Recruiting for banking and financial institutions has its own set of new challenges, especially in 2020. Here are some facts recruiters need to know in order to successfully hire for today’s banking and financial institutions.
1. Recruiting with AI and Automation is Becoming Common
AI is the #1 topic of interest in recruiting. The biggest innovation in tech right now is artificial intelligence and intelligent automation. That’s why financial institutions push for innovative recruitment strategies coupled with using AI. This helps with increased efficiency as well as increasing the quality of hire.
2. New Competitors for Talent include Startups
Candidates with technical skills are in hot demand across all industries which means large financial institutions are not only competing for talent with each other, but also with tech-based companies like startups. Forward-thinking banks have started modifying their workplace and culture to offer perks competing with startups to candidates. Banking culture is changing to become more casual and modern both to reflect the needs of their changing customer base as well as the needs of today’s candidate pool.
3. Compensation is Still a Key Driver for Candidates
Offering a competitive salary is increasingly important not only to compete with other financial institutions but for competing with the startups as well. That’s no surprise!
4. A Strong Brand is a Competitive Differentiator
A strong and clear employer brand is one that communicates your unique employee value proposition. Candidates you want to attract prioritize an innovative, creative, and friendly environment that provides development opportunities. Your recruitment marketing needs to highlight these key benefits of company culture.
5. Diversity remains a top priority
Diversity and inclusion are a top recruiting priority across industries but for financial institutions, there’s an especially strong incentive for their workforces to reflect the diversity of their customer base. At Network ESC, we specialize in diversifying a company’s workforce. Our specialists have extensive recruitment experience in the full range of back, middle, and front office roles. From credit derivative analysts to equity research associates, we have provided solutions for some of the largest financial services companies in the world.