Insider Perspectives on Financial Services Recruiting
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.
And for a different perspective…
We also interviewed ChatGPT, using the latest version (V4) which pulls and collates information directly from the search engines. Since this AI learns from multiple sources, it should in theory provide a good overview of the feelings and outlook of many more industry professionals.
The results were… well… see for yourself.
Best wishes for 2024!
— The Oleeo Team
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.
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.
[ChatGTP]
“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.”
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.
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.
[ChatGTP]
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.”
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.
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.
[ChatGTP]
“[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.
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.
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.
[ChatGTP]
“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.
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.
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.
[ChatGTP]
“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).”
Here’s a summary of the three key takeaways from this report to help you 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.
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.
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.
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.
The digital era has revolutionized recruitment, and BOA faced several challenges:
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.
The collaboration with Oleeo led to transformative results:
Process Time to hire was drastically reduced from months to
in candidates screened, thanks to the mobile interview process.
Notable increases in female (28%), Black/African American (32%), and Hispanic (57%) candidates.
Elimination of external trackers,
in data entry and
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
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.
