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.
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.
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.
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.
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:
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!