If you’ve read anything recently about hiring trends in any industry, you probably know all about the talent shortage and candidate-driven market. And things are certainly no different in the finance industry.
Unemployment is hitting new record lows every month, and fewer and fewer people are on the job market. The unemployment rate in the finance sector is currently at 2.2%, causing a huge challenge for hiring managers dealing with turnover and trying to fill open positions.
And nearly 80% of banking CEOs see the talent shortage as a threat to their growth. Many people left the finance industry after the financial crisis in 2008, creating a shortage of mid-career candidates and upper-level professionals in the industry.
You might be wondering, how are you going to recruit mid-career and upper-level professionals to your financial organization? Check out these tips and tricks for hiring for these roles.
- Create a flexible work environment. Even more traditional industries like finance need to shake up their work model. A recent report found that 55% of Millennials in the finance industry made compromises, like a lower than expected salary, when accepting their current role, and 48% were actively searching for new jobs. People want more flexible working options, and companies that offer the option to work remotely or part-time are simply more attractive to candidates. American Express is one of the most flexible financial firms out there, with about half of employees reporting the ability to work remotely.
- Be proactive. You probably aren’t surprised to hear that much of the financial sector is approaching hiring in a reactive way today. Only about 34% of financial services HR pros believe that their talent acquisition strategy is extremely effective at meeting demands. HR teams should play the long game, so that they’re better prepared for the future, and that’s why it’s essential that teams are building and maintaining talent pools with qualified prospective candidates to make sure they’re ready when they need to recruit.
- Promote a strong employer brand. The finance industry is pretty conservative overall however it’s more important than ever to differentiate your employer brand from the crowd and show that you are a little bit different through distinct company branding. Candidates love businesses that promote a fun, collaborative and positive company culture and offer opportunities for community involvement. Consider the financial services firm The Motley Fool, whose fun wacky culture became a huge recruiting opportunity. This company immerses their employees in fun activities like life-size Mario Kart races and marshmallow diorama contests, breaking free from the finance industry’s buttoned-up image.
- Implement hiring technology. Consider using hiring technology like automated scheduling and video interviews to streamline your recruiting process. This software will help you interview more candidates in order to reach and hire more mid-career and upper-level professionals. And saving time and money is just a bonus!
- Build an enticing career site. An appealing career page on your website is an excellent way to make a positive first impression to your candidates. It’s also crucial to have a prominent presence on job boards like LinkedIn, CareerBuilder, Indeed and Monster, where finance professionals typically search for career opportunities.
Recruiting mid-career and upper-level professionals can certainly be a difficult process, especially with the massive shortage following the financial crisis of 2008 and record low unemployment rates in the finance industry.
But understanding and implementing these tips and tricks, from creating a flexible work environment for employees to promoting a strong and enticing employer brand, will help financial recruiters better deal with turnover and fill open positions as quickly as possible. And you can secure those top hires before your competitors get to them first!
Want to learn more about how recruiting technology can help your company streamline your hiring process and, better yet, recruit those mid-career and upper-level professionals that are so difficult to find? Schedule a demo with interviewstream today.