It’s a complex time to be in the finance industry. Economic uncertainty affects hiring trends in every sector.
While the situation is gradually improving in some parts of the world, financial candidates still have a difficult path ahead of them. Thousands of new graduates will join the hiring pool in the months ahead, and the number of opportunities is still limited.
While permanent placements in the UK finance sector increased by 17% this year, you still need the right plan to continue moving forward on your career path to unlock the right opportunities.
How to Navigate The Current Economic Landscape
From climbing interest and inflation rates to growing market volatility, it’s clear that the financial space is in a period of broad economic uncertainty, and difficult economic conditions naturally impact hiring strategies.
With limited budgets, organisations are forced to restructure, transition employees into new roles, and place recruitment plans on pause. On the one hand, finance is one of the few industries that usually offers candidates stability and consistency.
In fact, according to one survey shared on HR News, the majority of students in the UK rank finance as the most stable and attractive career choice. Even in times of economic upheaval, organisations need financial experts, particularly those who can help them manage risk and improve budgets.
However, the hiring landscape is shifting, causing new concerns for candidates. You’ll need the right combination of hard and soft skills and a strategy for differentiating yourself from the competition to excel in today’s world and compete with an influx of new candidates.
Here are some key areas to focus on as you take the next step in your finance career.
Skill Development: Invest in Your Education
Developing a new arsenal of relevant and appealing skills is crucial for finance professionals who want to become “indispensable” to employers. Even if you already have a degree in finance, earning new certifications connected to the roles you want to pursue will be valuable.
Exploring in-demand skills is becoming increasingly crucial to all companies investing in financial candidates, and it will be useful, too. For instance, digital literacy is becoming particularly critical in the finance sector. A deep understanding of AI, automation, machine learning, and data analytics will help you appeal to the 80% of finance teams planning to invest more in technology by 2026.
Remember, while the right technical skills will help you appeal to a wide range of employers, soft skills are still essential. In a time of economic uncertainty, employers are increasingly searching for candidates with high resilience, adaptability, and proactivity levels.
Improving your emotional intelligence, strengthening your problem-solving and critical thinking skills, and working on transferrable interpersonal skills (collaboration and communication) will boost your chances of receiving job offers.
Build your Network and Personal Brand
A consistent approach to networking is crucial for finance professionals. A strong network will help you access job opportunities that are unavailable to other candidates. After all, when companies need to reduce the costs associated with talent acquisition, they often turn to internal team members for referrals rather than advertising roles on job boards.
Invest in both online and offline networking strategies. Join LinkedIn groups and connect with relevant people in your industry. Participate in webinars and online courses and attend in-person events, workshops, and conferences.
As you work on expanding your network, think about how you can enhance your personal brand. A strong LinkedIn profile or a personal website where you share your thoughts on the financial industry or offer insights into your skills can help attract employers to you.
Look for ways to demonstrate resilience in your brand story, highlighting your commitment to continuous learning and development. Showing off certificates you’ve earned from online courses or videos of you attending events is a great way to demonstrate resilience. Your networking and personal branding approach should open the door to more career opportunities.
Invest in Financial Planning and Wellbeing
Although salaries in the finance sector are still increasing, particularly for candidates with in-demand skills, the current uncertainty can cause significant stress for candidates. For those uncertain about job stability, the right strategy for financial planning will be essential.
Aside from protecting your financial health, ensure you’re still investing in your overall wellbeing. Even if you choose to take on hybrid, remote, and freelance roles, it’s still important to maintain a healthy work-life balance to avoid burnout and illness.
Implement strategies to help you protect your physical and mental health, such as committing regularly to exercise, developing a nutrition plan, or exploring stress relief methods, such as meditation, yoga, or therapy.
Explore New Opportunities Within Finance
Even in an uncertain economy, the finance landscape constantly shifts and evolves with the rise of new technologies and priorities. ESG Advisory roles have become increasingly popular as companies look for ways to reduce their carbon footprint and demonstrate their ethical focus.
Fintech roles are also becoming increasingly common, particularly those with links to emerging technology. Leading companies are hiring for previously unheard-of roles, such as AI risk manager, Blockchain consultant, and AI fraud detection experts.
Outside the central finance space, there are also positions in non-traditional sectors where you could put your skills to good use. For instance, healthcare companies, educational groups, and governments still need support from finance professionals.
Alternatively, you could consider looking into a different type of career, exploring the world of freelance or consulting work, or the evolving “contractor” space. Contractor roles have become extremely popular in the finance sector in today’s economic climate.
Update Your Job Searching Strategy
Searching for a job in a difficult economic environment might be more complex for today’s finance candidates. You’ll need to ensure you’re going beyond simply checking traditional job sites and forums for listings that match your skills and priorities.
Your personal branding and networking approach will help you uncover more opportunities. However, you should also experiment with other strategies, such as joining finance job forums or attending virtual and in-person job fairs.
Additionally, ensure you’re prepared with the right assets when you encounter opportunities you want to apply for. Update your CV, highlighting the skills and attributes most appealing to employers today.
Make sure you know how to navigate the automated ATS systems companies use to screen applications by formatting your CV correctly and using the right keywords.
Ensure you customise each CV and cover letter you send, focusing on the job description posted by the company, as well as that organisation’s values and priorities. It’s also worth ensuring you’re prepared for different hiring processes. Familiarise yourself with psychometric testing, skill assessments, and virtual interview platforms.
Work With a Recruitment Company
Financial candidates benefit from working with a dedicated recruitment company even when economic uncertainty isn’t an issue. Recruitment companies can provide real-time insights into market trends, helping you identify which skills to prioritise and how to develop a compelling professional brand.
The right financial recruitment company can help you access new opportunities by connecting you to companies that might not actively advertise open roles to the public. They can help you conduct skill gap analyses and support you in broad career planning methods to ensure you can prepare for changes in the market.
The key to making the most of your relationship with recruiters is constant communication and collaboration. Make sure you’re clear about your strengths and weaknesses, as well as your career goals and priorities. Ask for the advice of your recruiters regularly, and use their insights to your advantage.
Economic uncertainty is disrupting every sector, including highly resilient industries like finance. To survive and thrive during this difficult period, you must take a multi-faceted approach, updating your skills, personal brand, network, and job search strategy.
The steps above will help ensure you can continue to find incredible opportunities in the finance sector, even as the economic landscape shifts.
For more comprehensive support, reach out to Rebus Recruitment. We can help you understand the hiring landscape, prepare for career growth, and find your next ideal role.
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 get to the heart of employer and employee needs, and, in doing so, we match the two perfectly.
To learn more, contact one of our team members today or call us at 01282 930930.
