Financial services today demand a different type of skill. There is a greater need to create a more diverse workplace, both in terms of skills and demographics like gender, age, and ethnicity.
Recruiting for financial services has become more difficult as a result of new highly specialized skills and the need for a broad candidate pool. However, as the problems of adjusting to technology rise, so do the new technical solutions that might help us overcome them.
On the technology front, human resources and recruitment have gone a long way, and despite what sceptics assert, many of the digital solutions utilized in recruiting today have helped organizations to cope with the apparent talent gap.
When it comes to recruiting new employees, every sector has its own set of obstacles, but the financial services industry takes the cake. It’s no surprise that financial services recruitment is difficult, with ever-changing technology, the need to locate individuals with specific talents, and fierce competition from both “fintech” (financial technology) businesses and other industries completely.
Here are some of the most common recruitment problems in the financial services industry:
Here are some recruiting tips:
1. Find the Right Talent by Conducting Accurate Skill-Based Assessments
Organizations often fall back on old habits and give candidates outmoded pre-employment exams that no longer measure the candidate’s ability to perform the current job position. As a result, the number of incorrect recruits rises, adding to your already high hiring costs.
Alternatively, companies are increasingly embracing skill-based evaluations to evaluate and employ excellent individuals who will not only match the position on paper, but also in actuality.
What are the many forms of skill evaluations? These are tests that are especially developed to assess and evaluate a potential employee’s talents for a certain job. STEM exams, coding tests, typing tests, writing and grammar tests are all types of skill tests.
Skills-based and other types of pre-recruitment exams are accessible through technology such as Talview to assist firms in finding the right employees more quickly. One may either utilise an existing exam for the specific job function from their question library or create your own to better fit your needs. Out of the top finance recruitment companies one is Velvet Jobs
2. Using social media to recruit
The use of social media to attract passive applicants is a well-established practice. This is especially true in the financial and insurance services businesses, where employee turnover is among the greatest.
Using social media to recruit allows you to contact individuals who may not have considered applying through traditional channels.
Recruiters may utilize Twitter’s advanced search or Facebook’s graph search, for example, to locate applicants with certain profiles, which has shown to be advantageous to social media platforms. Out of the top finance recruitment companies, one is Contract Recruiter.com
3. Employing software for recruitment
Recruiting software nowadays makes use of data to improve the value and efficiency of your hiring process. Out of the top finance recruitment companies one is A.R. Mazzotta Employment Specialists
For example, an applicant tracking system (ATS) can keep the resumes of candidates who didn’t make the cut during a prior recruiting round, providing you with a list of prospects for a new job opening. Out of the top finance recruitment companies one is Dynamic Search Consulting
Recruiting software insights can assist your firm to adopt steps to make the job more appealing to individuals that meet the financial profile you’re looking for. It enables you to keep a consistent brand across several job boards and social media postings.
Today’s recruiting software contains artificial intelligence (AI) and intelligent automation, which is beneficial for on-boarding, training, and development after the original recruitment stage.
4. Including a mobile recruiting application
The newest in a long line of creative recruitment tools is all-in-one mobile recruiting applications. Out of the top finance recruitment companies one is Gables Search Group
A highly configurable mobile app likely exists to satisfy every feature you may want in a recruiting solution. It makes it easy for you to recruit and for applicants to apply. Out of the top finance recruitment companies one is AIT (Helping Organizations Achieve Tangible ROI)
5. Enhance your company’s image
If you want to compete for talent and stand out from the crowd, you must invest in your employer brand. Determine how your potential prospects view your brand and what they truly want to know, and then determine how it varies from what you’re showing them. Examine what you can do about it, as well as how you may change their opinions in order to attract more prospects. Out of the top finance recruitment companies, one is Logi-Serve
Keep in mind that you’re up against new fintech start-ups with a dynamic, engaging employer brand. To be really competitive, you’ll need to promote your business in a way that attracts the right people.
6. When it comes to recruiting, use marketing strategies.
Building your employer brand isn’t the end of the marketing. To create a big talent pool of competent applicants for present and future recruiting requirements, recruiters must focus on focused methods. Out of the top finance recruitment companies one is Selection Link
Using recruitment marketing strategies to appeal to job searchers and uncover the exact abilities that your firm wants is a sure-fire approach to succeed. To accomplish it effectively, you’ll need to think outside the box and come up with innovative ways to reach out to prospects.
It’s a wonderful approach to grab and hold your applicants’ attention by providing them with relevant digital material and interesting recruiting efforts. Out of the top finance recruitment companies one is Lighthouse Compliance Solutions
Digital techniques such as programmatic job advertising can also help you get your opportunities (and your firm) in front of the relevant individuals. This will allow you to focus on individuals who have the specific talents needed for the position. Out of the top finance recruitment companies one is Recruit Right
Creating ideal candidate profiles also you in strategically identifying the qualities you want in candidates.
7. Putting a premium on candidate experience
The majority of businesses today are searching for methods to improve the applicant experience. Because the skill pool in the financial industry is already competitive, word-of-mouth may be quite valuable. top finance recruitment companies
Furthermore, applicants regularly share their experiences with businesses on social media, job boards, and other platforms. Whether or whether they are chosen, the objective should be for candidates to have a pleasant experience with your business. Out of the top finance recruitment companies one is SeeKing HR
8. Apply principles of inclusive hiring
It’s no secret that the financial sector has a diversity problem. In reality, according to a recent poll, just around a quarter of respondents are aware that their companies are actively recruiting more women and people from minority groups. Out of the top finance recruitment companies one is Talent Edge Group
While financial firms are gradually improving and hiring more diverse individuals, many are still falling short, demonstrating that there is still space for improvement—which is where you come in. Out of the top finance recruitment companies, one is JazzHR
You may adopt more inclusive recruitment practices in a variety of ways. Try designing inclusive job advertising to attract a diverse pool of candidates, and use blind hiring techniques to minimize unconscious human prejudices. Make it a point to hire personnel based on their talents and personality traits to guarantee they’re a good fit for your company. Out of the top finance recruitment companies, one is Benefits Auditing & SVCS
Also, don’t forget to tell your existing and future workers about your efforts! As you try to diversity your staff, put it on display so that you can attract more diverse applicants in the future.