As we move towards the end of 2021, many HR and hiring managers are taking the opportunity to reflect on how recruitment has changed during a turbulent few years. Many areas of work may be getting back to a semblance of normal, but some of the changes we’ve seen may last longer.
Let’s look at some of the emerging trends in recruitment within the finance sector and see how you can harness them to the best effect.
Four trends influencing finance recruitment and how to leverage them
1. High levels of competition
The finance hiring market is still very competitive, and things don’t seem likely to calm down anytime soon. Companies are struggling to fill vacancies in professional and financial services.
This means that recruiters need to work harder to attract the kinds of candidates we are looking for. Highlighting your commitment to Diversity, Equality, and Inclusion, creating a great working culture, and respecting work-life balance will be essential to finding and retaining top-quality staff.
How to leverage high competition
The key to recruitment with high levels of competition is to make the most of every recruitment opportunity open to you. Being strategic and having a solid plan can help you focus on finding as many great candidates as possible. This is where fixed-price recruitment really shines, letting you make as many hires as you like at no additional cost.
2. Focus on technology skills
One of the biggest take-aways from the pandemic is that employees need to instantly adapt to the latest technology. Great tech skills are more in demand than ever before, especially in the finance sector.
Increasing automation doesn’t have to be a threat to employment in finance. Rather than replacing jobs, new technologies are removing much of the routine and repetition from our jobs, leaving staff free to devote their energies to higher-value and more rewarding work.
Finding candidates with the skills and adaptability to excel in a higher-tech world will be one of the biggest challenges for HR departments over the next few months and years.
How to focus on technology skills
Working with a recruitment specialist like crooton can put you in the perfect position to find candidates who tick all the boxes. They can shortlist candidates who meet all your needs, especially those who have exceptional technological skills. Furthermore, specialist account managers can help you identify applicants who excel with technology.
3. Prominence of soft skills
Traditional recruitment techniques have focused heavily on experience and hard skills. Companies have been looking for candidates who have experience with particular software, expertise in specific areas or who have handled accounts of a certain size.
But the employees who excelled during the pandemic haven’t always had the strongest CVs. Instead, staff with outstanding soft skills have been best able to adapt effectively to rapidly changing circumstances.
Soft skills can be challenging to evaluate, but here are some of the key skills that finance employers will be looking for over the next few years.
Although we all hope that the world has stopped shifting under our feet, we will still be adapting to post-pandemic changes for some time to come. New hires, in particular, will need to show that they are quick to adjust to new or challenging situations.
Some form of remote or hybrid working seems likely to continue for the foreseeable future. In this kind of environment, excellent communication skills become essential for a well-functioning team. New hires need to be able to use the full range of communication tools.
As well as communication, employees will need to have high levels of motivation and self-discipline to excel in the new distributed working environment. With so many people struggling with working from home, well-motivated employees have been able to shine.
How to identify soft skills
Start looking for soft skills today. Being among the first to identify the growing importance of soft skills puts you in a prime position to identify and recruit the best candidates before your competition.
4. Integrated, flexible working
After working from home for so long, most new hires have a very clear idea about what they’re looking for in terms of work-life balance and the flexible working practices that will achieve it.
Flexible working needs to be just that; flexible. It doesn’t necessarily mean working from home all the time. Your employees must have the opportunity to work in a way that suits them and works for your business.
Remember, some workers still want to work in-office due to a lack of space at home or for the atmosphere and camaraderie. Others will prefer to avoid the commute and embrace the flexibility of working from home.
How to lean into flexible working
Make sure that your job descriptions and adverts highlight opportunities for flexible working. Having a clear plan for how hybrid working can work for you is a great way to stand out from the crowd. And holding remote interviews can also be a great way to show candidates you’re more than happy to work flexibly and you’re already set up to do so.
Understanding the job market
Understanding the job market is key to ensuring that you can fill vacancies as and when you need to, whether you’re looking to expand or replace team members who are moving on.
Here are some of the best ways to keep on top of the latest trends:
- Read the latest industry reports from places like LinkedIn
- Check in with recruitment blogs
- Take some time to engage with webinars and podcasts
- Use technology to your advantage by harnessing the power of tools like Google Alerts to keep track of the current job market conversation
And if you need a little extra help, take the next step and reach out to the crooton team. We’re ready to discuss your needs and offer innovative suggestions to help keep you competitive in the bustling financial sector and find the perfect candidates every time.