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Thursday, May 8, 2014

Finding top talent in the banking industry

By Wendy Lin

There is no doubt that banks have taken a battering in recent years, and the brightest and best are no longer so keen on work in the sector.

Banking industry recruitment
Banking jobs are less sought after by business grads
A Deloitte Talent in Banking survey produced in 2013, reports that banking is a far less popular choice amongst business students than in 2008. So how can you attract top talent in today’s post financial crisis market?

Don’t limit the search


Both recruiters and candidates will benefit from a two-pronged approach to finding and filling positions. The ‘active’ and ‘passive’ markets are defined by those actively looking, and those who might be open to a new position. If your recruiting techniques consist of finding active job-seekers through advertisements or agencies, you’re limiting the field. Instead, as 79% of professionals globally are considered passive candidates, a headhunting approach will widen your chances of finding talent. Connect with passive talent by spreading word amongst contacts in the industry, leverage your team by asking for internal recommendations, and when you find a potential passive candidate be sure to listen to what they want.

Use a recruitment agency


Using a financial recruitment agency in your search for talent will help filter out unsuitable candidates, and so is often worth the investment. Ideally, your recruitment agency will understand the benefits of building long standing relationships with both clients and candidates, and have a good inside knowledge and awareness of the banking sector and financial industries. A well established executive recruitments company such as Veritas Executives who specialise in attracting and placing high calibre candidates will help add value to your company, today and tomorrow. Click here for more information.

Define the role


One of the biggest mistakes that employers make in any industry is in not clearly describing the role. This leads to wasted time filtering out candidates who don’t have the correct skills or talents. Always make sure you’re in no doubt about what the role involves, and ensure it’s being correctly communicated.

Make it attractive


There’s no doubt that top talent seeks top rewards, and the majority of those surveyed about why they want to enter banking cite the financial remuneration as the key influence. However, the changing face of the industry means that employees are increasingly seeking other benefits, such as work/life balance and job security. If you can offer these types of conditions, then you’re far more likely to attract fresh talent. Training and development, company culture, and growth and prospects, are also key considerations for today’s employees. And above all, behave ethically. Your organisation’s standing will attract the like minded, helping maintain a trusted reputation in the sector.

Training


Don’t be in too much of a hurry to reject candidates without exactly the skill set you require. You could be throwing the baby out with the bathwater. Instead, consider their transferable skills, and how easily you think they will be able to relate to your role and pick up new skills. As training is also a key attraction for candidates, this is a win-win situation. 


About the author: Wendy Lin is a guest blogger and author. She is the owner and co-owner of 2 companies and says besides spending time with her family, her other passion is travelling.

Image license: Kaz/Pixabay, US-PD