As we move through 2024, the financial services sector is poised for significant transformations and these financial services recruitment trends will shape hiring practices and redefine talent acquisition strategies.
From the adoption of artificial intelligence (AI) to the growing emphasis on diversity and inclusion, several key trends will influence how financial institutions attract, retain, and develop top talent. In this article, we’ll explore these recruitment trends from a hiring management perspective, backed by recent statistics, and offer insights into how 360 Search can help you stay ahead of the curve.
1. Emphasis on Diversity and Inclusion
Diversity and inclusion (D&I) remain at the forefront of recruitment strategies in 2024. Financial services firms are increasingly recognizing the value of diverse teams in driving innovation, improving decision-making, and enhancing company culture.
Companies are implementing inclusive recruitment principles and leveraging employee referrals to achieve better representation across all levels.
According to a PwC report, 85% of financial services CEOs believe D&I helps enhance business performance.
How to Leverage This Trend:
To attract diverse talent, ensure your job descriptions and recruitment marketing materials reflect your commitment to D&I. Consider using blind recruitment techniques to reduce unconscious bias and create a more inclusive hiring process.
2. AI and Machine Learning in Recruitment
Artificial intelligence and machine learning are revolutionising recruitment by automating candidate screening, enhancing candidate matching, and predicting job performance. These technologies enable hiring managers to identify top candidates more efficiently and reduce time-to-hire.
A recent report found that 67% of hiring managers say AI has helped them save time during the hiring process.
How to Leverage This Trend:
Invest in AI-powered recruitment software to streamline your hiring process. Use AI to analyse resumes, conduct initial candidate screenings, and provide data-driven insights into candidate suitability.
3. Rise of Remote Work
The shift towards remote work continues to be a significant trend in 2024, with many financial services firms offering flexible work arrangements to attract and retain top talent. Remote work policies not only enhance work-life balance but also expand the talent pool by enabling companies to hire candidates from different geographical locations.
A recent survey by 360 Search indicates that 84% of financial services candidates wouldn’t accept a fully on-site role or would need to consider an on-site role.
How to Leverage This Trend:
Develop clear remote work policies and invest in digital collaboration tools to support remote teams. Highlight your remote work options in job postings to attract candidates who value flexibility.
4. Focus on Cybersecurity Talent
With the increasing frequency of cyberattacks, the demand for cybersecurity professionals is on the rise. Financial institutions are seeking experts who can protect sensitive data, ensure regulatory compliance, and mitigate cyber risks.
A report by Cybersecurity Ventures predicts there will be 3.5 million unfilled cybersecurity jobs globally by 2025.
How to Leverage This Trend:
Enhance your cybersecurity recruitment strategy by offering competitive salaries, professional development opportunities, and flexible work arrangements. Partner with educational institutions to create talent pipelines and invest in upskilling existing employees.
5. Integration of Sustainability in Finance
Sustainable finance is becoming a priority for financial institutions, driven by regulatory pressures and growing consumer demand for environmentally responsible investments. This trend is shaping recruitment as firms seek professionals with expertise in environmental, social, and governance (ESG) criteria.
How to Leverage This Trend:
Include sustainability as a core component of your recruitment strategy. Look for candidates with experience in ESG, green finance, or sustainability reporting.
Highlight your firm’s commitment to sustainability in your employer branding efforts.
6. Evolution of Talent Mobility and Upskilling
Talent mobility and upskilling are critical to addressing skills gaps and retaining top talent. Financial services firms are increasingly focusing on internal mobility, offering employees opportunities to reskill and advance within the organisation.
According to a LinkedIn Learning report, 94% of employees said they would stay at a company longer if it invested in their career development.
How to Leverage This Trend:
Implement comprehensive upskilling programs and promote career mobility within your organisation. Use skills-based pathways to help employees transition into new roles and create a culture of continuous learning.
Attract Top Talent & Stay Ahead of Financial Services Recruitment Trends
By staying attuned to these recruitment trends, financial services hiring managers can create strategies that attract top talent, foster diversity, and support long-term business growth. At 360 Search, we specialise in helping financial institutions navigate these trends and build high-performing teams. Let’s discuss how we can support your talent acquisition efforts in 2024.
Partner with 360 Search for Cutting-Edge Recruitment Solutions
Are you ready to adapt to the latest financial services recruitment trends? At 360 Search, we offer tailored solutions to help you attract and retain top talent. Book a free consultation with us to explore how we can support your hiring needs and drive your business forward. Contact us today to get started!
