Inspired by pandemic-driven changes, many Canadians have completely reimagined their career paths. The momentum behind remote work, shortened workweeks, corporate accountability and equitable workplaces has never been stronger. Even within the high-paying finance sector, demand is outpacing supply and several factors need to be considered to attract talent.
Indeed and Glassdoor published a joint report regarding 2023 trends and Indeed commissioned another global study around workers and it’s clear they are now putting additional value flexibility, work-life balance, and passion. Organizations slow or unwilling to adapt to this new order are now struggling to recruit qualified and experienced candidates – and, in many cases, even traditional draws like increased wages aren’t enough to satisfy talent.
4 Strategies to Attract Top Talent in Finance
Executive recruiters and hiring managers have long faced challenges sourcing top talent to fill roles, specifically in the finance sector. With competition growing and mindsets changing, the task has become harder than ever, even though some companies are investing more heavily in recruitment, wages, incentives and benefits. CFOs struggle with finding skilled candidates – over half of financial services companies say that talent lacks experience. And demand for financial security and IT roles adds to the hardship. However, recruiting top talent within the finance industry doesn’t have to be an uphill battle.
Here are some steps that recruiters and hiring managers can take to ensure the success of their attraction and retention strategies :
1. Offer top talent something unique
For many people, living and working through the pandemic changed their relationship with work for good. Additionally, with so many different job opportunities available today, many potential applicants are looking for positions that offer perks beyond competitive salaries and good benefits. This means that it can be difficult to draw candidates away from other positions if what your company offers isn’t unique. Think about meeting today’s candidates in the middle by offering things like flexible work schedules, hybrid work environments or even upskilling or cross-training opportunities.
2. Be willing to compete with other employers
Another challenge, when it comes to filling top-paying finance roles, is competing with other companies that are also looking for the same highly skilled professionals. The finance industry is highly competitive, and there are only so many qualified candidates available at any given time. Many times, multiple companies will be vying for the same talent, making it even harder for recruiters to attract them away from their current position or another offer they may have received. If your company isn't willing to go above and beyond the competition, then you may end up losing out on great talent because your company’s package or employee value proposition (EVP) wasn’t enticing enough.
Executive recruiters and hiring managers must be willing to compete with other companies to secure top talent. This sector already earns more than any other sector.1 To remain competitive, employers often have to offer higher salaries, better benefits packages, and perks that mesh with what employees wants.
3. Integrate targeted outreach
Even though there are plenty of qualified job seekers out there, finding those who meet all of your criteria can be a challenge due to the limited talent pool available in the finance sector. For example, executive recruiters may not be able to find someone with a certain set of skills or experience level within their own organization or even within their local area. As a result, employers may need to consider looking outside their own area or even abroad if they want to find the ideal candidate for their position. You can also leverage the power of targeted advertising on Indeed to make the process easier.
Filling top-level finance positions can take a lot of time and resources. It typically involves an extensive recruitment process that includes interviewing dozens (or even hundreds) of candidates before making a final decision. However, you can streamline the process and stay above the fray with recruitment tools and an open mind.
4. Be transparent with candidates
Finance positions require specialized training and come with a lot of responsibility, so job seekers often have high expectations when they apply for these roles. They want to know exactly what kind of compensation they will receive if hired and how much flexibility they will have regarding working hours and job duties. Executives need to be prepared to answer these questions during the recruitment process to attract the best candidates possible. That is where employer branding becomes essential.
With competition from other companies and limited talent pools available, it’s important for employers to remain patient throughout the recruitment process and offer attractive candidate and employee experience that go beyond pay and benefits if they want to land top-tier candidates. By being aware of these common challenges, recruiters can ensure that they hire the best person possible for each position in their organization.
1Source: « Understanding job seeking behaviour in UK, US, Canada & France » commissioned research by Curious Industries for Indeed, June 2022.