Changing Financial Services Recruitment
25 July 2017
Within the last few years, the banking and financial services industries have done all they can to drag themselves (sometimes kicking and screaming) into the modern age. We’ve seen incredible developments already in Fintech – a market that is positively burgeoning in Scotland and will no doubt continue to do so.
With these changes and new technologies, come new opportunities. New roles and structures have been created in order to facilitate the transformation of some of the oldest institutions in the UK. I have almost a decade of experience working within the banking industry and it’s fairly remarkable to witness the scale of the change that has gone on in such a short space of time.
A while back, I wrote a blog in response to my attendance at the Bridging The Skills Gap seminar, hosted by FDM. Many of the speakers that morning issued a call to arms: That the Fintech industry couldn’t limit itself to STEM-related talent, and should look further afield, into creative industries and such like, to see which transferable skills would really benefit each department.
After all, change thrives off creativity and innovation. New technologies require fresh thinking; different approaches. Change is exciting and, ultimately, should lead to greater diversification within the workforce. My colleague, Gemma, put together a blog detailing how many financial services firms are looking more towards attitude than skills set when seeking to make a new hire. This should absolutely be the case, where transferrable skills can be recognised and ulilised to their full potential.
Yet, sometimes it is hard to convince an in-house recruiter or a hiring manager that a candidate has a skills set that is absolutely adaptable; a candidate who would truly add value to a business with a little extra support in the beginning.
Whilst I accept that recruiting from different spaces in to the Fintech market will take time – you are not going to change every hiring manager’s attitude overnight. But candidates who are not constrained by ‘big banks’ experience have already proven themselves as flourishing within the market. You only have to look at FDM’s graduate programme to know this.
So, if programmes such as this end with banking firms taking on day rate contractors of full-time employees with no STEM or banking background, this approach must also be applied to recruitment agencies such as ourselves. We can offer the exact same calibre of candidate, with the appropriate transferrable skills. Sadly, however, they often don’t progress very far in the hiring process as they are not an ‘exact match’.
Here at HR Consultancy, we understand the change that is going on within the financial services and banking industries. We are excited by it and we want to help facilitate it. Companies need to afford our talented candidates the same opportunities to interview (and progress) as others.
If you would like to speak to me about recruiting within the financial services and banking market, I would be happy to discuss your staffing needs. I have a number of talented candidates currently available. Click here to see my details and get in touch.
Written By Neil Greene