The battle for talent in the fast-growing finance and technology sectors
is fierce, and only intensifying as the skill shortage grows.
In a rapidly changing fintech marketplace, only the fittest will survive—and the fittest are those who manage to secure the best financial, technology and insurance talent.
Here are three little-known facts that can make or break your recruitment strategy.
1. Culture is STILL less understood than it should be.
Company culture is one of the great buzzwords of our time, and companies who take the care to create an attractive culture are effective in attracting and retaining skilled finance and tech talent candidates.
Given the attention ‘company culture’ has been getting, it’s hard to say this one is a ‘little-known fact affecting recruitment’. However, many companies are still wildly underestimating the effect culture has on their recruitment process.
For instance, did you know that Millennials will often choose a lower salary in exchange for a better workplace culture? A US study by Fidelity
indicated that Millennials would often accept a lower salary in exchange for a happier workplace that suits their values. That’s how much culture matters to them.
Building positive company culture as a recruitment strategy is only going to become even more critical in the next year as the skill shortage worsens and candidates are in a strong position to choose those companies that best reflects their values, and which makes significant efforts to keep their employees happy.
2. Understanding Generational Preferences Will Deliver Recruitment Success
Many thousands of web pages have already been shared on the entry of the Millennials into the workforce. By 2020, half the workforce will be made up of Millennials, meaning that any company which are not yet making concerted efforts to modify their recruitment process to actively lure Millennials are almost guaranteeing they will fail to attract the best and the brightest of this tech-savvy, enthusiastic generation.
It’s vital for a company to understand the working preferences of each generation (while recognizing that there can be huge variation between individuals.)
From your Baby Boomers right through to the Gen Z’s which are beginning to finish school now, your company MUST understand how to attract, manage and motivate each generation in order to recruit and build a cohesive workforce for the future.
3. A Changing Marketplace Drives New Recruitment Patterns
The global finance, technology and insurance sector is always in flux, and new developments will still create disruptions and opportunities in the candidate market.
AI is dramatically altering the finance world, and the growing spending power and health policy in the developing world are creating large new markets that will drive both profit and employment opportunities.
For companies with an eye on tomorrow, recruitment strategies should be heavy on sourcing candidates with skills such as: foreign language in the new markets, superb tech skills, and niche finance expertise, as well as ‘soft’ skills that will help candidates succeed in a rapidly evolving marketplace, such as communication skills, adaptability and innovation.
A financial institution is nowhere without its people. Astute enterprises will be looking to build their talent pipelines for the future by developing a positive culture, understanding generational motivations, remaining compliant on recruitment regulations, and hiring based on new healthcare trends.
About Flow Financial & Technology
The Middle East is a dynamic and growing market where identifying top talent and world-class professionals for the financial services and technology industry is highly competitive. Flow
provides an executive search service led by industry experts, geared to any level of role within the Financial Services and Technology Industries. This service is driven by innovative, established and proven research teams who customise each requirement from our clients.
Importantly at Flow
, we meet with all our candidates face to face to gain an understanding of their requirements, ensuring we guide them in finding their ideal role.
To find out more get in contact with one of our team here