Following the progression of many other sectors, recruiting trends within the finance and insurance industries are aligning with 2021’s improving economic performance. Talent acquisition teams within the sector are recognizing that they must act quickly in order to ensure their organizations attract and retain the A-players needed to continue steering the business in the right direction. GR8 People’s recent assessment of current data points uncovers talent trends within the sector that are helpful in shaping an effective TA strategy. More specifically, here’s what finance and insurance recruiters need to know—and do—to achieve success in today’s environment.
Trend #1: Considerable competition for talent remains prevalent.
Although the unemployment rate within the finance and insurance industries remains low, we are beginning to see an upward trend. As noted in the most recent Industries at a Glance report from the Bureau of Labor Statistics, the sector’s May 2021 unemployment rate of 3.0% jumped to 3.4% in June. Looking specifically at insurance employers, a similar pattern emerges. Insurance carriers and related businesses saw their May 2.5% unemployment rate rise to 3.4% in June. A great deal of folks may be staying put for now, but it’s imperative that recruiters keep this trend in mind with the likelihood that others may start considering a job change.
GR8 Tip: Implement a candidate nurturing and engagement program. Given that most finance and insurance workers are still employed, it’s likely you’ll connect with great candidates who are interested in learning more but, ultimately, decide not to apply quite yet. Recruiters who put in place mechanisms to stay in touch with top prospects and nurture these relationships will gain a competitive edge. Robust and intuitive candidate relationship management software—ideally built natively within your talent platform—is essential to your ability to make the most of every connection and engage talent by automating the process of sharing relevant messaging and updates on a consistent basis. When those top prospects are ready to make a switch, your organization will be top of mind.
Trend #2: Organizational Culture Helps Attract and Retain Top Employees
Company culture has become a major focus for today’s job seekers as they want to envision what their future work world could look like. According to Cordia Resources, 35% of American workers say they would pass on the perfect job if they felt the company culture wasn’t a good fit. Compelling information that reflects your organization’s employer brand is a must in a time when top talent is hard to come by. Review your career website content and make sure it addresses everything you’d want a potential employee to know about your company. The career website has the ability to function as a main hub for your organization’s employer brand, and today’s job seekers want an in-depth understanding of what it’s like to work at a company before they decide to apply. They expect a consumer-like experience and instant gratification when seeking answers to questions about a company’s commitment to DEI as well as discovering the jobs they are truly the right fit for.
GR8 Tip: Leverage your career website to share meaningful and relevant messaging. Audit your career website content and make sure it covers important topics, everything from what you’re doing to protect workers—particularly those on the front lines like retail banking representatives—to how you’re assisting employees who need to work from home for the foreseeable future. Promote your organization’s business strategy, too, as signs of stability and strong management will appeal to those who might be apprehensive about making a job change.
Trend #3: Gen Z still has its sights set on tech employers. Make sure you stand out.
The financial services brain drain—a result of the tech industry luring more and more top graduates away from financial services—sped up considerably following the Great Recession. The New York Times reports that in 2006, 31% of graduates from the Massachusetts Institute of Technology accepted jobs on Wall Street. By 2015, that figure had dwindled to 10%. Conversely, software firms hired 28% of M.I.T. grads in 2015, up from only 10% in 2006. According to a recent Recruiter.com article, 77% of over 29,000 Gen Z-ers surveyed about future employment said they wanted to work for a tech company. Well-known tech giants such as Google, Apple and Netflix were at the top of the list. In order to stand out to this unique generation of workers, it’s crucial that you pay attention to the things they value in the workplace and differentiate yourself from the competition. DEI, work/life balance, and hybrid work arrangements are a few examples of things these digital natives will find important.
GR8 Tip: Go virtual to engage students and new grads. Many employers are taking advantage of the versatility of virtual recruiting events to establish and maintain employer brand awareness among key target audience segments. Finance and insurance companies can use an information session format or seminar-styled virtual events to introduce high-potential Gen Z talent to who they are and why employees love working at the company, as well as current or future opportunities. Gen Z-ers have grown up completely immersed in technology, so being able to connect with them virtually in their job search is of the upmost importance. Whether searching from their phones, tablets, or laptops, you can be sure that this group will respond well to a thought-out virtual recruiting strategy.
Unlike other workforce sectors, finance and insurance is likely to experience ongoing talent attraction difficulties due to the low unemployment rates alongside potential hesitation among candidates when it comes to making a job change. Nonetheless, with statistics proving a slight increase in unemployment rates and an improvement in economic performance, you need to be prepared to stand out to top talent. Teams that take proactive steps to optimize their recruiting strategies in response to emerging talent acquisition trends will be far better positioned to lead their organizations forward by ensuring they have the talent needed to lead their organization to success.