80% of banking and financial services leaders say offering flexible working hours and arrangements is an effective way to address talent shortages, but only 38% say they use this strategy.
ATLANTE, September 8, 2022 /PRNewswire/ — Randstad Sourceright’s 2022 Talent Trends in the Banking and Financial Services Industry Report found that nearly half (49%) of executives and human capital leaders in the banking and financial services (BFSI) industry report a talent shortage for IT skills, a concern for an increasingly dependent industry technology and data science. Not only are financial institutions increasing their investments in areas such as cybersecurity, digital banking and artificial intelligence to better serve customers, but 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 any industry reported.
The banking, financial services and insurance industry has historically relied on strong compensation programs 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, better work-life balance and a more attractive overall value proposition for employees.
“The banking and financial services industry has a long history of attracting the best and brightest talent through compensation programs and growth opportunities. Now they will need to be ready to respond to changes in corporate and workplace culture,” said Sam Schlimper, Senior Consultant, Randstad Workforce Advisory. “If they are to remain competitive, employers will need to bridge the gap between the new social contract workers seek and the traditional culture and value proposition offered by many BFSI companies. This will be particularly important as they seek to fill technology-focused positions where they compete for qualified candidates in a variety of industries.”
Although the financial compensation for last year was the highest it has been in recent times, BFSI employers have still struggled to deal 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 key to informing hiring, and nearly half (43%) say they use innovation to improve their talent development efforts. recruitment. But while 80% of banking and financial services executives say offering flexible hours and work arrangements is an effective way to address talent shortages, only 38% say they use this people-centric strategy.
BFSI organizations have also increased their focus and investment in diversity, equity and inclusion (DEI) to both address growing talent shortages 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 fundamental to attracting, engaging and retaining great talent, only 41% say their practices hiring companies supported their diversity goals last year. — the lowest percentage of reported sectors, highlighting the continued need for improvement in this area.
To access comprehensive data and people-centric strategies that help BFSI employers attract, hire and retain talent, download a copy of Randstad Sourceright’s “2022 Talent Trends: banking & financial services”. report here.
Key Findings from the Randstad Sourceright 2022 Talent Trends in Banking and Financial Services Report
● Nearly half (49%) of executives and human capital managers in banking and financial services report a talent shortage for IT skills.
● A majority (76%) of banking and financial services employers say external market data is critical to hiring, and nearly half (43%) use innovation to improve their recruiting efforts.
● 79% of BFSI leaders say they are investing more in analytics to drive talent attraction and engagement – the highest percentage of any industry reported.
● 80% of banking and financial services leaders say offering flexible working hours and arrangements is an effective way to address talent shortages, but only 38% say they use this strategy.
● More than half (56%) of banking and financial services employers are increasing their investments in finding and connecting diversityt.
● While 74% believe DEI is fundamental to attracting, engaging and retaining great talent, only 41% say their hiring practices supported their diversity goals in 2021 – the lowest percentage among the industries reported.
About Research Randstad Sourceright Talent Trends.
Our 2022 Talent Trends research, includes insights from more than 900 human capital and C-suite leaders across 18 markets.
About Randstad Sourceright.
Randstad Sourceright is a global leader in talent management solutions, driving talent acquisition and human capital management strategies for the world’s most successful employers. We empower businesses by leveraging a Human Forward strategy that balances the use of innovative technologies with insights from experts, helping both organizations and people realize their true potential.
As the operating company of Randstad NV – the world’s leading provider of HR services with revenue of €20.7 billion – Randstad Sourceright’s subject matter experts and thought leaders around the world continuously design and evolve our solutions through recruiting process outsourcing (RPO), managed program services (MSP) and total talent management solutions.
Read more on randstadsourceright.com.
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