While market volatility and regulatory compliance have always been top of mind, industry executives admittedly feel unprepared for the slew of current recruiting challenges. A 2017 Deloitte study that found them anticipating talent shortages across the organization.6 (See Figure 3.)
The first step in revamping recruiting is consolidating workforce data—from info on current employees and candidates, to projections of future needs for specific expertise.
Unfortunately, first-generation HR software hasn’t made this easy for financial services companies. Customizations across multiple systems have not only slowed service delivery, but have made a current, comprehensive view of talent an impossibility.
Thankfully, today’s advanced integrated HCM cloud solutions have delivered the ability to merge HR data from multiple source systems to create a “single version of the truth.”
This real-time workforce data view makes proactive recruiting strategies possible. You can identify top performers, then incentivize them to refer their similarly skilled friends.
Compounding sourcing struggles are the ever-shifting priorities of job seekers. Today, the ability to learn and progress is the primary reason early-career workers choose one prospective employer over another. In fact, training and development is three to four times more important than pay.9
To appeal to candidates seeking constant learning, more financial services companies are deploying cloud software that facilitates on-demand courses on industry-relevant subjects and skills. This is especially useful for companies with globally distributed workforces, where in-person training is costly and impractical.
When considering your company’s most attractive aspects, you should bear in mind the new expectations for all people, not just customers. A consumer-grade candidate experience is quickly becoming the norm, even in financial services.
Cloud-enabled recruiting technology can keep applicants engaged throughout the process. Automated updates, mobile access, and personalized messages can offer a glimpse into your company culture and be a selling point. The less cumbersome your process is, the more that positive word will spread.