Roles in the finance industry are not what they used to be. With the adoption of fintech (financial technology) and the ever-growing digitization of the industry, it is becoming increasingly more challenging to find suitable talent with the right skills. However, it’s not impossible with the following finance recruitment tips. In this article, we will explore the challenges of recruitment in finance. We’ll also offer strategic tips for accounting and finance recruiting so you can improve your organization’s hiring process. This insight will help you attract the right finance talent for your business.
Why is Recruiting in the Financial Services Industry So Challenging?
Many industries face difficulties attracting the right talent, but recruiting in the financial services industry has its own set of unique challenges. Between steep competition and exponential growth, financial services managers struggle to find candidates with the right experience. Many businesses within the financial services industry face challenges in recruiting employees, including banks and mortgage lenders. In a recent PwC HR Technology survey, 58% of finance organizations mentioned the need to find, attract, and retain top talent, with 42% of those concerns centered around improving the employee experience. It’s no longer applicants who need to impress financial organizations. Instead, financial institutions need to adjust their recruitment strategies to attract a better talent pool.
Competition is Steep
One reason why recruitment might be challenging for this industry is role competition. The financial services industry is rapidly expanding, leading to a surplus in job openings. Faced with intense competition from the fintech industry and other sectors, finance candidates have more role options available. Technology is also continually evolving within the industry-leading to a lack of candidates with the right skill sets. Research from the Korn Ferry Institute predicted that by 2030, the global financial talent shortage could reach 10.7 million people due to the widening skills gap. Hence, finance prospects who do have the right skill sets will be in high demand. Never forget that your organization isn’t the only one ramping up recruitment in finance — you’ll be going up against many other companies fighting for the best employees. Therefore, arming yourself with practical finance recruitment tips will give you a competitive advantage.
It's Growing, Fast
The finance industry saw 2020 as the year it would propel forward from its 2008 recession. However, the pandemic brought about a different sort of change. The financial services sector became one of the fastest-transforming industries to continue servicing their customers throughout the lockdown.
According to RSM US, the financial services industry will be expecting further growth in 2021, with the U.S. economic recovery picking up steam. Jobs in the finance industry are also expected to grow by 10% by 2026, says the U.S. Bureau of Labor Statistics.
The Talent Pool is Global
Unlike some industries, the talent pool in the financial industry is global. Highly skilled finance professionals in the United States can be pulled towards all corners of the world, especially when given a more lucrative offer.
This challenge has been even more prevalent since the pandemic. Working from home solidified the fact that candidates can work from anywhere, for any company. More flexible work schedules translate into more opportunities and options for skilled job candidates, making recruiting in financial services more challenging.
The candidate pool is now borderless, but that doesn’t equate to bad news for your company. You can also use the global talent pool to your advantage by recruiting remote workers.
What Effective Finance Recruitment Looks Like
Despite the challenges, it’s possible to secure the best prospects for your finance organization. The current job market has changed vastly due to the pandemic. Potential candidates now seek more than just a good company that pays well.
They also want to work for an organization that provides better work-life balance, remote working benefits, and inclusivity. If your company offers these, you’re already one step ahead of the competition.
Below, we outline some of the most effective accounting and finance recruiting tips to improve finance staff hiring. Leveraging these finance recruiter tips will assist in attracting prospective applicants to their organizations.
Create an Attractive Brand
Millennials and Generation Z now make up the majority of the talent pool from which you’re aiming to recruit. What used to constitute an attractive brand for Baby Boomers and Generation X staff no longer attracts the newer generation. Therefore, it’s crucial to create an engaging brand for your banking and finance recruitment strategy.
An attractive brand to these two generations includes:
The pandemic has also changed what candidates look for in a job. Remote working, or the choice to work from home, has become a critical requirement for candidates. 74% of accounting and finance professionals said they want to continue working from home even after the pandemic, citing better work-life balance.
Tap Into the Soon-to-Be College Graduates Pool
Recent graduates are an excellent resource for finance hiring. It’s a mutually beneficial situation — they need a job, and there are plenty of entry-level positions in the finance industry. By intercepting them just before they graduate, they have a job secured right as they finish school. This tactic saves you time finding candidates during your finance department recruitment process.
One way to tap into this resource is by implementing a graduate recruitment strategy within your organization. Finance companies are known to be among the largest employers of entry-level candidates. Having a graduate recruitment strategy in place will streamline the recruiting process and also retain them.
Studies show that 25% of fresh graduates quit their first job before the one-year anniversary mark. One of the factors that cause this is a lack of skill or confidence in retaining the position. Another is misaligned job expectations. Setting clear job expectations in your graduate recruitment strategy and providing adequate training to prepare them for career advancement will significantly help retain fresh graduates, so you don’t have to go through the entire recruitment process again.
Incentivize Employees to Refer Candidates
One of the best ways to bring new blood into your organization is by creating an employee referral program. After all, the best people to introduce new employees to your organization should be the ones that already know your company’s brand identity well. On the plus side, you will be getting candidates that can already communicate well with your existing team.
Through incentivization, your existing employee base will be more driven to refer strong candidates so that both parties will benefit from the recruitment. This type of program also lessens the burden on recruiters to source suitable candidates.
Let Candidates Know You Value Soft Skills
One of the biggest misconceptions is that employees in the finance industry don’t require soft skills. After all, it is a job revolving around numbers, not people, right? On the contrary, soft skills are relevant in all companies, as they foster a healthy, communicative work environment.
Promoting your company as one that values soft skills will set it apart from other finance companies, making your brand more attractive to potential finance talent. Some examples of soft skills include:
Leveraging these types of finance recruitment tips will strengthen your recruiting process and attract more quality candidates.
Assert Your Company as an Inclusive Workplace
Finance recruits in the Millennial and Generation Z age group want more than just a regular company as an employer. Nowadays, employees want to work in a place that values diversity and inclusivity as their careers become an extension of their values.
It’s no longer enough that you hire diverse employees — your organization should also seek to empower their career progression. This approach is a great way to prove to your staff and future candidates your commitment to promoting diversity and inclusivity within the workplace. Working towards a diverse and inclusive environment will also benefit your company in the long run.
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How APS Can Help With Financial Services Recruitment
Now that we have provided you with strategic finance recruitment tips on improving your corporate finance recruitment process let’s discuss how a workforce management solution can help you implement it. APS provides HR software for finance companies, which includes our recruiting and onboarding solution. APS Hire can help your company recruit candidates, track applicants, and hire qualified finance talent in one centralized location.APS’ recruiting and onboarding software can help you automate the following tasks:
APS also provides an all-in-one technology platform that is cloud-based, making the switch to remote working accessible. With the APS payroll and HR platform, finance staff can access all necessary documents in an all-in-one system, effectively negating paper-based processes.
With all the new parameters surrounding recruitment in the finance industry, now’s the best time to apply these finance recruitment tips to your recruitment process and invest in cloud-based workforce management software. Equip your finance organization with the right tools to automate your HR and payroll processes, and you will be able to focus on quality work that drives the purpose of your company.