Statistics from the Office for National Statistics Forum showed there were over 45000 vacancies in the banking, finance and insurance sector at the end of 2021, which was a 127% increase year on year; it is believed that 3 in 4 of the companies in the sector who were recruiting were doing so overcome a skills deficit or to upskill a particular role.

In light of this ’skills’ challenge, we wanted to look at different way to approach the Talent Challenge.

  1. Upskill and maximise the value of there current employees – with a focus on developing the skills of current employees through enhanced training and mapping talent more effectively across their team structure, this allows a company to improve internal recruitment processes. This often required the rethinking of traditional job roles which may change with the adaptation of new technologies or methods of working.
  2. Future Proofing Roles– this is a process whereby companies are required to analyse what current roles may evolve into with advances of technology or due to strategic changes within the company. A good example of this are roles within the Fintech sector where job descriptions are less financial services biased but more similar to tech companies and as such with such technological biased will result in a much larger and more specific IT department.
  3. Hiring for potential – this is an area whereby the particular candidate might not have the current relevant experience or skills, but has shown in the past the ability and drive to learn related skills quickly. This does require a slightly different approach to recruitment as you are hiring on potential so could be worth creating multiple paths to allow for skill development once in the role.
  4. Have an alternative plan – In simple terms all the way through the hiring process always have a back-up. This starts right at the beginning of the process and doesn’t end until your favoured number 1 candidate has actually accepted the role and turned up for work. Keep multiple active candidates engaged right through the process, communicate this to all the key stakeholders in the decision process and to interviewers. Feed back to candidate numbers 2 and 3 even if the news is not what they want to hear; there might be a time you want to re-engage with them in the future and their experience with you could be key.
  5. Retaining your talent – After an unprecedented first half of the year named the “Great Resignation” the challenge to retain the talent you have is key. Working from home, with its lack of actual face to face interactions either over lunch or a coffee, bought with it the additional challenge of not being able to spot the disenchanted employee. We believe that promoting a positive, including company culture, whilst making your employees feel trusted and valued are key in retention. Coupled with this, post pandemic, companies are promoting and prioritising their staff wellbeing and personal needs. Research tell us that having a clear vision and strong corporate values brings confidence, and the opportunity for your employees to look at career progression and personal development opportunities also helps with their retention. Finally, bringing back human interactions in the work place rebuilds the bonds and team ethos we had prior to lockdown. Many of our clients have adapted their working weeks to allow full office, or part office/part hybrid working.

The talent challenge looks to continue for the foreseeable future and companies will need to adapt and transform your talent management process, our team at Campbell & Fletcher Recruitment would be pleased to help, companies that approach talent acquisition with a strategic and action plan in place have the best chance for increased success. This could include ensuring your recruitment process meets unconscious bias standards and that you recruitment talent flow includes a pool of diverse candidates for every role.