The finance and insurance sector encompasses those establishments that are engaged in or which facilitate financial transactions. Traditionally, recruiting for this industry requires specific strategies, since it has its own unique set of challenges and requirements that can make it very difficult to find the right people with the right skills for open roles. Additionally, there’s currently a talent shortage in this and several other industries, so there’s also a lot of competition for these qualified candidates.
Recruiting in Finance and Insurance
One major recruitment challenge for finance and insurance companies stems from the fact that roles within these industries often require very specific and niche skills, which can make it challenging to find suitable candidates. Recruitment marketers need to be proactive with their recruitment strategies to meet candidates, speak to where they are, and develop more meaningful connections.
As of Nov. 2022, The U.S. financial services industry was worth approximately $4.85 trillion and contributed $1.5 trillion to the total U.S. GDP. Currently, there are approximately 7.69 million Americans employed in this industry, and over 1.3 million jobs available (zippia.com).
Also, despite an increase in layoffs and fears of a recession, recent LinkedIn data shows that more than half of U.S. workers are considering leaving their jobs this year.
With this in mind, it’s essential to remember that the candidate journey begins with a company’s career site, making it important to create the best experience for the candidate. Hiring professionals can spend all the money in the world on media, but if they haven't created an engaging career site, they will lose the candidate.
This blog will highlight the significance of updating recruitment strategies for businesses in the finance and insurance space, focusing on employer branding, retention, and career sites. It will include strategies companies can implement to update their recruiting strategy to help meet hiring goals and attract top talent.
Showcase the Employer Brand
Today, companies are placing a much higher emphasis on promoting the employer brand in their recruitment marketing efforts than in years past – and given the current environment, this means a strong online presence. According to LinkedIn, a strong online brand is essential for attracting high-quality talent in the finance and insurance industry. This empowers companies to build rapport with candidates, diversify their reach and stay top-of-mind in the eyes of candidates when they’re looking for their next role.
The employer brand has become more important because candidates have become more concerned with function over form. In other words, they’re looking at more than compensation; they’re looking at an organization’s mission, values, culture, and the tangential benefits they will receive from working for the company. Therefore, recruiters for finance and insurance companies should ensure that the employer brand factors prominently in the organization’s recruitment marketing, and that such messaging is featured prominently.
As companies in other industries have discovered, “painting a picture” for candidates can go much farther than a massive “data dump” in conveying personal experiences that candidates can relate with. This strategy also helps in communicating the company’s mission, values, and culture and demonstrating aspects like corporate responsibility and how much the employer values its staff.
Tip: Company culture forms an integral part of the employee value proposition (EVP) and is an intangible benefit for the employee. Communicating this helps prospective candidates know whether they will be a good cultural fit for the company.
Focus on Technology
The digital landscape has revolutionized the way job seeking, recruiting, and hiring is done. The online utilities and resources for job seekers, recruiters, and companies are becoming more refined every day. It is therefore incumbent on organizations and recruiters to avail themselves of these utilities and resources to the best of their ability, since these have been uniquely designed to help recruitment marketing professionals secure top talent.
Streamlining. One of the best ways recruiters can do this – and start building rapport with candidates right away – is to streamline the way candidates apply for openings. When displaying job openings on the company’s career site, recruiters should ensure they’re targeted to the finance and insurance industry. Here, the recruiter showcases the position and what the company can offer, including and excluding direct compensation.
Broadening search criteria. Another way to extend the organization’s reach within the talent pool is to broaden the search criteria. For example, expanding search efforts to other jobs in the professional services industry, or which qualify candidates who have soft skills/similar skills that align. This can help to attract candidates who may not know they’re qualified for a given position at first glance.
Programmatic Advertising. These days, the competition in recruiting isn’t simply competition for talent; it’s competition for the attention of prospective candidates – and employing programmatic job advertising is one of the premier methods for grabbing that attention. Using programmatic job advertising helps recruiters get the company’s openings (and the company itself) in front of the right people more effectively.
Engage Automation. As mentioned earlier, it only makes sense for recruiters to avail themselves of improvements in the utilities available to them, and automation is one of these. Thorough data collection within the candidate portal allows recruiters to feed it into the CRM effortlessly. This saves time, effectively improving recruitment efficiency, and frees recruiters.
Implement an Omnichannel Approach. An “out of the box” approach can be helpful when recruiting in the finance and insurance industry. 71% of finance professionals said they most frequently search for work through online job boards, so this is an excellent place to start. Omnichannel strategies are beneficial because they can help bring candidates back to the career site, where they can learn more about the open roles.
Tip: Other strategies – such as attending recruiting events, job fairs, and college internship events – extend the organization’s reach and are excellent ways to secure top talent in this industry.
Create Engaging Content. Despite the stereotypes concerning this industry being tedious or dry – or perhaps because of these stereotypes – there’s no reason for the related recruitment marketing to be tedious or dry. Ways to spruce up these materials include:
- Use specific keywords and requirements in the ad so job seekers can find them.
- Adding video and other engaging content to the career site to highlight the company in unique ways. This content should be authentic and not staged, since candidates can see through this.
- Consider adding drop-down menus to highlight specific skills and benefits. This broadens the options available to candidates and reflects the organization’s professional inclusivity.
Other Best Practices
Yes, the existing challenges can make recruiting professionals in the finance and insurance industry difficult. However, the above strategies can help recruitment marketing professionals update their career sites to be well-suited for available roles. Some additional best practices for recruiting in this industry include:
- Engaging staffing agencies and recruitment marketing platforms.
- Networking – 37% of hiring managers in this industry say they rely on their own personal network or industry referrals to identify top talent.
- Use testimonials – Candidates tend to trust word-of-mouth reviews and testimonials from real people, which is great to feature on the career site and in other marketing initiatives!
- Use employee referral programs – These can help the recruiter/organization build a network of like-minded professionals within the industry.
- Understand Candidate Motivations
- Attracting the right people in this industry depends on using the right messaging that will resonate with the relevant professionals.
- Create a candidate persona to find the right candidate for the right role.
- Strategically identify the attributes being sought in applicants and factor these into the candidate persona and recruitment marketing.
Keep on Top of The Careers Site
Finally, keeping things current on the careers site is imperative. It makes no sense to make comprehensive changes to the organization’s other recruitment marketing efforts without addressing this aspect. Here are our recommendations in this regard:
- The careers site should always be up-to-date to keep candidates interested.
- The careers site should be intuitive to use and easy to navigate. If it is too complex or not intuitively organized, the organization will lose out on that talent!
- The career site should target both active and passive candidates, giving passive candidates a reason to come back and look at the company website when they are ready for their next opportunity.
- Keep the process transparent, and ensure that the candidate experience is personalized.
With layoffs and many people more willing to leave jobs that no longer serve them, recruitment marketers must showcase what makes their organization different. Remember that the journey starts with the career site for many candidates, so keeping it current, intuitive, and user-friendly is key.
If you’re ready to sharpen your recruitment marketing strategies for the financial and insurance industry, feel free to reach out to us!