Attempts to forecast the future of recruiting in the financial services industry tend to rely heavily on big data analytics. While such data can reveal trends and patterns, it often fails to capture the nuanced judgment and diversity of perspectives that comes from experienced professionals in the field. Ultimately, the human element remains indispensable.
In that spirit, we’ve spoken with five experienced recruiting leaders working in Financial Services. Each conversation brings its own nuanced reflections on the year ahead, delving into predictions, trends, and pressing topics such as the impact of emerging technologies, AI, and the widening candidate skill gap.
The “wisdom of the crowd” is the closest thing we have to a crystal ball. When individual perspectives converge, consensus reveals itself. We found areas of agreement that provide valuable takeaways for fellow recruiting leaders to consider in shaping their strategy for 2024.
In this report, we have highlighted key findings related to five questions pertinent to recruiting in Financial Services. Additionally, we provide recommendations on how you can use these insights to inform your own strategy over the next 12 months.
1
What will be the biggest challenge faced by finance talent acquisition professionals in the financial services industry in 2024?
Responses:
Keeping up with the volume of applications while still meeting candidate expectations for communication and professionalism.
Encouraging people to consider moving to new positions while there are uncertainties in the economy.
The intensifying competition, not just from other financial service companies but from overlapping industries going after the same talent.
Diminishing numbers of candidates with the right specialisms and/or degrees for a career in financial services.
Needing to attract candidates well in advance to counter the competition, while also coping with contract reneging and low retention.
Key Takeaway:
This question received the broadest range of answers, but three of them can be traced back to the challenges of competition, not just in financial services but in recruitment as a whole. There’s no escaping the need to attract college and university candidates early in the process, which means it’s all the more important to manage the volume, identify the brightest talent early, and use strong engagement techniques to keep them interested in joining your firm.
“I could bring you a limitless supply of young talent, but then you have to decide what you’re going to do with them to get them first-job ready.””
Simon Kho
Vice President, Head of Campus Recruiting at Raymond James
“People don’t feel comfortable moving from one company to another because of the uncertainty. And that’s a lot of what I hear…even when I’m doing interviews, that people aren’t comfortable making that move because of the unknown.”
Zoya Naseem
Recruiting and Business Development Manager at Prudential Financial
The onus is on the employer to differentiate themselves within this space.”
Zoya Naseem
Senior Talent Manager Manager at TA Associates
Intense Competition for Finance Talent:
The financial services sector is no longer the only game in town for top-notch graduates. With the advent of tech giants and startups venturing into financial services, the competition is fiercer than ever. These new players often offer roles that are perceived as more innovative or exciting, luring away talent that might have traditionally headed straight to financial firms. This competition isn’t just about salaries anymore; it’s about the entire package — company culture, career progression opportunities, and work-life balance.
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Additional Resources
“Moving forward, leaders should focus on the fundamental issue, which is the design and practice of the work itself, as the work will dictate the mix of physical and digital workplace required to meet business outcomes. Unfortunately, only 15% of respondents to the Deloitte 2023 Global Human Capital Trends survey cited the way work is designed as one of the most important attributes in creating the future workplace.”
2
What is the biggest piece of advice you can offer to talent acquisition professionals in the financial services industry in 2024?
Responses:
Don’t rely on communal talent pools — develop your own candidate database and fish in your own pond.
Know the role, the product and the company you’re recruiting for inside and out, even (and especially) if you haven’t personally worked in this field — candidates will question everything.
Campus candidates are never too young to be exposed to your company branding — take every opportunity to get in front of your target audience and sell the opportunity.
Gen Z is different which means we have to think differently as well — interviews work in both directions as both parties seek relevant information.
Recognize that retention is every bit as important as the initial hire — otherwise you’re just inviting the competition to profit from your investment.
Be data-driven with stakeholders when reporting your activities so that, when the financial crunch comes, campus recruiting isn’t merely seen as a “nice to have.”.
Key Takeaway:
The majority of the responses can be traced back to the discipline of treating candidates as individuals and not taking their participation and interest for granted. Making efforts to properly understand the current generation of future graduates, and what matters most to them, is time well spent. And while it might sound like a paradox, it’s also important to treat each candidate as an individual and not rely too much on generalizations.
“Look at the new technology and leverage it to what works best for you. Especially when you’re working in high volume, there’ll be new technology that makes it easier for you to reach out.”
Felisha Watkins
North America Talent Acquisition Business Partner at Allianz Partners
“Our leaders in campus recruiting really need to listen to the voices of those students… because an interview is both ways. It’s them interviewing you, and us interviewing them. And if they don’t like it, they don’t have to come.”
