Last week marked the 2022 CFG Annual Conference, where the sector's leading finance professionals gathered to talk about all things finance, and other challenges and opportunities facing the sector. It was a great event and brilliant to be back doing it face-to-face - I finally met some of my recent placements in real life!
Hot on the agenda was discussing what is currently working in recruitment in the sector, particularly given the challenging market conditions of summer 2022, when there are more jobs than candidates and there is a genuine struggle to attract and retain talent. Some key takeaways were:
- There is a current skills shortage in the sector
- This is partly driven by the workforce shrinking due to Covid - more people going part-time or retiring early etc
- Pay-rises in the sector aren't quite keeping pace with the private sector
- A compelling candidate offer is required in the current market
- Upskilling and key-skilling of your current workforce is required - invest in L&D to grow your own talent internally
- Employees are looking for a work-life balance, support with wellbeing and flexibility more than ever - emphasise these benefits when hiring externally
- When hiring be honest about what is really needed for the job - is the essential criteria really essential?
- Hire based on behaviours, values and attitude - these people are the most motivated to learn even though they may not initially meet the technical criteria
- Avoid clunky and time-consuming recruitment processes - ditch application forms, interview and feedback quickly, select the right interview panel
- The 'you'll be lucky to get a job here' mindset is dead - what is your value proposition and be able to explain what you can offer candidates and why they should work for you
- Embrace the notion of 'bringing your whole self to work' - this creates a better working atmosphere and a sense of belonging
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