On the Pulse: 5 Key Insights for Employers in 2023

The financial services industry, like all sectors, has experienced significant disruption in recent years. As we continue to focus on 2023, it’s clear that employers in this field will need to adapt to a rapidly changing landscape. Here are some key trends and considerations for financial services employers for the remainder of the year.

1. Embrace Internal Mobility

The traditional career ladder is being replaced by a more dynamic, lattice-like approach. Employees are increasingly seeking opportunities within their current organizations rather than looking elsewhere. According to the Korn Ferry 2023 Talent Acquisition Trends report, employers should consider investing in talent analytics and workforce planning to identify new roles and potential internal candidates. Regular training and certification programs can help reskill or upskill existing employees, and AI programs can assist in auditing existing skillsets and creating personalized career pathways.

2. Foster Closer Collaboration Between Talent Acquisition and Talent Management

The pandemic has underscored the need for a closer alliance between recruiters and talent managers. A more integrated approach can create a connected journey that starts with the recruiting process and continues through the employee lifecycle. As per the Mercer’s 2023 Global Talent Trends report, cloud-based talent platforms can facilitate this interconnectivity, helping to deliver a progressive employee experience and support business growth.

3. Consider the Rise of Interim Professionals

More professionals are choosing interim or contract work over full-time roles, and this trend is expected to continue throughout 2023. Interim employees often bring unique skill sets and experiences that can be invaluable to financial services firms. Educo’s 2023 Trends Report suggests that employers should consider how to attract and retain these professionals, and how to integrate them effectively into their teams.

4. Invest in New Era Skills

According to the CFA Institute’s Investment Professional of the Future report, the investment professional of the future will need to adapt and embrace new challenges and opportunities for career success. This includes developing T-shaped skills, which are a combination of depth of related skills and expertise in a single field (the vertical bar of the T), and the ability to collaborate across disciplines and apply knowledge in areas of expertise other than one’s own (the horizontal bar of the T). Employers should provide training and development opportunities to help their employees develop these skills.

5. Focus on Diversity and Inclusion

Diversity and inclusion are increasingly recognized as key drivers of business success. A diverse workforce can bring a wider range of perspectives, ideas, and solutions, leading to better decision-making and problem-solving. As highlighted in the Mercer’s report, employers should make diversity and inclusion a strategic priority, and should consider how to attract and retain a diverse workforce.

Get in touch with Collier Recruitment today; we’re ready to help streamline your talent sourcing strategy.

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