What does 2019 have in store for financial recruitment?
25th February 2019
Despite a tumultuous year for the wider UK climate and uncertainty around the next few months, developments within the financial sector, such as the challenge of nurturing consumer trust once again and regulating cybersecurity, are providing their own tests for how players within the industry adapt. With this in mind, we’ve examined some of the changes we think we might see in 2019 and what that might mean for financial recruitment.
Growth in digital and more diverse roles
As automation continues to shape and simplify processes within the financial services industry, we’re predicting that we may begin to see a shift in the type of roles being recruited for. With automation replacing the need for some administrative tasks, we may see organisations looking to recruit experts with more rounded knowledge in digital or business practices, therefore placing focus on more strategic positions to streamline business.
Alongside automation driving diversity, it’s also likely that more businesses within the financial services sector will move towards more agile and responsive ways of working in a bid to keep pace with evolving technology – and competitors that are already utilising this.
Additionally, following on from several notable security breaches, not just nationwide but globally, there has been pressure on multiple sectors to demonstrate compliance and transparency in the interest of the consumer. With higher levels of scepticism around personal data amongst mainstream markets, we predict that we will begin to see trust play a bigger part of senior or more strategic roles in finance.
The financial landscape has evolved rapidly over the last few years, widening to encompass entirely new sectors altogether, such as digital currency, payments and artificial intelligence (AI). At the forefront of this growth is the swiftly expanding world of fintech and the wave of entrepreneurs it attracts to pioneer new ideas that disrupt the status quo and cause the more traditional financial service companies to take notice. On the Forbes Fintech 50 2019, newcomers to watch include new credit services for startups, blockchain-based smart contract firms and mobile-ready ecommerce software designed to cut checkout times in half.
Rise of bespoke search provisions amongst a skills shortage
Something we’ve seen for ourselves over the last few years is the diversity entering the financial talent pool, which is undoubtedly shaping the way we recruit for new roles. Where the financial industry had always been fiercely competitive, Real Business recently outlined how the growth of emerging technologies has, for many organisations, highlighted a gap where the requirement for particular technological skills has outstripped the pool of candidates in the market. In terms of recruitment, the need for more competitive provisions to find candidates with the right skillset is increasingly evident.
Following the launch of our bespoke executive search provision last year, we’ve seen a fantastic uptake amongst clients and have enjoyed success in retained recruitment campaigns. We predict that recruiters in 2019 will progressively look towards bespoke search in a bid to remain competitive and provide the best fit for clients.
At Grafton Banks Finance, our diverse team of recruitment experts bring a wealth of knowledge and experience of the finance sector and wider business environment. We stay on top of the latest developments within financial services to ensure our offering reflects the needs of the market as it advances. If you’ve got a new role or area of business you need to fill, and would like to talk to us about finding the ideal candidate, please get in touch with the team.