The financial industry is expecting a surge in jobs by 10% by 2026. This increasing growth rate, however, brings the concern of finding and employing competent talent in today’s challenging recruitment market. Financial recruitment services are very particular, it has own unique set of challenges, especially in finding the right individual with the right talent to fill the open positions.
When it comes to recruitment in the finance industry, the strategies need to be apt enough to engage the best candidates. It is the key component of finance staffing solutions.
In this blog, we will discuss the primary challenges companies are facing with recruitment in financial services.
Diverse and Dynamic Financial Role
Financial job roles are diverse, and each role requires a different skill set. Particularly, with the ever-evolving industry, business needs are also continuously changing. Even with changing business needs requirements too keep changing, and no two job roles and responsibilities can be identical. But finding the right candidate possessing niche skills for dynamic finance roles is a real struggle for companies. The challenge is that candidates are accommodating to the shifting roles at the same rate at which finance roles are evolving. Hence, companies are likely to hire the wrong candidate. A misfitted candidate can cause severe damage to the business.
A Dearth of Suitable Applicants
The financial industry is already facing a dearth of suitable applicants. In fact, 76% of financial recruitment services providers have admitted to having the shortfall of candidates as the biggest challenge. The gap is widening day by day, which in turn makes it difficult for employers to find the perfect employee for the role.
Lacking the Right Skills
Finance departments in the corporate sector do not just seek number crunchers, they want someone with expert-level skills to ensure their needs are fulfilled. Given the shortage of candidates in the finance job market, looking for niche skill sets is already difficult.
The competition is not confined to the field; the financial sector is competing with several other sectors as well. Many youngsters are attracted to other fields, like IT, medical, advanced services, etc. over finance. This competition with multiple industries makes financial recruitment services more difficult than ever before.
Racing with Digital Transformation
Digital transformation has steered substantial revolution around staffing solutions, even for the financial industry. Unfortunately, there are many companies who are not adapted to this transformation and stay behind the companies in their field. They find themselves unable to implement the digital transformation in their finance staffing solutions strategy.
How To Overcome The Challenges Of Financial Services Recruitment
While all these challenges are making the staffing process in the financial industry an arduous task, there are still some viable options you can seek for help. The best way is to outsource your requirements. You can reach out to WebMobril Staffing Solutions to get the best talent for your finance department. They provide highly-professional financial service experts for risk profile, asset location, account opening, trading, rebalancing, account maintenance, billing and reporting, and more.