How to Find the Perfect Candidate for Your Financial Services Firm

The financial services industry is a competitive sector that is growing fast.

It includes many businesses, from banking institutions to investment firms and insurance providers. Given its growth, the industry is currently experiencing increasing job opportunities and competitive salary packages. That being said, it’s not surprising that this industry has become a top career choice for Gen Z. 

Securing top talent in this highly competitive industry can be a challenge. According to a study, the financial services sector has a 2:1 job-to-candidate ratio. This means there are twice as many open roles as the available talent pool. However, there are many recruitment partners, like Pearse Partners, to help you attract top talent and build a high-performing team. 

The Recruitment Challenges in Financial Services

Like any other industry, the financial services sector also faces challenges. Let’s examine some of them. 

1. Skills Gap

The financial services industry is undergoing rapid change because of technological advancements and evolving regulations. This change makes it necessary for companies to have a workforce with a blend of hard and soft skills to safeguard future success. The employees must have technical expertise in areas like data analysis, cyber security, and wealth management but should also be strong in communication, problem-solving, and interpersonal skills. Finding such a talent pool can be a real challenge.

2. A Shortage of Skilled Talent

The demand for skilled professionals in financial services is surpassing the supply. This is true, especially for roles like quantitative analysts and risk managers. The competition for these top performers is aggressive, and financial services firms need to up their recruiting efforts to stand out. 

3. Lack of Diversity

The industry has been homogenous for a long time. However, there’s a growing need for diversity and inclusion in the current market scenario. More and more companies are recognising the importance of creating an inclusive work environment. It allows them to attract and retain talent from all walks of life. 

Strategies to Find the Perfect Candidate

With such a competitive recruiting market, it becomes obvious that financial services firms need to adopt a strategic and multifaceted hiring approach. Here are some key considerations for developing a successful recruitment strategy and attracting top talent. 

1. Develop a Strong Employer Brand

Your employer brand is your reputation as a workplace. It includes your company culture, values, mission, and the overall employee experience. A strong employer brand is important for attracting qualified candidates who are a good fit for your organisation. 

Some tips to build a strong brand:

• Define your company’s culture and values.

• Show your commitment to DEIB (Diversity, Equity, Inclusion, and Belonging).

• Highlight employee success stories and career growth. 

• Define employees’ value proposition with the benefits and opportunities your company offers.

2. Invest in Internal Recruitment

Promote from within the talent you already have whenever possible. This boosts employee morale and reduces recruitment costs and time to hire. Provide your employees with growth opportunities and mentorship programs. These will help them develop the skills they need to grow in their careers. 

3. Target Passive Candidates

Top performers are usually not actively looking for new jobs. Use targeted outreach strategies to connect with passive candidates who might be a good fit for your open positions. Build connections with candidates through social media engagement and industry events. 

4. Focus on Candidate Experience

The candidate experience includes all touchpoints a candidate has with your company during the recruitment process, from initial application to final offer or rejection. A positive candidate experience can make a huge difference and encourage qualified candidates to apply for future positions at your company. To do that, provide timely communication, a transparent interview process, and feedback to all candidates. 

5. Partner with Recruitment Agencies

Recruitment agencies specialise in finding qualified candidates for different industries. Partner with a reputable agency to tap into a wider talent pool and gain access to specialised skills and experiences. 

6. Use Social Media

Social media platforms are great for connecting with qualified candidates. Use social media to promote your job openings, share company news, and engage with industry professionals. 

Closing Thoughts

Finding the perfect candidate for your financial services firm needs a strategic approach. The above strategies will help you build a high-performing team that helps your business succeed in the marketplace. Recruitment should be a process to find someone who will contribute to your company’s long-term success, not just fulfil the position.