The financial services industry is on the cusp of several game-changing trends that will make recruiting top talent more competitive in the years ahead. Our industry will need to invest heavily in human capital to address threats like cyber-security, fintech disruption and changing consumer demand for our services.
Hiring and retaining quality employees is a constant need all companies face, regardless of size or industry. Unfortunately, the talent pool in the financial services industry is shrinking due to competition from other industries and historically low unemployment levels. These factors make it difficult for HR pros to hire staff who can navigate the rapidly changing business environment. In fact, a Spring 2018 report by global consulting firm Korn Ferry estimates the financial and business services sectors will a face talent shortage of 1.2 million workers by 2030.
Argent Financial Group has grown rapidly over the years while staying true to our mission and goals. Here’s how we do it:
1. Recruit talent who buys into your company culture.
Hiring for cultural fit is just as important as industry experience and technical expertise. Professionals who buy into a company’s mission and core values will foster that ethos when working with clients and colleagues.
Company culture is such an integral part of Argent Financial Group’s mission that we created a Culture Promise that centers on four CORE principles: Collaboration, Organization, Relationship and Excellence. These beliefs — along with our philosophy of “Humble Confidence” that guides how we treat our clients and each other within the company — are a focal point in our recruiting and hiring process.
To ensure cultural alignment, we include questions on philosophies and values at every step of the interview process. It’s vital that candidates and company interviewers have frank and open discussions on the topic to determine if there’s a fit.
2. Leverage business and social relationships to identify and recruit talent.
All companies want exceptional talent on their teams. The challenge for recruiters is that those candidates are usually employed. That’s why it’s crucial for senior executives and managers to tap into their network of industry contacts to identify candidates who may fit current or future roles with your company.
Professional trade groups, company team members and peers employed at other firms are excellent sources to identify candidates. Start the recruiting process as soon as you find a candidate who could be the right fit for your company. Let them know you’re interested and build a strong relationship by staying in regular contact. Bring in other team members as needed. And above all, build trust with the candidate so you and your firm are well positioned when the time is right.
3. Make the interview process collaborative.
Collaboration, a core tenet of Argent’s Culture Promise, should be front and center in your company’s hiring process. Involving colleagues, team members and the executive team in the process allows everyone to see how the candidate would fit in culturally and if they possess the technical skills and expertise to get the job done.
4. Offer opportunities for professional growth.
Another major selling point that growing companies like Argent have is the ability to offer candidates the opportunity to make a meaningful difference in the company. Quality candidates are attracted to organizations that are growing because it affords them the opportunity of mobility – mobility to other service lines or through internal promotions. These options have proven to keep employees motivated and happy in their work.
5. Get to know your industry professionals.
Growing companies should not wait until there’s an open position to begin a search for additional staff. Get to know industry peers, listen to their goals, learn something new and tell them about your company. Exchange best practices and success stories and share knowledge you have learned from along the way — all of this can help your firm and ultimately the client.
Competing for talent against industry giants in today’s business environment isn’t easy. It takes time, patience and assistance from your colleagues and team members. But when you are intentional in your efforts to attract high-caliber colleagues, you’ll find the right people who have the expertise, experience and cultural values that will contribute to the continued growth and success of your company.