How Covid has changed recruitment for financial services

How Covid has changed recruitment for financial services

May 28, 2021 | Danielle Evans

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How Covid has changed recruitment for fi...

On a global scale, the pandemic has irrevocably changed people’s outlook on life, work, and money. In fact, a 2020 GROMOTELY STUDY revealed that 97% of employees across the US don’t want to return to the office full-time, and 60% would prefer to be fully remote.

It’s also clear that top-drawer talent prefers remote working, with the majority of high-level professionals indicating that remote working options were a deal breaker in their job searches.

Lately, I have been speaking with people in senior positions within the financial services sector who don’t actively want to make a change to their current working life for one of three reasons:

1. They enjoy a great work/life balance and may only need to work a few hours a day
2. They have a good financial package and simply don’t have the desire to earn any more
3. They can work remotely, and are therefore able to live in areas which offer great quality of life

A new title or top compensation package doesn’t seem to be as desirable as it once was – companies have to do more to attract these types of individuals, particularly at a senior level.
So, what can you do to attract new, executive talent in financial services?

1. Offer the option of hybrid working

Since the start of the pandemic, most of America’s office workers have been working from home, and have become adjusted to that. Rather than sticking to the traditional framework of a five-day week, evidence suggests that opting for a happy medium of two to three days per week in the office and remote working the rest of the time will allow people to continue living in a way that closely reflects the last 18 months or so. Offering this option will not only make your company more desirable to work for, but it will also allow your existing employees a better work-life balance, and therefore increase motivation and productivity.

2. Incorporate flexible working hours for better talent acquisition

Another way to replicate the pandemic working style is to introduce more flexible working hours. What this would mean is that rather than requiring your employees to work between set hours, they could complete their working day, within reason, whenever they choose. For example, a professional with children would be able to start work at 5am, work through to 7.30am, take their children to school and finish their working day before the school day ends. This method of working may also allow you to enhance your diversity, equity and inclusion practices.

3. Attract more talent with a different approach to holidays

If the pandemic has taught us anything, it’s that life is for living, and travel is more of a priority for Americans than it was before. In fact, a survey of over 8,000 people carried out by Vrbo revealed that 65% of Americans plan to travel more than they did before the pandemic. With this in mind, something that could really make your company stand out from the rest is offering a competitive amount of paid leave.

Here in the US, paid leave is at the discretion of employers, which is a stark difference to many other countries. You could even say that there’s a direct correlation between mandatory paid employer leave and overall happiness. This table shows the top three happiest vs. the most depressed countries across the world, and the amount of paid leave their citizens are entitled to.

Information from the above table has been taken from the following sources:

Happiest Countries

Countries with highest rates of depression

As you can see, mandatory paid leave is much higher in countries with stronger happiness ratings. While, of course, my research is not exhaustive, this would generally imply that if you want a happy, motivated workforce (and therefore one that’s more productive), you should give them more time in which to travel, pursue hobbies, and spend time with family and friends.

4. Rewards = retention

Another way to enhance motivation and attract great talent is to reward your existing employees. By making sure your workforce feels valued, and not just part of an overall body count, they will feel as though they have a purpose and be more inclined to remain loyal to your organization. Improved staff retention rates and good reviews from existing employees make your company much more attractive to potential talent. When it comes to rewards, it’s essential you deliver them in an appropriate way, both in timing and quantity. You’ll need to carefully consider which points in the overall operation of your business provide a good opportunity for the motivation of senior level staff. I’ve considered a few methods of rewarding your staff below:

Praise: Even the most simple of gestures can motivate your team and make them feel recognized. Giving praise takes hardly any time or effort, and the reward for both you and your personnel is ten-fold. From hand-written notes to physical drop-ins, giving praise is a sure-fire way to let people know that their work is truly appreciated.

Responsibility: Leading on from praise, many employees will feel seen and recognized if you allocate them extra responsibilities based on their outstanding performance in that area. It’s important, however, to ensure that this is manageable for them alongside their current workload, or that they’re compensated accordingly.

Small events: Should you have the time and resources, throwing small events are another great way to reward teams. Whether it’s a small buffet with drinks for everyone or a one-on-one lunch out, small events can also bring your team closer together and enhance working dynamics.

Flexibility: Arguably the most important thing you can do, providing flexibility allows people to enjoy a better work-life balance and helps keep them motivated. You could do this on an ad hoc basis, for example, if an employee has gone above and beyond, by letting them leave early on Friday you’ll be encouraging them to work just as hard next time. Or, you could integrate a day off for each employee’s birthday. Simply being flexible with medical appointments, childcare needs, and so on is another way to support your employees while keeping their motivation levels high and their work/life balanced.

5. Create a strong company culture

The term “company culture” is often thrown around without much thought or care as to what it really means. Having a strong company culture is not just creating a game space or providing beers on a Friday afternoon, it’s about incorporating everything I’ve mentioned into an attractive package that demonstrates care, investment, and a genuine desire to attract the best of the best. Companies which have a strong purpose, one that is believable and communicated well, along with a strong set of values, significantly contributes to a strong culture.

How Hanover can support financial services companies in their recruitment strategy and execution

Equipped with a global team of experts and experience that spans over two decades, Hanover is on hand to discuss and fulfil any business initiatives that you may have. Proud to offer a swift research and process-led methodology, we deliver a 90% success rate.If you’d like to chat about recruitment for your financial services business, contact me at Danielle.Evans@hanoversearch.com.