Switching roles, whether moving into a different position within the same company or searching for alternative employment, is common in the financial industry.
Professionals transition to new opportunities for better company culture, improved work/life balance, or upgrades to salaries and benefits. In fact, in 2023, more than half of all financial professionals surveyed by AICPA & CIMA were considering looking for a new job for career development.
While this means employers need to take a comprehensive approach to engaging and retaining top talent in 2024, it also presents an opportunity.
Suppose you know what the top candidates are looking for in a new role and the questions they ask before transitioning. In that case, you can tap into a broad market of passive candidates in the hiring landscape, helping you overcome the challenges of a skills-short sector.
Here are the top questions you should prepare to address this year.
1.   Is The Salary Competitive?
Although candidates care about more than great compensation in 2024, they’re unlikely to switch companies for a role offering less than they’re worth. As competition for finance specialists increases, employers increase salaries to retain talent.
If you want to encourage candidates to join your team, you must ensure that your remuneration matches their expectations. This means investing in regular salary benchmarking.
Suppose you cannot offer a higher salary than your candidate can currently access. In that case, you’ll need to improve your offer with additional benefits, such as flexible work or paid time off.
2.   What will the Role Entail?
Rapid transformation in the financial industry, caused by the rise of new regulations and technology, means roles are evolving at an incredible rate. For instance, the roles and responsibilities of a Chief Financial Officer (CFO)Â can vary significantly from one company to the next.
To ensure they can thrive in a new role, candidates want to see clear insights into the tasks and responsibilities connected to a job. They want clarity on their day-to-day work, who they’ll work with, and how their performance will be evaluated. Outline this information clearly in any job descriptions you share.
3.   Is There Room for Growth?
One of the main reasons financial professionals decide to switch companies is that they can’t see a future with their current employer. Everyone, from newly qualified candidates to finance leaders, wants to know there are opportunities to expand and evolve within the company.
Depending on the Role you’re hiring for, there may not be any direct promotion opportunities available. However, you can still boost your chances of attracting talent by showing them how they’ll be able to grow in your organisation. Show them where they’ll have chances to develop new skills, expand their network, and learn about the industry.
4.   What’s the Company Culture Like?
In recent years, a positive company culture has become a priority for job-seekers in every industry. Studies show that an attractive culture attracts more talent than salary, flexible working opportunities, and almost anything else your company can provide.
Today, creating a strong company culture requires a multi-faceted approach. Finance employers must ensure they give their employees a sense of purpose, a supportive and collaborative work environment, and plenty of assistance when preserving their wellbeing. At the same time, showing a commitment to diversity, equity, and inclusion is crucial, ensuring everyone in your team feels like an important, respected part of the ecosystem.
5.   Will There Be a Work-Life Balance?
Since the pandemic, up to 65% of employees value work-life balance more than pay and benefits. Candidates are more concerned about caring for their physical and mental health, avoiding workplace burnout, and having more control over their schedules.
While every company may not be able to hire a finance professional to offer remote work options, it’s important to demonstrate a commitment to preserving work-life balance. This could mean offering options for hybrid work, giving employees more flexibility with their schedules, or creating wellness initiatives that help to improve team well-being.
6.   What Kind of Training and Development is Available?
According to Ciphr, almost a third of candidates won’t even apply for a job if they discover the employer doesn’t offer training and development options. In the finance industry, where technology, tools, and regulations constantly change, development opportunities don’t just engage and delight employees; they’re crucial to your ongoing success.
Ensuring you have solutions that allow you to upskill and reskill team members, from mentorship programmes to online classes and traditional training initiatives, will boost your chances of attracting and retaining talent in 2024.
7.   How is Feedback Managed?
Feedback is another critical factor that influences the success of any financial team. Employees need regular feedback, both positive and negative, to ensure they can optimise their performance, overcome weaknesses, and keep moving forward in their careers.
At the same time, business leaders need feedback from their professionals to help them improve everything from management strategies to workplace processes. Ensure your company has comprehensive two-way feedback mechanisms, and be ready to discuss how feedback and evaluations are managed with potential employees.
8.   Is the Company Stable?
Concerns about job security are growing in a complex economy. Up to 66% of executive-level employees are concerned about the future of their roles. When candidates consider moving to a new company or job, they want to feel confident that their organisation is stable.
You might not be able to guarantee your business will never face any challenges. Still, you can provide insights into your financial health, market position, long-term goals, and growth trajectory to help candidates see the viability of your job opportunity. The safer your potential team members feel, the more likely they will accept a job offer.
9.   What are Team Dynamics and Leadership Like?
Although many financial professionals spend a significant amount of their time on individual, focused work, they also need to work regularly with other members of your team. Before a candidate considers accepting a job offer, they’ll usually want insights into the team, how people work together, and how collaboration is encouraged in your business.
Consider introducing potential candidates to the direct team members they’ll be working with during an interview to give them a sense of what a day in your organisation will be like.
10. Is the Location Convenient?
Finally, most candidates you connect with will want to ensure the company office they will attend is easily accessible. Providing insights into the commute time your employee can expect and the available parking options can be extremely helpful.
If candidates are concerned about the commute length, consider allowing them to work remotely part-time or compensate them for their travel costs.
Answering Common Candidate Questions
While today’s financial candidates are open to switching roles and employers when they can access new opportunities and benefits, they’ll still have concerns.
Knowing which questions your candidates are likely to ask before they switch roles can help you prepare your job descriptions, interview process, and onboarding strategy more effectively.
You’ll be able to address the most common objections candidates might have to accepting your role in advance, boosting your chances of hiring and retaining high-tier talent.
Thanks
Rachel
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we understand employer and employee needs and match them perfectly.
To learn more, contact one of our team members today or call us at 01282 930930.
