Differences in recruiting in financial services

Recruitment, broadly, is finding the right talent and skill set to grow or develop your organisation, where more support is needed. However, what do you do if there is a skill shortage?

Finding the right candidates in the financial sector can be incredibly challenging, due to a need for greater qualification and accreditations, employees being vetted against rigorous guidelines, and the extra steps required of candidates during the recruitment process.

Shortage of suitable candidates

One of the top challenges for recruiting in financial services is the shortage of suitable candidates. This is due to people still learning and developing the skills needed for the roles, therefore the more senior the position the less candidates are likely to be available with the relevant skills and experience. In addition, competition is fierce. Strong candidates will have greater negotiating power and may be harder to retain, the more qualified they are.

Job seekers searching in the financial sector have extra steps in their journey to being hired

In general, the recruitment process for candidates includes submitting an application form or CV to an employer, this is reviewed and candidates are invited to interview, which will form the base for the employers decision on who to hire. The employer will consider experience and skills to choose who they employ. This is a very simple process for the candidate, which takes place in this format for the majority of sectors.

In the finance sector, candidates are evaluated by their experience, education and skills through a CV/application form and an interview, but the candidate may receive a job offer subject to passing financial checks, such as a credit history search. Without passing these checks, even if the candidate is most suited to a role, the candidate will be unsuccessful.

Candidates lacking the right speciality skills

Recruitment in the financial industry is driven by the search for candidates with the niche skills required within the sector. Finance departments are searching for more than just number crunchers. However, finding these candidates with a niche skill set is already difficult, let alone when there’s a shortage of candidates on the market. 

What steps can you take to overcome these recruitment challenges in the financial sector?

Despite the challenges, there are several things you can be doing to get ahead of the competition and recruit the right candidates.

1. Write precise job descriptions

Start by writing your job descriptions that attract the right type of people with the correct skills required to fill positions within the financial sector. Ensure you highlight the niche skills and experience that is required for the jobs you are advertising. When writing a job description, consider the view of a candidate, what impression does your job description give of the company. A job description should not only describe the job role, but also promote why talent would want to join your company.

2. Focus on the candidate experience

For companies in the financial sector, the market for candidates is already competitive, so ensure the experience is positive, even if they are not successful. Candidates often post about their experience with a company on social media and job boards and this is their first impression of the company. It is vital this is important, especially in the age of social media and review sites.

3. Create and promote a strong employer brand

You need to differentiate your employer brand from the competition and attract the attention of candidates. The competition for talent within the financial sector is very fierce so you need to stand out from other companies, demonstrating your values, what it is like to work in the company and even employee testimonials. These all strengthen the recruitment experience.

In conclusion, recruiting in the financial sector brings its own challenges, but by following our tips you should be able to get ahead of the competition, widen your talent pool and attract the top talent.

For further support in recruiting for the financial sector, get in touch with networx.

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