As new technologies, such as workflow automation tools and AI-supported digital customer support assistants, are introduced, it becomes increasingly hard to find candidates that are familiar and skilled with these new technologies. Having technologically sound staff is particularly important for the Financial Services Industry due to the combined regulatory and cyber security pressures.
3. Low Retention Levels
Retention has been a challenge in this industry since the financial crisis in 2007 and is still prevailing today. The reasons for this range from concerns relating to compensation and benefits, growth potential, management and shifting career paths.
4. Creating an Attractive Company Culture
Candidates are now wanting more than just attractive remuneration packages, they are wanting to work for a company whose culture and values align with their own. It is extremely important that organisations work at creating a supportive, inclusive, and unique workplace culture to stand out against their competitors and attract and retain staff.
The Financial Services Industry has many challenges when it comes to recruiting, and if you remain aware of such problems you will be better placed in the marketplace. However, it is also important to consider the value your organisation would get from outsourcing your recruitment function to experts such as ourselves, who have over 18 years’ experience in the industry and are familiar with the changing nature and challenges of the industry.
Important Note: These articles have been prepared for general circulation and are circulated for general informational purposes only; these articles should not be regarded as business or investment advice. The articles represent the views of the writers and are subject to change without notice. Additionally, while every care has been taken in the preparation of the articles no representation or warranty as to accuracy or completeness of any statement is given. An individual or organisation should, before any business or investment decision is made, consider the appropriateness of the information in this document, and seek professional advice, having regard to objectives, situation and needs. This document is solely for the use of the party to whom it is provided.