With different possible career paths, the financial industry has always been driven by the demand for niche specialists. From forecasting profits and losses to managing buyouts and restructuring, each financial job requires specific knowledge and expertise.
Doing financial staffing, you must understand the industry’s diversity to find someone who will be a perfect fit; In financial recruiting, the candidate’s competence is not the only challenge. Here are the main two challenges any staffing firm needs to look out for.
Financial Recruiting Main Challenges
- Few applicants have the exact skills and experiences you are looking for. Keeping in mind the sector’s uniqueness, a recruiting agency must focus on finding a candidate who can carry out very specific projects. With new tools and software, any recruitment firm needs to find an applicant who can do more than just crunch numbers.
- Talent shortage. The Bureau of Labor Statistics lists the unemployment rate for the financial sector at 2.2%, which is below the overall unemployment rate. There is a high demand for finance professionals and few people to fill the roles. In the financial world, temporary staffing is out of the question.
A consulting firm Moss Adams calculated that the industry could face a shortage of over 200,000 advisors by 2020. Considering that only 5% of financial advisors are below 30, the number of professionals will likely continue to decline, making recruiting for financial services even harder.
Tips on Finding Your Perfect Financial Specialist
A limited talent pool makes finance recruitment a challenging task. However, there are ways to make the process smoother and faster.
- Write Precise Job Descriptions. To attract the right type of financial specialists, write detailed job descriptions. To save your (and applicants’) time, mention all the necessary technical and niche skills right off the bat. But do not be too demanding. Even the most promising applicants may need additional training.
- Offer Competitive Salaries and Learning Initiatives. The financial industry is a very competitive space known for its high salaries. However, a competitive salary is just a part of the equation. If your company has professional development initiatives, leverage it to appeal to your perfect hire.
- Do Not Overlook Fresh Graduates. The best source of new recruits is colleges and universities. Of course, graduates need training and mentorship, but quality apprenticeships are one of the best ways to build strong professional profiles. After the training, you will get a competent employee who has the right skill set.
- Utilize Every Possible Channel. To find a candidate in a limited talent pool, you need to use every available tool. Job boards, social media (LinkedIn and even finance-related Reddit threads), career conferences and old databases – all these channels will come in handy. The number of financial specialists is scarce, so look for them everywhere you can.
- Build a Quality Career Website. Your career website is a sneak peek of your corporate culture. Show that your company cares not only about long working hours but also about its most valuable asset – employees. These days, people do not join companies just to be paid. They want to have a decent working environment where they can grow personally and professionally.
Reach Out to a Professional Employment Agency
If the recruiting process came to a standstill, there is nothing wrong with reaching out to a professional service that has an extensive database of financial advisors. They will match your needs with potential candidates’ skills and take the process off your hands. Oftentimes trusting a team of professionals is the best option.