Finance bosses may be confident about current retention and recruitment strategies, but that hasn’t prevented them from being victim to the dreaded skills gap.
The millennial workforce is changing the business landscape, with bosses having to ramp up their offerings in the effort of retaining and recruiting a generation easily swayed by the competition. They’re said to value purpose – thus development opportunities – prefer to work flexibly and want to have their opinions heard.
It’s something 97 per cent of financial services executives believe they successfully cater for, according to a Robert Half report. Just over a half (54 per cent) have implemented a flexile working policy, while 50 per cent now offer student loan assistance.
The majority of respondents thought emphasising these areas would help attain Millennial talent with well-developed communication skills, while 42 per cent wanted to recruit someone with the ability to sell or influence others.
But despite their confidence, the finance sector is struggling to find people with the desired skills – 58 per cent deemed it a down-right challenge.
As a result, many companies look to partner with universities, while others work directly with secondary schools to “ensure that curriculum matches the needs and evolution of the industry,” Robert Half pointed out. Social media has likewise become an area of recruitment focus.
With that being said, Robert Half made it a priority to find out which factors respondents thought most attractive.
Some 67 per cent attest that their company’s offered salaries were an appealing factor, while 49 per cent pointed out bonuses as a main draw. On the other hand, 42 per cent claimed career advancement was a main priority.
“Financial services organisations are definitely thinking about how to equip the next generation with the skills and experiences needed to protect the longevity of the industry,” explained Matt Weston, director of Robert Half Financial Services UK.
“Hiring practices are being examined to entice high-calibre candidates. For many, this means reviewing their employer brand alongside offering initiatives that encourage work-life balance, competitive remuneration packages and clear opportunities for professional development.”
Weston added: “Now more than ever, financial services firms are looking to hire graduates who are eager to progress and have the right cultural fit for a successful future with the organisation.”