The Powerful Perks Finance Talent is Looking For in 2023

Today, 95% of business leaders say it’s either somewhat or very challenging to find skilled talent for their teams. While virtually all industries are struggling with recruitment, the problem is particularly prominent for the financial sector.  

In the UK, finance firms work with some of the biggest skill shortages.  

Between April and June 2022, the finance industry had more than five vacancies unfilled for every 100 jobs. Other studies have found that by 2023, there will be a global human talent shortage of more than 85 million people. Left unchecked, this skills shortage could lead to trillions in lost revenue. 

At a time when the most talented professionals have countless job opportunities to choose from, knowing how to make your offer stand out is crucial. That’s why many financial firms are beginning to upgrade their benefits packages. After all, 60% of candidates say perks are a major factor in deciding which job offer to accept.  

The challenge is determining which benefits will generate the most interest and engagement among your new candidates. Here are some of the top perks to consider in 2023.  

1. Salary Still Matters 

While offering your financial candidates various unique benefits and rewards can make them more likely to take a new role; salary is still important.  

In one study from one of the big general recruitment firms, 47% of financial respondents said they consider a realistic income important when making a career decision. 

Salary is no longer the sole motivator for financial candidates, but finance talent is becoming increasingly aware of their worth and value. They want to ensure they receive competitive pay for their unique skills and education.  

To ensure you’re offering the right salary, research the competitors in your industry, and keep a close eye on the marketplace. Be prepared to negotiate with candidates if they believe the money you’re offering isn’t enough for your empty role.  

2. Hybrid and Remote Working Opportunities 

More flexible work environments have become increasingly appealing to today’s financial professionals. One study even revealed 61% of candidates would be willing to take a pay cut if it meant they could work remotely more often.  

Fortunately, many tools are available in the financial landscape to simplify the switch to remote and hybrid working. Companies can provide their team members access to critical tools over the cloud and deliver video-based training on-demand. Various valuable conferencing and communication tools are available to keep teams aligned.  

The key to successfully offering remote and hybrid working opportunities to employees is ensuring they have all the resources they need to work effectively everywhere. This means providing staff with access to software and assisting them with setting up the right home working environments with stipends and additional funding.  

3. Flexible Schedules and Work-Life Balance 

Alongside options for hybrid and remote working, candidates in the financial sector are also looking for ways to make their work-life fit around their routine. Flexible working hours are appealing to people who have childcare and other responsibilities to think about.  

Firms can offer their employees more freedom over managing their time in the financial world. While you may need every staff member to be available for certain meetings, or you might have deadlines employees need to meet, you can still give them greater flexibility for how and when they complete their work.  

Some innovative companies are even beginning to experiment with the four-day work week, allowing staff to work longer hours for four days during the week and giving them three full days to recuperate and rest before they dive back into their tasks. Benefits like a four-day workweek or flexible schedules can differentiate your employer brand and make you more appealing to a wider range of potential candidates. 

4. An Inclusive and Diverse Company Culture 

Company culture isn’t just a buzzword in the financial recruitment landscape. 46% of job candidates say it’s essential when deciding where to work. Increasingly, talented professionals are avoiding companies with poor reputations and seeking out firms where they can experience a better level of diversity, equity, and inclusion.  

Optimising your company culture to ensure everyone in your team feels aligned, supported, and respected can help you to attract new candidates. However, it can also assist with reducing staff turnover and improving employee retention.  

One excellent way to enhance company culture is to focus more heavily on preserving your employees’ mental and physical health. Burnout is becoming a significant issue for financial firms, so introducing ways to help your team members eliminate stress and maintain a good sense of well-being can strengthen your recruitment strategy and increase productivity.  

5. Continued Training and Education 

Finally, one of the reasons why talent shortages in the financial industry are becoming more significant is that many professionals now need upskilling and reskilling to manage ever-evolving roles. According to one report, around 61% of employees believe they’re not equipped with the skills they will need to thrive in the next five years. 

Additionally, almost two-thirds of respondents said they hadn’t received any training or education recently to help them succeed in their role. As the financial industry continues to transform and evolve, it’s important to ensure your team members have access to ongoing education and support. Consider setting up mentorship strategies which encourage collaborative learning for your team. 

It’s also worth meeting with team members regularly to gain insights into the areas where they feel they could benefit from extra training. Consistently educating your employees simultaneously boosts employee retention and ensures you can leverage the skills your company needs to succeed.  

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. Contact one of our team today to find out more, or you can call us on 01282 930930.