The world of banking and insurance services is growing with great speed. As the need for digitization has become quite an essential component in this sector, every financial or banking company is working quite hard to improve its operating systems and customer experience. Thus, not only those financial organizations require more and more expertise but also some talented individuals who can handle change quite effectively.
Thus, most reputed banking and insurance companies are looking for effective ways to hire talented employees. However, while hiring in banking and insurance fields, they face different types of difficulties or challenges that they must overcome. So, here, let us discuss what challenges they need to face while hiring in banking and insurance and how to cope with them at once.
The Challenges Which Banking And Insurance Companies Face When Hiring And Retaining Talent:
- Shortage Of Mid-Career Candidates
A notable problem is a shortage of mid-career employees. The low economic years that continued after the financial crisis of 2008 forced many individuals to leave the banking and insurance industry. Thus, today, there are fewer upper and mid-level employees in the financial sector. However, these talents are now in high demand as the economy has improved a lot since then, eventually boosting growth in the industry.
It can be possible for recruiters to attract expert workers who are quite experienced if they strategize correctly.
- The Skill Gap
The skill gap in the financial sector is widening constantly. According to a survey in 2016, 70% of financial services saw the availability of key skills as a hindrance to growth. This is still being driven by the increasing possibilities of digital technology and also the emergence of new responsibilities in finance. For example, artificial intelligence, data scientists, and software engineers.
However, there aren’t enough number of data scientists or developers out there who are quite experienced in finance. Also, this issue still continues, as more than 76% of financial organizations have created new technical roles in current years; however, half were finding it quite “difficult” to fill them.
According to some, repairing the reputation of the financial sector might be able to decrease the gap and attract many talented people.
- Retaining Millennial Talent
Retaining talented and experienced employees is quite crucial in a sector where only 10% of millennials want to work for the long term. Usually, it costs a company a lot to hire a replacement should it not retain a worker, and that doesn’t include the expenses of severance and training a new member.
This may imply that around 90% of your workforce might not be working for long, meaning your cost-per-hire amount could soon be increasing.
Financial organizations must opt for a variety of employee retention strategies to retain their most talented workers. Professional development opportunities must be provided to both create more knowledgeable staff and increase a worker’s investment in their financial services career.
- Jobseekers have more options
As it has been quite a difficult task to find top tech talent and qualified professionals, jobseekers in this sector have the pick of the litter. The market-leading pay of many financial organizations may not be enough to retain or even attract expert employees.
Moreover, the situation puts jobseekers in a position of power, and banking and insurance companies can expect lengthy salary and perks negotiations to ensue in the battle to get the most talented employees.
To remain competitive, starting salaries need to be quite attractive; however, beyond monetary benefits, value must be added to the job offer by creating a remarkable company culture. Offering attractive facilities like team-building events, employee wellness programs, and professional development workshops can make your company quite different from the rest.
Thus, if you need to hire a few knowledgeable and expert employees in your company, you can always think about working with Venus Consultancy. It is a reliable job consultancy that offers specialized recruitment in Canada, like Medical, IT, C-suite, Finance, and many other sectors according to the employers’ preferences. So, just by trusting Venus Consultancy, you can always get the best talent for your organization without any trouble.