Today, let’s discuss The 6 Recruiting Challenging Facing Finance Leaders Today.
In the evolving world of finance, business leaders face various challenges. Recruiting top talent isn’t simple, as skill shortages continue to plague the industry and employee expectations evolve.
If you plan to expand your finance team, understanding the issues you might face in the recruitment landscape could help you develop a more effective strategy.
Today, we will explore some of the most significant recruitment challenges facing finance leaders and offer insights into how you can navigate these obstacles effectively.
1. The Growing Talent Shortage
Skill shortages are emerging as a significant issue in the financial recruitment sector. Ninety per cent of hiring managers now say they’re struggling to fill the gaps in their financial team, and the challenge is even greater for companies seeking specific skill sets and competencies, such as digital literacy.
Increasingly, companies are searching for finance team members who can help them embrace new technologies, such as AI-powered software and automation. However, according to the ICAEW, only 29% of employers have been able to recruit professionals who feel confident using new technology.
The key to overcoming this issue is expanding your talent pool. A recruitment team can help you fill your talent pipeline with both active and passive candidates, as well as new graduates and professionals from various backgrounds.
2. Competition for Top Talent
As talent shortages grow in finance, competition for top talent is fiercer. Many business leaders are now competing with other organisations that are willing to offer candidates exceptional benefits and higher salaries.
Up to 86% of employers anticipate increasing finance and accounting salaries in the years ahead, which means some smaller companies could struggle to attract the right talent with a lower wage. While offering a competitive salary is a good way to boost your chances of filling your talent gaps, there are other strategies you can explore.
For instance, 45% of employees say workplace culture is the most important thing they consider when looking for a new role. Creating a supportive and inclusive environment for team members, offering access to development opportunities, and prioritising good work-life balance can help you effectively attract talent in a skill-short climate.
3. Demand for Diversity and Inclusion
Evidence of an employer’s commitment to diversity, equity, and inclusion is now essential to many finance candidates. Every team member wants to know that they’ll be working in an environment that will support them regardless of their background or characteristics.
Unfortunately, unconscious bias is still an issue in finance recruitment, making it harder for companies to achieve their “DEI” goals. One way to overcome this issue is to work with recruitment agencies to eliminate the risk of unconscious bias.
For instance, recruiters can remove personal details from candidate applications to reduce the risk of a hiring manager making a snap decision based on a person’s ethnicity, gender, or age.
Creating DEI programs that teach employees and managers how to avoid bias and discrimination can also help reduce the risk of a toxic company culture.
4. Candidate Experience Expectations
As employee expectations evolve, delivering an excellent candidate experience becomes more significant. Today’s top talent in the finance sector often has access to many different employment opportunities at the same time.
When deciding who to work for, these candidates will examine the candidate experience offered for insights into what they can expect in the role. To deliver better candidate experiences, business leaders must train hiring managers to master the interview process, regularly follow up with candidates about opportunities, and offer insights into the company culture.
A recruitment agency can also help you develop a stronger candidate experience, working with you on everything from writing attractive job descriptions to conducting interviews.
5. Retaining Top Performers
The shortage of skilled professionals in the finance market means retaining top talent is more important than ever. Even if they’re not actively seeking new opportunities, employees can be lured away from your business by roles that offer more flexibility or better benefits.
Implementing effective retention strategies will be crucial in the years ahead. Business leaders will need to ensure they’re not only paying employees what they’re worth, but also offering access to:
- Development opportunities: Development opportunities such as training and coaching initiatives can help employees adapt to changing market dynamics in the finance sector, improve their skills, and achieve their professional goals.
- Succession plans: Using succession plans to show your employees that they have a future with your company can also boost your chances of retaining talent. If staff members see a clear growth trajectory in your business, they’re less likely to look for new opportunities elsewhere.
- Flexibility: While every business may not be able to offer remote working opportunities to employees, offering some form of flexibility can be valuable. Allowing team members to change their schedule based on their needs can promote better work-life balance.
6. Staying Adaptable and Agile
Finally, like many industries, the finance sector is changing rapidly. A problematic and turbulent economy, evolving industry regulations, and technological advancement impact the current workplace.
Business leaders must build resilient and adaptable teams to ensure they can survive and thrive in this era. Creating a supportive work environment where employees work together to overcome challenges is a good first step.
It’s also worth ensuring your team members have plenty of training and development opportunities to help them build new skills and embrace new technologies. Encouraging teams to adopt a growth mindset can also help them tackle challenges and changes with a more positive perspective, reducing the risk of unnecessary stress and burnout.
Overcoming Recruitment Challenges in the Finance Market
Recruiting and retaining the top talent in the finance industry has always been complex and challenging. However, the issues that business leaders face are becoming more significant, thanks to rapid industry changes and growing skill shortages.
The best way to overcome many of the hiring challenges mentioned above is to work with the right recruitment agency. A financial recruitment specialist can help you expand your talent pool, improve the candidate experience, and hire more adaptable and resilient teams.
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.