Lisa Blatter
FVP/Director of Campus Recruiting and Career Development at SouthState
“Candidates really value the personalized touch of connecting with an actual human at a firm, and having continued personalized outreach makes a big difference in who will be interested in coming to work for you.”
Whitney Profitt
Senior Talent Manager Manager at TA Associates
Leverage Technology Wisely:
AI and other tech tools are becoming increasingly important in recruitment. They can automate time-consuming tasks like scheduling and sorting through applications, allowing you to focus on engaging with candidates. AI can also help in finding candidates for roles they may not have considered, optimizing resumes, and preparing for interviews. However, remember that technology is a tool to enhance your capabilities, not replace them. Striking the right balance means maintaining a human centric approach, technology is a powerful enabler, but ultimately the most powerful interaction you can have with a candidate is a real conversation.
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Additional Resources
People are revising their attitudes both to work and at work. Organizations can respond by tailoring employee value propositions to individualized preferences in ways that can help close the gap between what today’s workers want and what companies need…39% of respondents in a survey conducted in 7 countries say they are planning to leave their jobs in the next 3-6 months.”
3
What technology and AI tools do talent acquisition professionals in the financial services industry need to be aware of in 2024?
Responses:
Use intelligent messaging to automatically nudge candidates to take the next step in the process if they don’t respond to the first prompt.
Set digital reminders for following up with the most valuable candidates, but always personalize your approach – technology can only take you so far.
LinkedIn continues to be the recruiter’s best friend.
AI can be used to automatically qualify or disqualify candidates based on certain criteria which can save a huge amount of time reviewing applications.
Be aware that candidates are increasingly using Al to write their resumes and their application responses – although this isn’t necessarily a bad thing (technology-savvy candidates are valuable).
Technology and Al is speeding things up but it’s critical to maintain a human touch in the process.
Key Takeaway:
As a recruitment tech company, we were especially interested in this question and the answers are exactly what we hoped they would be. Naturally, we agree wholeheartedly that technology and Al can streamline and improve the talent acquisition process, but a human should always be driving the hiring. This is important for both the quality of the hiring process, as well as the satisfaction of the candidates who appreciate being viewed as an individual.
“We have templates that we use, but there has to be some sort of personalization in every communication to give it a more human approach.”
Zoya Naseem
Recruiting and Business Development Manager at Prudential Financial
“A person is not just what they list on their resume. Oftentimes…you find out things when you’re speaking with someone that weren’t on their resume that are super valuable, or maybe just fit the specific needs that you have at this time.”
Whitney Profitt
Senior Talent Manager Manager at TA Associates
“For somebody that just needs a little bit help with candidate follow up…I would definitely recommend [intelligent messaging]…for candidates that have been unresponsive.”
Felisha Watkins
North America Talent Acquisition Business Partner at Allianz Partners
Enhanced Candidate Matching:
AI algorithms are becoming more sophisticated in matching candidates with job vacancies. By analyzing a broader range of data, including not only resumes and job descriptions but also soft skills, cultural fit, and past hiring outcomes, AI can more accurately predict successful hires. This evolution means a more efficient and effective matchmaking process between candidates and roles.
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Additional Resources
“[The] versatility of AI has not gone unnoticed within the financial services industry, with many organizations striving to optimize their budgets and digital infrastructure to accommodate AI technology…Now, it seems as though AI adoption for financial services is finally picking up again. In a 2022 market research report, the global AI in banking market is predicted to grow to a value of more than $64 billion by 2030, up from just $3.88 billion in 2020.
The State of AI in Financial Services in 2023
4
What will candidate’s expectations be when engaging with talent acquisition professionals in the financial services industry in 2024?
Responses:
Professionalism is the minimum price of admission-with the tools currently available there’s no reason not to stay organized, even when dealing with high numbers of applicants
Candidates love getting a look behind the curtain of the firm and the industry- an infoship (requires less commitment than an internship but still provides experience and a certificate of completion) is a great way to get them more involved.
This generation of graduates were weaned on technology, so they expect it to be used throughout the process so they can apply for, and find information on, the roles quickly and easily.
Don’t rest on your laurels – when you have quiet moments, use the time to review your performance and gain feedback from your candidates.
Multiple touch points are a sensible method for maintaining candidate engagement no one enjoys feeling like they’ve been forgotten.
