5 ways to fill the skills gap in your financial services organization

The Office for Budget Responsibility predicts that unemployment could reach 13.1% by Q1 2021 as Covid-19 continues to hit the global economy. However, more available talent in the market does not mean recruiting becomes cheaper or easier. And in-demand talent is still just that: Critical skills shortages haven’t gone away. Research also shows that 83% of human resources directors in the financial sector have struggled to fill their skills gaps since the referendum in 2016.

Changes brought on by COVID-19 and Brexit are forcing United Kingdom-based companies in the financial services and insurance industry, to rethink their talent acquisition strategies.

So how can financial services organizations ensure that they recruit the best talent – in the shortest time possible and for the least amount of money – to enable the business to continue as usual? Here are five ways financial services organizations can fill their skills gaps:

1. Enhance your employer brand

Enhance your employer brand: Creating a unique standout employee value proposition (EVP) is vital in attracting the best talent to view your organization online. With only a little more than a quarter of European financial services organizations having a clearly articulated EVP, this is a prime area for investment, presenting a quick, reliable way to ensure that your brand is at the forefront of a candidate’s mind.

2. Be sourcing savvy

Ensure that your recruiters and sources are fully up-to-date with new technology and the most effective ways and means of finding and engaging with the best talent. They are the first point of contact for candidates, and first impressions count. Talent pooling is also critical, and I dread to think what percentage of financial services organizations do this successfully, if at all. Having a talent pipeline can be so crucial and generate significant savings for the business.

3. Make applying easier

COVID-19 has accelerated the adoption of fully digitized approaches to hiring and onboarding talent. In a recent Cielo survey, 69% of respondents felt that talent acquisition dependence on advanced technology will remain with 59% of respondents saying technology resulted in quicker, more-streamlined and effective recruitment processes.

4. Control costs

It’s crucial that organizations are as cost effective as possible, but still look to recruit the best talent. In our study, 16% of financial services organizations used recruitment agencies to fill less than 20% of their roles, meaning that the other 80% are potentially agency dependent – a very costly exercise! Using an RPO could reduce the overall cost considerably.

5. Maintain quality

Quality beats quantity, so while it may be easier to spread the net wide and attract as many candidates as possible, it is better to be targeted and to pull resources into finding the right candidate. With financial services organizations stating that video interviewing, telephone Interviewing and interview scheduling are their weakest areas, an RPO supplier can deliver better quality of candidates (and by extension, hires) and in turn have a positive impact on your business while taking on the burden of finding the best talent and delivering them to your door.