Finding top talent is never an easy task.
Research by Robert Half Financial Services reveals that 95 per cent of financial services executives say it’s challenging to find skilled graduates for roles.
Candidates who would have historically opted for a career in finance are shunning the sector due to the lure of tech or digital roles, according to Martin Parr, manager at The Sellick Partnership in Manchester, who specialises in financial recruitment.
“This generation of graduates has grown up with technology at hand and it is sometimes perceived as cooler to follow tech career paths,” he explains. “So some graduates who would have once upon a time gone down the accounting route, for instance, might now look at jobs in coding or at analytical roles within companies instead.”
In response, businesses are now looking at ways to attract more graduates into financial roles by offering and highlighting the specific benefits that appeal to millennials and generation Z.
“Millennials and generation Z really value work-life balance and being able to work flexibly from home,” says Parr.
“When considering roles, it used to be that pay was the main motivator and holidays weren’t deemed as important but there’s been a massive shift. 25 days holiday is now the absolute minimum requirement for most people – we are finding that clients really struggle if they try to recruit offering just 20 days.
“Because of the importance that they place on a greater work/life balance, graduates want more holidays and regular breaks so companies that offer extended leave of more than two weeks (whether paid or unpaid sabbatical), flexible working hours, and working from home, are much more likely to attract the right candidate.
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“Today’s graduate is also really interested in corporate social responsibility so they want to know what local charities a company is supporting, for example, whereas 10 years ago, I don’t think any candidates asked me about that.”
Parr says companies recruiting for financial roles must also consider tapping into different talent pools to find candidate with the correct skillsets.
“We have had clients who, historically, have had a rigid structure in terms of recruitment for these roles,” he says.
“Certain business have, in the past, only considered a certain type of candidates – namely those from redbrick universities, with a minimum 2.1 degree – but because there are fewer people now going down the finance route they’ve had to broaden the pool of people they are looking at.
“Some companies have even stopped asking the name of the candidate’s university during recruitment, instead focusing on the candidate’s skills and qualities.”
According to Parr, in addition to strong numerical skills, typical attributes sought for financial service roles include good attention to detail and an inquisitive mindset.
“I think that the right people for these roles are out there,” he adds, “it’s just that they’re just not always necessarily ticking the right boxes for recruiters that take a more traditional approach.”
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Louise Farrar, head of student recruitment at PwC, agrees. “There’s no shortage of talented young people,” she says.
“We look for young people who are curious, flexible, who can build relationships and adapt to different situations.
“It’s important to cast your net as widely as possible and we have relationships with over 100 universities across the 海角视频, but graduates are not the only group we’re interested in hiring and our focus on recruiting school leavers is becoming even more of a priority.”
As in many sectors, woman are currently underrepresented into financial leadership roles and while gender diversity is slowly improving; the talent shortage in financial services is rising rapidly.
Farrar believes that firms should therefore consider at how to further nurture and attract females and other minorities in the workplace.
“Improving gender equality would undoubtedly help with talent shortages.
“By recruiting from the widest possible group of people, you open up so many more avenues for the most talented people to fulfil their potential.
“Financial services companies need to really think about the different ways to interact with people from a cross-section of society. Tomorrow’s workforce needs talented people of all genders, ethnicities and backgrounds.”
A creative and contemporary approach to recruitment campaigns is another way to attract the right graduates.
Farrar says: “Traditional recruitment campaigns, such as ‘Milkrounds’ and on-campus visits, still play an important role in student recruitment but at PwC we’re increasingly focusing on digital ways to interact with young people.
“We have a strong social media careers presence, and are focused on engaging virtually with students, reflecting the way young people communicate and network between themselves.
“We’ve recently launched a digital selection process, which includes virtual interaction between student applicants and ourselves as an employer. We also provide online e-learns to help equip students with tools such as interviewing and employability skills.”
Like all aspects of business, tech has disrupted the finance sector and created new roles that may be appealing to a cross section of graduates. Parr says: “The sector is evolving and changing with the introduction of technology and some roles are disappearing while other more commercial - focused roles are appearing.”
He adds that a career in finance consequently offers many opportunities for new graduates.
“There’s a great opportunity for graduates to go into roles that are immersive within the business and really add value and impact on a company’s profitability.
“In fact, many of today’s business leaders started out as accountants, so financial experience can really stand you in good stead in terms of career progression.”