In the face of economic uncertainty, financial services organizations must invest in the talent experience to further digital transformation, according to Randstad Sourceright research

80% of banking and financial services leaders say providing flexible hours and work arrangements is an effective way to address talent shortages; however, only 38% report using this strategy.

ATLANTA, September 8, 2022 /PRNewswire/ — Randstad Sourceright’s Banking and Financial Services Industry Report 2022 Talent Trends found that nearly half (49%) of human capital and C-suite leaders in the banking and financial services industry (BFSI) report talent shortages for IT skills, a concern for an industry increasingly reliant on of technology and data science. Financial institutions are not only increasing their investments in areas such as cybersecurity, digital banking, and artificial intelligence to better serve customers, they are also adopting new technologies to boost their talent experience and improve operational efficiency. In fact, 79% of BFSI leaders say they are investing more in analytics to improve talent attraction and engagement, the highest percentage of all reported industries.

Randstad Sourceright

The banking, financial services and insurance industry has historically relied on strong compensation packages to attract and retain top talent. In the wake of the pandemic, however, BFSI professionals are demanding more, seeking employers who offer flexible work arrangements, a better work-life balance and a more attractive employee value proposition overall.

“The banking and financial services industry has long been successful in attracting the best and brightest talent through compensation packages and growth opportunities. They will now need to be ready to respond to changes in business and work culture.” , said sam schlimper, principal consultant, Randstad Workforce Advisory. “If they want to remain competitive, employers will need to bridge the gap between the new social contract that workers are seeking and the traditional culture and value proposition that many BFSI companies offer. This will be especially important as they look to fill technology roles. where they are competing for qualified candidates in a variety of industries.

Although last year’s financial compensation was the highest in recent memory, BFSI employers still struggled with hiring challenges throughout 2021 and the first half of 2022 as they experienced high turnover and salary inflation. To overcome talent shortages, many talent leaders (76%) say external market data is critical to informing hiring, with nearly half (43%) reporting using innovation to improve their recruiting efforts. But while 80% of banking and financial services leaders say providing flexible hours and work arrangements is an effective way to address talent shortages, only 38% report using this people-centric strategy.

BFSI organizations have also increased their focus and investment in diversity, equity and inclusion (DEI) to address the growing talent shortage and attract the growing cohort of workers who want to work for employers who value diversity. Eighty-three percent (83%) say their DEI strategies will influence their business in 2022. But while 74% believe DEI is critical to attracting, engaging and retaining great talent, only 41% say their Hiring practices supported its diversity goals last year — the lowest percentage of sectors reported, highlighting the continued need for improvement in this area.

To access the comprehensive data and people-centric strategies that are helping BFSI employers attract, hire and retain talent, download a copy of “Talent Trends 2022: Banking and Financial Services” from Randstad Sourceright. report here.

Randstad Sourceright 2022 Banking & Financial Services Talent Trends Report Key Findings

Nearly half (49%) of human capital and C-suite leaders in banking and financial services report talent shortages for IT skills.

The majority (76%) of banking and financial services employers say external market data is critical to hiring, with nearly half (43%) using innovation to improve their recruiting efforts.

79% of BFSI leaders say they are investing more in analytics to improve talent attraction and engagement, the highest percentage of all reported industries.

80% of banking and financial services leaders say providing flexible hours and work arrangements is an effective way to address talent shortages; however, only 38% report using this strategy.

More than half (56%) of banking and financial services employers are increasing their investments in diversity seeking and match enablement.t.

While 74% believe DEI is critical to attracting, engaging and retaining great talent, only 41% say their hiring practices supported their diversity goals in 2021, the lowest percentage among reported industries.

About the Randstad Sourceright Talent Trends research.
our 2022 talent trends research, includes the opinions of more than 900 human capital and C-suite leaders in 18 markets.

About Randstad Sourceright.
Randstad Sourceright is a global leader in talent solutions, driving talent acquisition and human capital management strategies for the world’s most successful employers. We empower companies by leveraging a Human Forward strategy that balances the use of innovative technologies with expert insights, supporting both organizations and individuals in realizing their true potential.

As the operating company of Randstad NV, the world’s leading global provider of HR services with revenues of €20.7 billion, Randstad Sourceright’s subject matter experts and thought leaders around the world continually build and evolve our solutions to through Recruitment Process Outsourcing (RPO), Managed Services (MSP) and Total Talent Solutions.

read more on randstadsourceright.com.

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SOURCE Randstad Sourceright

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