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Top 5 recruiting trends in financial services
If you are a recruiter looking to fill jobs in the financial services industry, you have your work cut out for you. It’s becoming more complex than ever to fill jobs in this evolving sector. In fact, according to a recent PWC survey, a quarter of CEOs said they had to cancel or delay a key strategic initiative within the previous 12 months because the right people weren’t available to execute it.
Finding the right talent in a highly competitive landscape can be difficult, but knowing the top trends in the financial services sector can help you uncover the best employees while ensuring the organization thrives.
IT and finance go hand in hand
People are demanding new ways to interact with their banks and financial institutions beyond face-to-face meetings. They want to interact with their financial service providers digitally, to use video meetings, to make payments with a mobile wallet and utilize other progressive interactive online tools. The financial services industry is evolving to meet these demands, and therefore savvy recruiters know that talent must be well-versed in both finance and technology.
Millennials and the employee landscape
Millennials are changing what is typically considered a strict, conservative sector of business. These young professionals want more flexibility and casual dress codes, much like what is demanded in other industries. Many are using the financial services industry as a stepping stone for their career and do not plan to stay long term. Some are avoiding the sector altogether due to its negative reputation in the wake of the financial collapse. Recruiters, along the industry as a whole, need to adapt in order to attract top talent to be future leaders; otherwise these key individuals will go elsewhere.
Diversity becomes a priority
America is a melting pot with a diverse network of citizens. But not all industries are equal when it comes to a diverse workplace, and finance has fallen behind. For example, InvestmentNews notes that although African-Americans make up almost 14 percent of the population, they hold less than three percent of senior positions in the financial services industry. The bottom line: the financial sector must make investments in diversity, and this initiative can start through recruitment efforts.
Freelancing grows immensely
An estimated one-third of America’s workforce is made up of freelancers, consultants or contractors. As the financial services industry strives to save money, the trend of hiring freelancers is growing in this sector. This is oftentimes a win-win for contractors and businesses – financial organizations get to hire specialized experts without having to pay benefits, while those being hired retain control of their schedule and can prioritize flexibility as necessary.
Privacy and security
First it was the Target data breach, now it’s the Heartbleed bug – IT threats are top of mind for many consumers, especially when it comes to their financial well-being. Worldwide mobile payment transactions surpassed $235.4 billion in 2013, according to Gartner, which means virtual banking is growing. IT advancements like these have revolutionized the financial industry, but it creates risk that must be well managed. Skilled IT professionals are required to not only protect a particular financial institution, but the entire industry as a whole.