Those managing talent acquisition in pensions will be more than familiar with the variety of challenges that come with the territory.
From employers now demanding a more onsite employee presence, to skilled professionals seeking job opportunities abroad, several key factors affect the recruitment of high-calibre candidates with the right skills and attributes. Add to this the rise of digitalisation within the industry, and the struggle to find qualified individuals who are in a position to keep up with such technological advancements, and you’re left with a perfect recruitment storm.
While significant investments announced by IDA Ireland across sectors such as financial services are expected to spur job creation, sourcing top-tier professionals to fill important company positions in the present moment is not for the fainthearted. However, with expert advice and guidance, your recruitment process can be more effective and productive than ever before.
Read on to discover our guide to talent acquisitions in pensions, which is designed to help you hire with confidence and assurance.
Navigating a talent shortage in the pensions sector
It’s no secret that business owners within the pensions sector have been engaged in a “war for talent” in recent years. As mentioned above, this is largely down to a shortage of high-calibre candidates, not just in pensions, but across the board, who are lacking in vital competencies, such as IT and data skills in particular.
The lack of these skills poses a critical problem in the current climate.
The impact of regulatory changes on talent acquisitions in pensions
The Irish pensions sector is undergoing significant transformations, influenced by regulatory changes such as the implementation of the IORP II Directive and the anticipated auto-enrolment system. These developments necessitate a workforce adept at managing increased compliance requirements and adapting to evolving industry standards.
Unfortunately for hiring companies operating within the pensions industry, these are key skills that successful candidates must possess. The reality is, however, that these individuals are becoming increasingly hard to find.
With such a large hurdle to overcome, how can hiring managers successfully manage talent acquisition in pensions? Thankfully, by adopting a strategic approach, there are a number of ways this can be achieved.
Taking a strategic approach to talent acquisition in pensions
Attracting the right type of candidate takes a targeted approach on the part of the employer. If you want the biggest fish in the talent pool to join your company, it’s vital to give them enough reasons to do so.
Here are the key recruitment strategies to adopt to both attract and retain the best in the business.
Emphasise your company’s efforts in line with diversity and inclusion
Creating and promoting a workplace culture that values varied perspectives, experiences, and backgrounds is crucial to attracting top-tier candidates within the pensions industry.
This rings particularly true in the context of a sector facing talent shortages and evolving client needs; in these cases, organisations that prioritise inclusive hiring practices are more likely to appeal to a broader talent pool and drive innovation.
Demonstrating a genuine commitment to diversity not only strengthens employer branding but also signals to candidates that the company is progressive and aligned with modern workplace values, factors that increasingly influence career choices in financial services.
Define and develop a compelling employee value proposition (EVP)
To attract top candidates amid a shortage of talent, organisations must define and articulate a clear and appealing employee value proposition (EVP), which highlights advantages such as career development opportunities and a supportive work environment.
Transparency in terms of salary can also enhance the attractiveness of a job offer at the outset. In fact, including salary information in job postings has been shown to increase application rates and manage candidate expectations effectively.
Implement results-driven onboarding processes
It’s a simple fact that effective onboarding is critical for employee retention.
To achieve this, companies must develop a structured programme that integrates new hires into the organisational culture, while at the same time equipping them with the necessary tools and knowledge that will enhance job satisfaction and performance.
With statistics suggesting that effective onboarding can increase employee retention by a staggering 82%, now is the time to start implementing these practices.
Provide opportunities for continuous professional development
Providing opportunities for ongoing education and skill enhancement demonstrates a commitment to employee growth, while also having a knock-on effect on the company’s success.
From a candidate’s point of view, an organisation that supports continuous learning in the interest of obtaining relevant and emerging industry certifications can drastically increase retention. This also spells good news for the employer, who can ensure the workforce remains adept at handling industry changes.
Investing in internships and graduate programmes is also an effective way to provide early career professionals with industry exposure, a move that can prove instrumental in addressing the existing skills shortage.
Leverage specialised recruitment services when exploring talent acquisition for pensions
Collaborating with specialist recruitment agencies that possess deep industry knowledge and extensive networks is a surefire way to streamline the hiring process. Availing of such expertise has numerous benefits, from providing access to a curated pool of qualified candidates and reducing time-to-hire, to aligning talent acquisition with organisational goals.
Navigate successful talent acquisition in pensions with our help
Navigating talent acquisition in Ireland’s pensions industry requires a multifaceted strategy that encompasses attracting, developing and retaining skilled professionals. Partnering with 360 Search provides huge assistance with this exact task, opening up doors to tailored solutions and industry insights so that your talent acquisition strategies can align with best practices, perfectly positioning your organisation for sustained success.
As Ireland’s leading specialist recruitment consultancy for financial services, we offer a wide range of services that match your business needs and the evolving landscape of pensions.
Whether you’re seeking executive search, permanent placements or strategic talent advisory, our team has the insight and network to deliver results. Contact us today to learn more about how our services can elevate your recruitment practices to the next level.
