5 Top Tips for Recruiting Staff in The Financial Services Industry

The financial sector is vast, covering a range of roles, some highly skilled while others are semi-skilled. From financial advisors to administrative staff, every role is important; therefore candidates must be selected with care.

 

The good news is, when it comes to recruitment, some lessons can be applied to all roles universally.

 

Here are our 5 top tips for recruiting staff in the financial services industry:

 

1. Recruit younger talent for entry-level roles

 

This may sound obvious at first, but it’s amazing how many companies in the financial sector take a backwards approach when it comes to recruiting their staff. While a business must do everything in its power to obey equal opportunities legislation, certain roles can be best suited to people in a certain age range – or point in their career.

 

This is especially true of skilled roles like financial advisors and similar professions. Younger people are looking for mentorship in a job. Something that allows them to build their career and progress. Many are fresh out of college/university and are looking for stability. These are the people who should fill entry-level roles.

2. Lay out clearly defined career paths

 

This should be the case for every role you recruit for. Of course, with some businesses, there are only so many promotions to go around. Therefore, meritocracy will need to play some part. But you’re more likely to recruit the best people if they can see a realistic and advantageous path. So, try and foster an environment of growth and learning.

 

Some talented people may actually apply for roles lower than their current experience level or pay grade just to take advantage of the progression you offer. Look out for these people, as they often make the most conscientious and reliable employees. Their pragmatic approach to their career path shows character and adaptability.

 

3. Your recruitment should emphasise new innovations and technology

 

This is important as it will attract the right people. Those unwilling to learn or adapt to the financial sector’s shifting landscape will be put off by this, and therefore won’t apply. Instead, those who are eager to learn and adapt will fill their space. Better yet, they may already be up to date with the latest technology and innovations in the industry, saving you time and resources.

 

Making your recruitment strategy focus on these aspects will help you employ staff who can take your company forward – not live in the past and resist progress. At the same time, make sure these employees respect what has come before and could fill the same role in its previous form.

 

Understanding future technology and innovation is excellent, but so is knowing the fundamental principles of the role in question.

 

4. Offer benefits that are important to the employees you hope to attract

 

Not offering enough perks and benefits will limit the talent you can attract – they may simply choose to work for a competitor that gives them more. Or worse, they may join your firm, take advantage of your training, and leave for another company that offers them more. This happening as a trend with multiple employees is a drain on your resources – and a sign that you need to make significant changes.

 

Find out what benefits and perks are of most value to your staff, then offer them. This will prevent some employees from wandering. But also take note of which staff value which benefits. If your strongest team members value certain perks over others, then these are the ones to offer when you recruit. This way you’ll attract more people like them.

5. Offer internships and Work Experience

 

Offering paid internships and work experience is an excellent way to build up a supply of new talent. Making these internships paid encourages loyalty and positivity too. It will attract more students to your placements helps foster an image of generosity and success.

 

Try to form partnerships with nearby universities, colleges, and schools, encouraging the next generation to take an interest in finance. Then support those who visit you on placements during their studies. In time, they could make the best recruits for your vacancies.

Scroll to Top