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Building a Finance Team in 2024: 5 Steps

May 7, 2024

As we dive into 2024, assembling a top-notch finance team is more critical than ever for business success. With a complex economic landscape, evolving financial regulations, and the ongoing digital transformation, companies face mounting challenges when it comes to hiring financial talent.

A staggering 90% of employers struggled to fill team vacancies in 2023, and as we navigate the new year, business leaders will continue to rely heavily on skilled professionals to weather economic storms and drive growth.

However, the shifting hiring landscape demands that organisations adopt fresh strategies to secure the right talent.

Here's your ultimate guide to building a finance team in 2024:

  1. Navigating the Skills Shortage

In today's intricate economic terrain, business leaders need savvy professionals who can analyse data, optimise cash flow, and bolster organisational resilience. However, skill shortages in the finance sector are on the rise, with nearly 9 in 10 executives reporting difficulties in finding the right talent.

Moreover, financial professionals' priorities are evolving. They now seek more than just competitive salaries; they're drawn to employers with strong diversity and inclusion initiatives, a focus on team development, and a commitment to employee wellbeing. To attract and retain top talent, business leaders must craft comprehensive strategies that encompass diverse recruitment approaches and employee engagement.

  1. Tapping into the Passive Candidate Pool

With persistent talent shortages in finance, business leaders must look beyond the "active" candidates currently job hunting. Around 70% of candidates are "passive," meaning they may be employed but open to new opportunities if the right role comes along. By accessing this passive candidate pool, companies can diversify their talent pipeline.

However, engaging passive candidates can be tricky. Business leaders should consider:

  • Cultivating a compelling employer brand that showcases your employee value proposition (EVP), wellbeing initiatives, and development opportunities to attract passive candidates.
  • Exploring the "hidden" or "forgotten" workforce, including recent graduates, retirees, and neurodiverse individuals, to tap into often-overlooked talent pools.
  • Partnering with specialist recruitment firms that have strong relationships with passive candidates who may be invisible to employers.

  1. Leveraging Specialist Recruitment Partners

Specialist financial recruitment partners are invaluable for connecting with passive and hidden candidates. They deeply understand the finance sector's intricacies and candidates' needs and priorities, enabling them to effectively position your employer brand to attract the right talent.

These partners collaborate with clients to grasp their company culture, employee benefits, and skill gaps, helping create robust plans to fill talent pipelines and outperform competitors. With the right recruitment partner, financial firms can build talent pipelines that ensure consistent access to skilled professionals, even in a skill-short market.

  1. Crafting a Compelling EVP

A strong EVP is crucial for attracting and retaining candidates in the current financial landscape. However, many companies struggle to develop a compelling EVP. Shockingly, 82% of leaders believe employees leave for better pay, while only 12% of employees agree.

To develop a potent EVP in 2024, business leaders must carefully assess their ideal candidates' priorities. Your EVP should encompass not just compensation and benefits, but also:

  • Career development opportunities, especially given the finance sector's rapid evolution due to new technologies and digital transformation.
  • Company culture, demonstrating your commitment to diversity, equity, and inclusion, and fostering an environment where every employee feels valued.
  • Employee experience, focusing on recognition, flexibility, and work-life balance to boost retention and engagement.

  1. Embracing Technology in Recruitment

While business leaders have been investing in recruitment technology for years, from video interviewing to applicant tracking systems, technology now plays an even more significant role in hiring.

Financial companies are harnessing generative AI to create job descriptions and adverts, using chatbots to communicate with candidates, and leveraging AI to evaluate and filter applications. While these tools can streamline recruitment, it's crucial to recognise their limitations and potential challenges, such as AI bias. Keep human touch points, like recruitment teams, involved to ensure you don't miss out on valuable talent.

Building your finance team in 2024 requires a holistic approach to sourcing and retaining candidates. Focus on crafting inclusive job descriptions, delivering a strong candidate experience, and prioritising diversity and inclusion. By understanding the challenges, expanding your talent pool, developing a compelling EVP, and partnering with the right recruitment experts, you'll be well-equipped to assemble and retain a winning finance team in the year ahead. Get in touch to learn more.

Author:

Jonny Harrison

Director - jharrison@nxtgenrecruitment.co.uk

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