Enterprise organizations are often required to respond to changes in workforce and business...
In a recent PwC HR Technology survey, 58% of finance organizations mentioned they 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, which includes highlighting innovation and technology.
In recent years, the financial services industry has seen significant disruption from technology. From the rise of fintech startups to the adoption of artificial intelligence (AI) and machine learning, technology has transformed how financial services are delivered and managed.
Financial technology has become extremely lucrative since early 2020. Globally, the industry received investment of $44 billion, half of which was from the US alone. This was a 14% increase from investments made in 2019 globally, and about a 30% jump for the U.S. This area of technology includes banking, wealth management, payment services, and more. Cryptocurrency and Bitcoin, which have been topics of conversation in the past few years, also fall under this sector.
While this means that financial services companies are competing for talent with the big names in tech, being able to reach tech talent is invaluable as finance evolves – in fact, nearly one-third of all bank jobs are tech-related and that number is expected to rise significantly in coming years.
Shifting a recruiting strategy from finance-focused to tech-adjacent doesn’t have to be hard. We have years of experience to draw from in recruiting in the technology space. Financial services recruiters can learn valuable lessons from the tech sector in terms of recruiting strategies, candidate expectations, and cultural values.
Takeaways From Tech Recruiting for Financial Services
Here are some key takeaways for financial services recruiters to consider when recruiting in today’s tech-driven environment.
Embrace a culture of innovation. One of the defining characteristics of the tech sector is its culture of innovation. Tech companies are constantly looking for new and better ways to solve problems and improve their products. This mindset can be applied to the financial services industry, where recruiters can seek out candidates who are comfortable with change and innovation. Look for candidates who have experience working with emerging technologies or who have demonstrated a willingness to experiment and take risks.
Hire for skills, not credentials. While a degree or certification may be helpful, it is not always necessary for success in the tech industry. Instead, many tech companies focus on skills and experience when making hiring decisions. Financial services recruiters can learn from this by prioritizing skills and experience over credentials. This can help to identify candidates who may not have a traditional finance background, but who have the skills and experience needed to excel in a financial services role.
Focus on soft skills. While technical skills are important, the tech sector has shown that soft skills are just as crucial for success. The ability to communicate effectively, collaborate with others, and adapt to new situations are all essential qualities for success in the tech sector. These same skills are also highly valued in the financial services industry, where candidates need to be able to work with diverse teams and communicate complex financial information to clients.
Prioritize diversity and inclusion. The tech sector has been criticized for its lack of diversity and inclusion, but many companies are now making a concerted effort to change this. Financial services recruiters can learn from this example by prioritizing diversity and inclusion in their recruitment efforts. Look for candidates from a range of backgrounds and experiences, and ensure that your recruitment process is free from bias.
Offer flexibility and work-life balance. Tech companies are known for their flexible work arrangements and focus on work-life balance. Financial services recruiters can attract top talent by offering similar benefits. This could include flexible working hours, remote work options, and generous vacation policies. Candidates who value work-life balance are more likely to be motivated, productive, and committed to their work.
Leverage technology. This could include using AI-powered recruiting tools to automate certain tasks, or using social media platforms to reach a wider pool of candidates. Technology can also be used to streamline the onboarding process, making it easier for new hires to get up to speed quickly.
By embracing a culture of innovation, prioritizing soft skills and diversity, offering flexibility and work-life balance, and leveraging technology, financial services recruiters can attract and retain the top talent they need for future growth in today’s competitive job market.