Consultancy17 August 2018

Banks, accountancy offices, insurers, we visit these and other organisations in the financial world on a daily basis to help them with their talent management issues. Four challenges are striking that almost every organisation in this special market has to contend with: the tightness in the market, unwavering professionals, the image and the attraction of professionals who are not directly thinking of a financial career.

Shortage in the market

In the coming years, many specialisms will have to deal with a tight labour market, a phenomenon that will certainly also play a role in the financial world. Partly thanks to the growing economy, the battle for the best talent is getting fiercer and fiercer, while the supply of certain target groups is getting smaller and smaller. This can be seen, for example, in accountants, IT professionals and business analysts.

This makes it increasingly difficult to connect the right professionals to your organisation and to fill your strategic positions. After all, you don’t want to be satisfied with professionals who don’t fit in well with your organisation and the job. The battle for the best talent is therefore becoming fiercer and fiercer.

By actively looking for the right professionals you take the first step to win the War for Talent. The vast majority of professionals are latent jobseekers, on average this group is 3.7 times larger than the active jobseekers. So there is a good chance that the right professional for your job will be in the latent group and not actively looking for a new job.

”So there is a good chance that the right professional for your job will be in the latent group and not actively looking for a new job.”

By taking the initiative yourself and approaching professionals who fit the profile well, you significantly increase the chance that you will actually find the right person for the job. For example, use LinkedIn to search for profiles that meet your requirements and enter into a low-threshold conversation. Especially when you are looking for professionals who might not immediately think of a career in the financial world, this is a good way to get in their minds anyway.

IT Challenge

Initially, it seems obvious that financial organisations need mainly financial professionals, such as accountants and actuaries. Although this is true to a large extent, these organisations certainly need other specialisms as well. For example, many are looking for IT professionals. Most financial companies are developing more and more into interesting IT organizations, but not everyone is aware of this.

An IT professional has more knowledge of the challenges facing an IT organization. As a financial organisation, you are a stranger in this area, while the challenges in the IT field are great.

Since an IT professional has more knowledge of the challenges facing an IT organization, he or she is more likely to lean towards such an agency than a bank. As a financial organisation, you are a stranger in this area, while the challenges in the IT field are great. This makes it difficult to attract these professionals.

Distinctive power

Furthermore, image and limited distinguishing capacity play a major role, especially in accountancy firms, but also in banks. These organisations are all in the same playing field, where they have to deal with the same regulations and the same package of services. Of course, one organisation has a more formal culture than another or there are differences within organisations. However, this is often in the details that are not always visible from the outside.

This lack of distinction is not only limited to the organisation, but is also reflected in the position. You can change the organisation, but the content of the job, for example with accountants, will often be the same.

Honest professionals

This is one of the reasons why we are dealing with hard-wearing professionals. They are currently well positioned and have a lot of room within the organisation to develop themselves and grow. We regularly see that professionals only leave when a negative development takes place, such as an argument or bad publicity. Otherwise, these professionals will stay where they are, because they have everything their hearts desire.

Financial organisations are taking advantage of this by putting a great deal of effort into retaining their current employees. Of course, it saves a lot of time and money to keep professionals inside. This is one of the reasons why these organisations offer many development opportunities, a good career path, a good salary and a year full of trips, trips and other extras.

What do you offer what a competitor does not offer? Opportunities for training? He is getting it all. A personal coach? Even though. A better salary? In general, the salaries of these organisations are already quite high.

So the question remains: why would a professional switch to your organisation if he is already working for a similar organisation? What do you offer what a competitor does not offer? Opportunities for training? He is getting it all. A personal coach? Even though. A better salary? In general, the salaries of these organisations are already quite high.

Facing the Challenge

Almost every financial organisation, large and small, is faced with these challenges. The solution is therefore not easy. One of the things that helps is gaining insight into the target group and the market. Prior to a project, we make a Vacancy Market Analysis, for example. Here we zoom in on the target group and the competition in this area. We determine the USPs and the pain points of the function in advance, so that we can respond to them properly.

Further on in the process we collect a lot of information about the professionals themselves. For example, we offer insight into your Employer Brand, the career drives of this group and the rejection reasons, which provide information about the less attractive aspects of the position and the organisation. Based on this, we make well-founded decisions for the process and know which buttons to turn.

Data therefore provides a good indication of the specific challenges in a project, so that you have every opportunity to respond effectively to them.

Each issue therefore deserves its own strategy. Does the data show, for example, that your Employer Brand can use a boost? Organise an event so that your professionals can really take a look inside your organisation. Do you expect several vacancies for the same target group this year? If so, we recommend building a talent pool with interested candidates. Data therefore provides a good indication of the specific challenges in a project, so that you have every opportunity to respond effectively to them.

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Joyce Jansen

Marketing Consultant

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