Finance recruitment in Ireland is getting more challenging each day. To help you secure the best finance and accounting professionals, we’ve compiled a list of some useful finance recruit tips to make your work easier. Read on to learn more!
Roles in the finance industry have changed significantly in recent years. The emergence of fintech (financial technology) solutions and the rapid digitization of the sector have made it challenging to find the right personnel to fill key positions. In this article, we will look at some of the challenges of finance recruitment in Ireland. We’ll also offer some tips for finance and accounting recruiting so that you can improve your company’s hiring process.
Why is Recruiting in the Financial Services Industry So Challenging?
Many industries require some assistance in finding the right talent, but hiring in the finance sector has its own unique challenges. Between exponential growth and stiff competition, finance recruiters struggle to find people with the right experience. Many companies in the finance sector face challenges hiring personnel, including mortgage lenders and banks.
• Stiff Competition
According to mqrecruitment.ie, one of the main challenges in finance recruitment is stiff competition for roles. The finance sector in Ireland is rapidly growing, creating many new job opportunities. Faced with stiff competition from other industries, finance candidates have more roles available for them to choose from. This means that candidates who have the right qualifications and experience will be in high demand. Remember, your company is not the only one looking for talented finance and accounting professionals.
• A Rapidly Expanding Finance Industry
Since 2020, the finance industry in Ireland has been one of the fastest growing economic sectors as it continually serving more and more customers. This growth can be attributed to the increased use of fintech solutions.
Investments in the fintech space have outperformed all other SaaS (Software as a Service) investments in the last 5 years, resulting in greater demand for skilled and experienced professionals.
• The Talent Pool is Global
Unlike other industries, the talent pool in the financial services industry is global. Experienced professionals in Ireland can be lured to other parts of the world by more lucrative offers.
This is a growing concern not only in Ireland but in many other countries across Europe. Also, remote work has made it possible for professionals to work from anywhere. More flexible work arrangements contribute to more options and opportunities for skilled candidates, making finance recruiting in Ireland more challenging.
What Effective Finance Recruitment Looks Like
Despite the above challenges, getting the best employees for your company is possible. First, you must consider the current state of the job market. Next, you must acknowledge that understanding the candidates’ expectations is the key to having an effective hiring process.
Potential candidates now want more than just working for a reputable organization that pays well. They also want to work for a company that offers a convenient work-life balance, ability to work remotely and increased inclusivity.
Below are some of the most effective finance and accounting recruitment tips to improve your hiring process.
• Create an Attractive Brand
Gen Z and Millennials now make up the majority of the talent pool you’re looking to hire. What attracted previous generations of workers no longer attracts these newer generations. With that said, creating an engaging brand for your finance and banking recruitment strategy is critical.
An attractive brand to the 2 generations includes:
– Digitization over manual paper processes
– More Corporate Social Responsibility (CSR) programs
– Inclusive opportunities
– Workforce diversity
• Tap Into The Soon-To-Be College Graduates Pool
Fresh graduates are a great resource for finance recruitment. It’s a win-win for everyone because the graduates need jobs and there are plenty of entry-level positions for companies to fill. This technique can save you a lot of time when looking for candidates to fill your finance department positions. You can also train them to suit your company’s vision and ethics right out of the gate.
• Incentivize Employees to Refer Candidates
One of the most effective ways to attract new talent into your company is by setting up an employee referral program. With such a program, your existing employees, who are already familiar with your company structures and business model, can introduce or recommend new employees who can bring value to your company.
• Let Candidates Know You Value Soft Skills
A common mistake made during finance recruitment is to assume that candidates don’t need soft skills. The argument behind this misconception is that finance roles are all about numbers, not people. However, soft skills are crucial in all organizations, as they help promote a communicative and healthy work environment.
Promoting your organization as one that values soft skills will help you stand out among other employers. Some examples of soft skills include:
– Effective communication
– Conflict resolution
By following the above finance recruitment tips, you can streamline your hiring process and improve your chance of success!