As you can see from our previous blog posts, recruiting challenges are seen in every industry! This week, we are focusing on the finance industry's challenges. Here are some of the top challenges the financial sector is facing:
1. Labor Shortage
The Labor shortage continues to impact almost every industry. There are not enough skilled workers to fill positions within the financial industry, so many companies struggle to hire workers. While the Bureau of Labor Statistics has predicted that 773,800 jobs will be added to the financial sector by 2026, most CEOs believe that the labor shortage will inhibit future growth.
2. Diversity and Inclusion
Currently, most financial companies have DE&I measures in place, but when it comes to implementing and applying these principles to recruiting, most institutions fall short. Diversity initiatives are less successful than those in other industries.
3. Hiring of Young Professionals
Recruiting younger workers, such as millennials and Gen-Z, can be challenging for the financial industry. Many of its current workers are older generations. The things that appeal to the older generations may not appeal to the younger ones, so economic sectors must get creative with how they recruit. However, this doesn't just apply to the finance industry but to all industries.
4. Shortage of Mid-Career Candidates
It is difficult for the financial industry to find experienced candidates for higher roles because of the 2008 financial crisis. Many employees in the financial industry lost their jobs during this time, so it is hard to find candidates with the experience most companies look for to fill executive and C-Suite positions.
5. Technology Skills Gap
Cybersecurity is an issue in the financial industry, just like every other industry. There is a shortage of candidates with the tech skills needed for these positions. The lack of technologically skilled candidates could make financial companies struggle to secure sensitive data. Cybersecurity is a top concern for finance companies' customers, so financial organizations' leaders are constantly looking for great talent.
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