Strategies for Sourcing Top IT Talent in the Competitive Finance Sector
Finding top IT talent in the finance sector presents challenges for employers in all areas of the sector. It has been particularly difficult for mid-level and top positions because of shortages in these areas. 89% of finance and accounting managers said they face challenges in finance sector hiring, and IT finance hiring can be even more difficult because of specialization and the need to both understand finance and have the right IT skills.
Without top talent, however, finance companies don’t have the resources to take on challenging projects, which tend to be most profitable for them. Top talent is also required to fill more advanced positions that require experience and expertise rather than entry-level skills.
Understanding the Finance Talent Landscape
The finance talent landscape is often considered challenging, given the uncharacteristically low unemployment in the sector currently . Unemployment in the industry has been lower than the national average since before the COVID-19 pandemic. Current unemployment stands at 3.7%, but the unemployment rate in the finance sector is 2%, with the subcategory of financial and investment analysts, which tends to be more IT-based, having an unemployment rate as low as 0.2%.
With unemployment rates this low, finding IT talent in finance is a widespread problem.This is particularly true of mid-level and higher positions, given that the industry saw a mass exodus during the financial crisis of 2008 and is facing some similar conditions now with inflation and rising interest rates.
Top IT finance talent increasingly belongs to the millennial generation, which looks for a strong employer brand that shares similar values, work-life balance, and strong benefits. Many of today’s IT finance workers want a work-from-home or hybrid work arrangement rather than being required to go into the office every day. They also want to know that their employer has similar values, goals and objectives.
Building an Employer Brand
Having a strong employer brand will help attract top finance talent because top talent wants to work for an employer with a strong reputation for being a good place to work. If a talented IT finance professional has never heard of your company and can’t find information about it, they are less likely to believe it’s worthy of their talents.
If your company isn’t well-known, having a professional-looking site that explains what you do and gives information about what it’s like to work there will help ease job-seekers’ reluctance. Testimonials from current employees will also generate more interest from top talent.
Leveraging Professional Networks and Associations
Professional networks and associations are an effective place to source top talent because those who belong to them are typically the higher achievers in their industry. Many who are members of these networks or groups will be open to new opportunities even if they have jobs they like and enjoy, which makes them one of the best ways to find top talent in the IT finance sector. It’s also worth noting that many of these associations recognize top companies with annual awards. These can act as a badge to let prospective employees know how well the company is doing, and how well they treat their associates.
Attending a conference or meeting of the association will be the best way to network with talent, but online virtual conferences and meetings can also provide opportunities. Teaching a session during one of these conferences can let you see how talent interacts and what they know, but attending the session is another good option.
Utilizing Specialized Recruitment Agencies like GDH Inc.
Finding top IT talent can be a daunting challenge for any company, especially financial companies. There is only so much time in a day, and not all financial companies can afford a dedicated hiring team with expertise in IT hiring and the resources to source the top talent they truly need to operate at peak efficiency.
Agencies like GDH that specialize in IT finance recruitment can actually save you money compared to using your own in-house resources, especially if your hiring needs vary, are seasonal, or are project-based. Specialized companies like GDH don’t have a learning curve to figure out what works; they are recruiting at such volume that they are already doing what works and optimizing their strategies as they go along.
Partnering with GDH for your IT finance hiring needs will optimize your ability to hire top talent, giving your company every advantage over those who handle IT finance recruiting in-house or worse yet, delegate it to the (already overworked) HR department.
Advanced Technology and Data-Driven Strategies
Technology has increasingly made the recruiting process easier by speeding up and automating what used to take a lot of time to do by hand. It is now possible to search for candidates to notify about your hiring needs, scan resumes of those who apply, and maintain communication with preferred applicants automatically using existing hiring technologies.
In addition, AI and machine learning can use collected data to help you predict which candidate will perform best and meet your needs most closely. Making data-driven decisions can help you achieve your goals for hiring top talent, lead to higher productivity, and improve the profitability of your company.
Using the strategies outlined here will give you the best chance of attracting top talent to your organization before your competitor can get its hands on these coveted workers–workers your company needs to stay competitive in this marketplace.
It will probably not be enough to use one of the strategies given in this post while neglecting or ignoring other important parts of the recruiting process. Adopting multifaceted strategies to source top talent in the competitive finance sector will be needed to meet important goals.
Regardless of the strategies you employ, GDH Inc. can partner with you and greatly reduce the time and effort required in sourcing the best talent.
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