Three Biggest Challenges In Financial Recruitment
Financial recruitment is essential, but it is a rapidly evolving market and no matter whether you are an employer or an employee, there are many challenges you must overcome. It would be easy to say that Brexit is looming over every major employment decision in Britain these days, but it is not as though the future of the country in relation to Europe is the only factor to consider. The emergence of Artificial Intelligence and innovative technology means that financial recruitment is a whole new world for many people.
A recent study by McLagan surveyed the talent management practices of 256 firms operating in the financial services sector, and the three biggest challenges in financial recruitment were listed as:
- Retaining key talent
- Attracting talent
- Developing leadership
These are three hugely critical areas, but they are all quite different. Therefore, companies need to cover a lot of areas to ensure they are growing their business in the right manner. For many firms, attracting talent is the cornerstone of success and the other two key areas can be managed more effectively when the right talent is already in place within the company.
Recruitment comes first in delivering immense talent to a firm
Without attracting talent in the first place, there is no key talent to retain and there is no one within the organisation with leadership skills to develop. Companies should look to incorporate these aspects into their recruitment process as best as they can, although, given the importance of attracting talent and how challenging the recruitment process can be, it is perhaps best to not overload this area.
It is always important for firms to consider their gaps when it comes to recruitment, but this cannot just be a short-term matter. Yes, if a key employee leaves or a new way of working develops, there may be an employee gap that has to be filled quickly but a company that only recruits for the short-term will find it difficult to grow and prosper. Attracting talent is as much about bringing in people who can drive the company and who will be ideal for future roles and departments as it is for the current day.
Firms need to have long-term aims in place
Firms need to have longer-term projections for their own aims and expectations of their industry. Bringing in talent that can be developed into certain roles or who will be fit for management can be the difference between success and failure in the longer-term, and this means that companies need to look at what candidates can bring, what adaptable skills they have and what ambitions they hold.
This way of recruitment is also important for candidates to consider. An increasing number of firms will hold a stronger interest in what candidates are looking to do in the future and in the adaptable skills they can offer.
Whether you are looking for a perfect company to develop with or you need people who will become leaders, it is essential that you have support with financial recruitment. Contact City Wharf Financial Recruitment for all the help you need in achieving your aims.