Throughout 2023, businesses across all sectors will continue to face fierce competition to fill in-demand roles, and the banking and financial services sector is no exception. This is especially true for roles requiring high-demand digital and customer-facing skills like artificial intelligence, cybersecurity, customer service and sales — each among the top ten most in-demand skills.
As candidates with those critical skills are harder to find — and retain — than ever, what can your business do to get ahead of the challenge and secure the talent you need? Here are five insights from Randstad Sourceright’s 2022 Global In-demand Skills research that can help you gain a competitive hiring advantage.
1) take a more analytical approach
Understanding the current supply and demand and how these will impact hiring strategy is crucial. Although most of those employed in the financial services industry work in sales, business development, or financial management roles (but the sector employs just a small portion of global tech talent), there’s a clear increase in demand for advanced technological roles. These positions now make up at least 27% of all job openings for the sector. Gaining access to robust predictive analytics around future supply and demand can help make smarter talent decisions.
2) embrace remote work, or perish
Positions in cybersecurity, UI/UX and AI/ML have some of the highest job vacancy rates for the sector, meaning they’re the most competitive. Since talent with these skills are sought after by all industries, and tech talent expects tech industry perks, financial services organizations will need to offer more remote work opportunities to effectively compete. In fact, over 54% of candidates drop out of pursuing industry jobs because of a perceived lack of flexibility.
3) reset experience requirements to include people outside your industry
If your IT role job descriptions require previous financial experience, you are severely limiting your talent pool. Only 6% of talent with AI/ML skills work in the financial services industry, so you’re missing out on 94% of potential candidates for these increasingly important roles. If compliance experience is a concern, consider people who have experience in other highly regulated industries.
4) keep your focus on diversity
Although many tech roles across all sectors are disproportionately filled by men, the disparity is slightly lower in the financial services sector compared to the tech industry. Although progress has been made, financial services companies should keep the momentum going to attract more diverse talent and offer more opportunities and growth potential through coaching, learning and development, and internal mobility opportunities.
5) develop your own talent
Many in-demand hard skills can be taught; but soft skills can be a competitive advantage. The top five requested soft skills in the sector are communication, teamwork/collaboration, detail orientation, multi-tasking and critical thinking. Hiring talent who have these skills, combined with providing a robust training and development program to teach them the hard skills, can help fill in those gaps you’re struggling to fill.