Time for some new year, new start strategies to take your finance career to the next level.
While 90% of employers were still facing skill gaps throughout 2023, evolving employer priorities, new technology, and financial issues mean today’s professionals must become more agile, adaptable, and resilient to thrive in 2024.
As we enter the year ahead, financial candidates must be prepared to face a host of challenges, from new regulations to increased demand for digital literacy. For many professionals, now is the ideal time to assess your current position in the finance sector and ensure you have the right plan to survive and thrive going forward.
Here’s your guide to successfully updating your career plan and navigating the complexities that may emerge on the path to your professional goals.
Navigating Economic Uncertainty: Top Tips for Success
Economic uncertainty has created a complex environment for financial candidates. On the one hand, demand for financial skills is high as companies attempt to develop comprehensive plans for weathering the challenges that lie ahead.
At the same time, however, companies are struggling to find the budget to invest in talented professionals. Countless financial leaders have turned to job cuts to keep costs low, leading to uncertainty for many employees.
To stay ahead in this landscape, candidates need to focus on a few key areas:
- Resilience: Today’s employers need candidates capable of pushing through complex challenges in today’s financial world. Around half of employees are now expected to be able to adapt rapidly to change and remain productive in a difficult landscape. This represents a growing need for resilience, mental fortitude, and grit.
- Skill development: Diversifying your skillset will be essential moving into 2024. Digital transformation is driving new demand for financial professionals with high levels of digital literacy. In the future, your ability to use software solutions, analyse data, and even work with innovative AI and automation systems will be crucial.
- Agility: Agility and flexibility will be essential to today’s financial candidates. Your ability to stay informed and adapt to changing regulations, economic trends, and macroeconomic trends will ensure you can demonstrate value to your employer.
Taking The Next Step in Your Career Path: Assessing Career Fit
For financial professionals looking to move towards their career goals this year, the first step will be carefully assessing your fit within your current company. Determining whether your current role or employer aligns with your career path and future goals is important.
Examine your current role carefully. Do you regularly have opportunities to use your full skillset? Which tasks do you enjoy and dislike in your current position? Can you see possibilities for future progression in your role? For instance, can you access development and training resources, succession plans, and potential promotions?
How much progress have you made towards your career goals in the last year? If you’re not moving forward, examine the pros and cons of leaving your current employer to seek new opportunities. Although moving into a new position or company can be daunting, it may be worthwhile if it offers access to better remuneration and benefits, an improved company culture, and more training and development options.
Embracing New Opportunities: Identifying Skill Gaps
Whether you decide to stay with your current employer and pursue career progression opportunities or move to a new role, self-assessment will be crucial. Take the time to look at your current abilities, skills, and certifications.
Compare your current CV to the job descriptions your employer or potential employers posted for the role you want to access. Which skills do you already have, and where must you improve? Asking your current manager or colleagues for insights into your strengths and weaknesses could help you unlock deeper insights during this step.
It’s also worth thinking about:
- Emerging in-demand skills: Technology, automation, and AI are reshaping job roles in the financial sector. Explore in-demand skills relevant to your ideal and current roles, and be ready to adapt to a changing landscape.
- Soft skills: Employers are now searching for team members who combine digital skillsets with soft skills like agility, critical thinking, resilience, and creativity.
- Personal values: Think about your values and priorities. What kind of roles align with your passions and skills? How can you improve your chances of being offered roles that help you to progress towards your career goals?
Creating an Ongoing Development Plan
Once you’ve identified your potential skill gaps, the next step is to design an ongoing development plan to help you thrive in your financial career. Start by setting clear goals for your goals in the years ahead. Which roles do you want to pursue, and why?
Setting SMART (Specific, Measurable, Achievable, Relevant, and Time-Bound) goals will help you to stay focused in this ever-changing landscape. For instance, in the next five years, you may apply for a leadership position, such as a CFO role.
Once you have your goals, think about how you’ll reach them. You may need to develop new leadership skills, earn new credentials, and earn experience by volunteering for challenging projects in your current position.
Investing in continuous learning and development will ensure you can remain agile and increase your value to employers. Some development opportunities you can explore include:
- Online/Offline courses: Take courses that help you to develop relevant skills such as digital literacy, accounting skills, or data analysis capabilities.
- Certifications: Consider investing in new certifications relevant to your ideal role. For instance, you may look for accreditation as a certified financial planner.
- Mentorship: Working with a mentor can help you access ongoing support and feedback from an expert in your space. Mentors can also open the door to new employment opportunities.
Networking and Professional Branding
Professional branding and networking have long been crucial to success in the financial sector. Employers are increasingly turning to online platforms to find and attract talent to their teams. A strong presence on channels like LinkedIn can help you to unlock new job opportunities.
Additionally, being active on forums and online groups related to the financial industry can help you learn about changing trends and regulations. Plus, it gives you access to various professionals who can support you in finding a new role.
Building your network online and offline channels can also help you tap into new educational resources and boost your value to potential employers. Attend industry events, build meaningful relationships with people in your sector, and constantly learn from your peers.
While developing your brand and network, connecting with specialist financial industry recruitment agencies also pays. These teams can help position you in front of the right employers, give you tips on enhancing your personal brand, and offer insights into expanding your network.
Take Your Financial Career to the Next Level
The years ahead are likely to be complex for financial professionals. To achieve your professional goals, you must commit to continuous learning and remain adaptable and agile in an ever-evolving industry.
The uncertain climate requires today’s financial professionals to be proactive, carefully assessing their situations regularly and actively seeking growth opportunities.
Follow the advice above, and remember that working with a specialist recruitment agency can give you a crucial edge in a complicated hiring environment.
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.