Key Takeaway:
These comments reflect our own ethos at Oleeo, especially around using technology every step of the way. In 2024, if you ask any student to fill in any form by hand, you may be negatively influencing their view of your firm as stuck in the past. The “infoship” idea is also illustrative of how competitive the market has become. Recruiters are going to extraordinary lengths to set themselves apart and provide candidates with unique and valuable experiences.
“Because of the end of the year, Christmas holidays coming up, this is the best time for me to…look at my processes, redo them, enhance anything I feel could use more of my attention.”
Zoya Naseem
Recruiting and Business Development Manager at Prudential Financial
“Online internship programs can help students who are curious about a potential career in finance determine if banking is in their future. Virtual sessions, webinars, and the ability to meet with senior leaders provide students with insight into bank operations, employee success stories, the company s mission, and core values.”
Lisa Blatter
FVP/Director of Campus Recruiting and Career Development at SouthState
“We have a lot of touch points for candidates coming in…so they’ll talk to somebody from my team, they will talk to me…they ll talk to a trainer as well as a training manager all before they make it to class. So they already have a couple of familiar names and faces by the time they make it to their first day of training.”
Felisha Watkins
North America Talent Acquisition Business Partner at Allianz Partners
Transparency and Communication:
Candidates in 2024 will likely expect clear, consistent, and transparent communication throughout the hiring process. They want to know where they stand, what the next steps are, and receive feedback, even if it’s not in their favor. Talent acquisition teams will need to ensure that their communication is frequent, honest, and informative.
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Additional Resources
“Employees, recruiters, and HR professionals are increasingly advocating for a greater employer focus on mental health in the workplace…A focus on mental health enhances the overall quality of life for employees, leading to higher job satisfaction and engagement. This contributes to higher retention rates, lower absenteeism, and reduced healthcare costs for the organization. Prioritizing mental health also creates a positive work environment, which strengthens team cohesion and enhances the company’s reputation.
5
What skill-sets will most be in demand by talent acquisition professionals in the financial services industry in 2024?
Responses:
Candidates with relevant licenses will allow them to slot into a new role quickly, making them easily stand apart from most applicants.
Transferable skill-sets can be valuable if you know what you’re looking for – people who have experience working in sales, for example, may make good financial advisors.
Just because someone lacks experience doesn’t mean they don’t have desirable traits reflected in other areas of their lives – someone who is engaging in an interview setting is worthy of attention.
Communication skills are a key focus, as are strong analytical skills, and basic grit and drive – these so-called soft skills can translate well into the workplace just as well as academic achievement.
People skills and emotional intelligence are sometimes overlooked when finding financial industry candidates.
Key Takeaway:
These responses are arguably the most surprising because they’re almost all about soft skills. This only further emphasizes that, while technology can help streamline many of your recruitment operations, it must be underpinned by a strong human-centric approach. Any candidate can claim to have good communication skills or emotional intelligence, but these are the kinds of abilities that can only really be assessed by spending time with the person in question.
“The candidates I find most suitable for our entry level financial planner roles usually have experiences in business fraternities/ sororities, sports teams, and working in customer service.”
Zoya Naseem
Recruiting and Business Development Manager at Prudential Financial
“Soft skills is a major, major gap with financial industry students major, specifically those that are in analytics.”
Lisa Blatter
FVP/Director of Campus Recruiting and Career Development at SouthState
“Post-COVID…there can be a gap for some candidates on the communication front; people kind of forgot how to interact and build relationships and be a strong communicator, which is a really important skill.”
Whitney Profitt
Senior Talent Manager Manager at TA Associates
Technical + Soft Skills Emphasis:
In 2024, candidates for entry-level roles in the financial services industry will need to possess a combination of technical and soft skills to be competitive and successful. With the ongoing fintech revolution, candidates must also be adept at using financial planning software, data analysis tools, and digital communication platforms. Understanding cybersecurity principles to protect client data is also vital.
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Additional Resources
“In a Deloitte survey of technology industry leaders, workforce issues were seen as both a top challenge and a top opportunity. They have held steady as the second-highest top strategic challenge over the past six months (with competition and market disruption ranked number one). Looking a little closer, nearly 90% of leaders said that recruiting and retaining talent were a moderate or major challenge. In addition, 72% ranked “meeting workers’ broader needs” as a moderate or major challenge (figure).”
Key Recommendations for Talent Acquisition in 2024
Here’s a summary of the three key takeaways from this report to help you in 2024:
1
What skill-sets will most be in demand by talent acquisition professionals in the financial services industry in 2024?
