Banking on a finance career

The word is out: attracting the best financial services candidates takes more than generous salaries. Job seekers today want clearly defined, compelling career pathways. 

And, at the end of the day, it’s up to organisations to provide those. 

So how do you tap into top talent? Become an attractive employer to financial services job seekers? And what does a compelling career path even look like?

All that’s coming up. 

But first: a snapshot of current market conditions 👇 

• Despite a slight rise in unemployment (4.0% in May), the economy remains fairly stable
• Candidates applying for technology and project roles are often receiving multiple offers
• Contract roles are consolidating (or even declining) 
• Individuals are pushing for salary hikes to cover rising inflation and cost of living. 

So…it’s a mixed bag. Yet despite everything, banking and financial services are still jostling for talent. 

Here’s how you can recruit (and retain) a strong workforce. 

The best ways to identify potential talent

There are plenty of financial services job seekers out there. So there’s great talent to choose from. But getting the right talent? That goes beyond technical capabilities. 

Which is why it’s super important to assess a candidate’s: 

• Ability to perform (Can Do) AND
• Motivations (Want To). 

When that’s clear, you’ve got the best chance of finding the best fit. 

Here’s what one expert says

Nick Gallimore, Director of Talent Transformation & Insight, Clear Review said this in an International Banker article: 

“We think it’s as simple as asking managers 3 yes or no questions about each of their employees: 

1. Does this person have a proven track record for accomplishing impressive performance results AND have the potential to make significant further contributions in their career? 
2. Would there be a significant negative impact for the team / business if this individual left?
3. Does the person have the personal desire and drive to be top talent (are they willing and able to progress their career rapidly via targeted developmental experiences)? 

If the answer to all 3 questions is yes, then you may have a top performer in your midst. 

You can then answer a 4th and final question: 

1. On balance, taking into account all these indicators, do you recommend them as high potential talent?”

But don’t forget to go to the source 

It’s also important to partner with universities and other educational institutions. For example, the University of Sydney and Monash University have successful talent attraction programs. 

So open your doors to: 

• Internships 
• Graduate programs 
• Collaborations with industry groups such as the Financial Services Institute of Australasia (FINSIA). 

You might just uncover some incredible up-and-coming talent! 

And always look within 

Think you’ve got potential leaders already in your organisation? Here’s how to identify whether they’ve got what it takes: 

• Assess competencies + potential
• Observe behaviours + attitudes
• Provide opportunities + challenges
• Offer feedback + coaching
• Support learning + development
• Monitor progress + results. 

(Source) 

Because why look elsewhere if you’ve already got top-notch talent? 

Walking with your team on their career path 

Of course, it’s one thing for employees to say they want to further their careers. But are they truly engaged with the process? 

These strategies can help: 

• Make sure staff know what career pathways are actually available within the banking and finance world (e.g. retail banking, investment banking, risk management or financial analysis) 
• Provide insights into the skills and qualifications needed for different roles
• Communicate the importance of continuous professional development
• Highlight local trends (e.g. the growing demand for roles in fintech, cybersecurity and regulatory compliance in Australia – driven by digital transformation).

What does a good training and development program look like, anyway?

According to the Australian Financial Review, organisations investing in staff training saw a: 

⬆️ 15% increase in employee productivity

⬇️ 20% reduction in turnover rates. 

And, when the Australian Human Resources Institute (AHRI) surveyed employees, they also uncovered some telling stats: 

42% of employees cited career progression and development opportunities as the #1 reason for staying with an organisation!

So there’s no question — you absolutely need training and development programs. 

But remember: your employees also need access to a wide range of them. That way, they can grow both their soft and hard skills. 

This might look like: 

• Structured training programs 
• Mentorship 
• Shadowing 
• On-the-job training 
• Stretch assignments. 

And don’t forget: there are many different methods you can use along the way. Not everyone learns the same way! 

Consider using: 

• E-learning 
• Simulation-based training 
• Cross-functional projects. 

Because variety is the spice of life, after all. 

How exactly do you cultivate a career path? 

By and large, it’s about clearly mapping out career pathways so employees can visualise themselves on their journey. This roadmap should include all potential career progression opportunities – including lateral moves and vertical promotions. 

One, some or all of these could crop up along the way: 

Mentorship programs

Pair experienced professionals with new employees to give emerging talent: 

• Guidance 
• Industry insights 
• Career development support. 

Continuous learning opportunities 

Help employees upskill and stay across industry trends through: 

• Internal training programs 
• External courses 
• Professional certifications. 

Performance reviews and career planning 

Conduct regular performance reviews to discuss career aspirations and development plans. This is also a great way to identify potential leaders and high performers – and put them forward for advanced training and leadership development programs. 

Leadership development programs

Once you’ve identified those potential leaders (generally mid-level managers and high potential employees), create leadership development programs to match. 

These programs should focus on developing: 

• Strategic thinking 
• Leadership skills 
• Advanced technical knowledge. 

Job rotation and cross-functional projects

Stay away from the siloed set up! Instead, introduce job rotation programs and cross-functional projects. Both these give employees a broader experience and deeper understanding of the organisation. 

Securing the strong workforce you need 

Recruiting financial services candidates is the first step. But nurturing your relationship so they hang around? That’s about you offering upskilling opportunities and clear career pathways. 

Get top talent by getting in the know. Download the Talenza 2024 Salary Guide today.