Global financial services companies challenged by increased competition, complex business models, technology advances, regulatory changes and skills gaps are recognizing a need to rethink their talent acquisition practices. Finding strong talent and ensuring the right alignment between candidate and company have never been more critical, as the global demand for key talent remains high and the global supply of talent remains low.
Here are three questions you can use to determine if you have the strategy, capabilities, and resources necessary to attract, hire and retain the talent that will deliver outstanding business results.
1. How well does your employer brand align with the values and personalities of the talent you’re trying to attract?
A strong employer brand strategy will attract the attention of global top talent, and brand ambassadors are crucial to support employer brand campaigns. What programs or communications do you have in place to build internal advocates for your company as an employer Moreover, part of a financial services firms’ employer branding campaign needs to promote purpose driven culture that highlights the firm’s stance on social issues and social responsibility.
2. Does your TA strategy include alternative staffing models?
Other talent acquisition strategies include innovative staffing and employee development models. Total talent management refers to incorporating a full range of talent sources - from traditional employees to contractors, freelancers or even robots. As financial services firms think about the intersection of hiring top talent and cost containment, utilizing a talent acquisition strategy that accounts for alternative staffing models may make sense. Not only do new staffing models have the potential for cost savings through process efficiencies, labour costs and avoidance of bad hires, they allow the employer to focus on the value that a person can bring to the job irrespective of their employment status.
3. How effective are your retention efforts?
Employers should also consider providing professional development opportunities to employees. Given the talent landscape, someone who fits the culture and has the ability to grow with the organization is valuable. As such, when evaluating candidates, employers should consider assessing not only functional skills but also an individual’s softer skills. Internal professional development with opportunities for advancement is highly attractive for today’s candidate pool.
The bottom line for employers in the financial services industry is that hiring and retaining top talent has never been more important. Strategic talent acquisition practices need to continue to be top of mind for HR leaders.