Technology is a great co-pilot, and effective automation can relieve recruiters of the numerous manual burdens that take away time from having meaningful conversations with candidates. However, there’s an ever-present danger that an over-reliance on technology will alienate candidates and replace the human touch that people crave when going through your recruiting process. While AI may seem irresistible and progressive, ensure that you strike a balance and maintain a human-centric approach. When utilizing AI for candidate-facing conversations, make certain that the model you employ is tried and tested, and has been developed to be safe, unbiased, and reliable. Otherwise, you may inadvertently expose candidates to potential harms without even realizing it.
2
Use technology for the high volume projects
Desirable candidates know their worth. In a highly competitive job market, identifying the right individuals from your candidate pool before your competitors can make all the difference. While we cannot rely on technology to make selection decisions for us, as that may introduce unfair bias into the process, we can leverage technology, such as predictive analytics, to provide recommendations on which candidates to engage with first. This is particularly useful when recruiters are stretched thin managing a high volume of applications.
3
Look for relevant soft skills among your candidates
You never really know someone’s potential until you’ve met them. It’s likely you’ve come across a unicorn candidate who has everything you look for on their resume, only to find that they are poor communicators or lack the soft skills required to be successful. And let’s face it, it’s difficult to train someone to be a strong communicator. That’s why cutting through the noise quickly is so important. Of course, you’ll want to engage a candidate with a great resume, but you’ll also want to find out quickly if they are truly a good fit. The time from application to the first human interaction with a recruiter is more important than ever.
Case Study
75% Reduction in Time-to-Offer: Bank of America’s Digital Recruitment Revolution with Oleeo
Bank of America (BOA), a leading financial institution employing over 200,000 staff across 35 countries, embarked on a digital transformation journey to revolutionize its recruitment process.
Challenges
The digital era has revolutionized recruitment, and BOA faced several challenges:
Enhancing Candidate Experience: To attract top talent in a competitive market, they needed to offer a seamless and engaging candidate experience.
Meeting Diverse Candidates Where They Are: The goal was to tap into a wider, more diverse talent pool.
Improving Operational Efficiency: Streamlining the recruitment process to make it more efficient was essential.
Reducing Time to Offer: Lengthy recruitment processes were a barrier to securing top talent.
Consistency and Unconscious Bias: Ensuring a fair and unbiased assessment of candidates was crucial.
Solution
Bank of America’s solution was multifaceted, leveraging Oleeo’s technology:
Unified Recruitment Platform: Oleeo’s ATS provided a consistent and streamlined experience across global locations.
Mobile-First Approach: Implementing Oleeo’s mobile solutions for first-round video interviews enhanced accessibility and convenience.
Virtual Engagement Tools: Through Oleeo, Bank of America enhanced their virtual presence, reaching candidates where they are most active.
Data-Driven Insights: Oleeo’s analytics helped in making informed, unbiased recruitment decisions.
Results
The collaboration with Oleeo led to transformative results:
Rapid Hiring Process
Process Time to hire was drastically reduced from months to
2-5 weeks
Increased Candidate Pool
22% increase
in candidates screened, thanks to the mobile interview process.
Diversity Milestones
Notable increases in female (28%), Black/African American (32%), and Hispanic (57%) candidates.
Operational Excellence:
Elimination of external trackers,
saved 1,600 hours
in data entry and
$200k in costs
Award Recognition:
Brandon Hall Excellence Award
jointly received by Oleeo and Bank of America for their innovative talent acquisition approach.
The partnership between Bank of America and Oleeo exemplifies the power of digital transformation in talent acquisition. Through strategic use of technology, they achieved a more efficient, inclusive, and competitive recruitment process, setting a new standard in the industry.
Thank you for taking the time to read this report. We hope that you are able to move the needle on your initiatives in 2024, and wish you and your team every success.
Remember, standing still is moving backwards…
So, let’s keep moving forward.
All the best,
The Oleeo Team
About Oleeo
Oleeo helps enterprise businesses improve their recruitment strategy. Unlike other applicant tracking systems, companies don’t need to change their processes to fit the software, Oleeo Recruit is completely customisable.
The system uses AI to help recruitment managers quickly sift through thousands of applications and automation nurtures candidates through the recruitment process. Oleeo Recruit enables companies to attract a more diverse workforce by de-biasing job postings and offering blind application screening. You can even benchmark your data to ensure you’re moving diverse candidates through every step of the hiring process.
With clients such as the UK Police Force, Amazon Stores and Morgan Stanley, Oleeo guarantees to halve your time to hire. Recruit the best talent, your way with Oleeo.
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