As financial services recruiters seem to be short of breath at
the moment – lack of the correct talent having come up as a common
problem area for both recruiters and employers since the start of
2012 – Michael Nuciforo says that as recruiters scramble to fill
the gaps, they may actually be suffering from a shortage of
breadth
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Most financial services recruiters seem to be a little short of
breath at the moment. Where is all the talent they wonder? As
they quickly scurry around, high on caffeine, from client to
client. It is a common pain point that has come up in
conversation with both recruiters and employers since the start of
the year.
London, a city of over 7m people, is suffering from a severe
shortage of mobile, digital and payment experts. There simply
aren’t enough people to go around. As recruiters scramble to
fill the gaps, they may indeed be feeling short of breath,
but in fact, they are actually suffering from a shortage of
breadth.
For years the banking industry, much like
their IT departments, has suffered from an antiquated
mentality. The default position on recruitment was ‘banking
experience required’. New hires, if not appointed internally,
have generally been employed from within the industry itself.
Only certain people could work in banking. Well, that was the
belief.
This created an industry which was difficult
to get into, and almost impossible to get out of. Walk
through the corridors of most bank departments and you will notice
it. There is a sense of staleness, sentimentality and most of
all resignation.
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By GlobalDataGenerally speaking, most people fall into
technology roles at banks, rather than aim for them. Even if
you have studied a relevant IT, Computer Science or eCommerce
degree at University, you are not doing that with a bank job in
mind. Banks are not one of the most attractive places to work
for budding innovators. They have a reputation for stifling
creativity and potential employees worry about the culture,
credibility and long-term opportunities of roles in the
industry.
Put simply, working in a bank isn’t going to
give you any street cred. You are not going to end up having
Apple or Google knocking on your door.
Furthermore, as banks wake up to the
importance of technology (…finally), the impact of this hiring
protocol has meant that banks are now struggling without the right
talent. In the lead up to the London Olympics, the long
awaited investment in new payment technologies has begun in
earnest, but progress is being delayed as a talent vacuum has been
created.
The skills shortage doesn’t just relate to
developers, architects and testers. There is a gap all the
way to the top. A lack of recruitment breadth has meant that
Senior Managers are also struggling to keep up with the evolving
methodologies being used elsewhere.
It is therefore time for a fresh
approach. It’s time for recruiters and employers to start
looking outside the industry. Banks need to aggressively
pursue talent that previously may not have considered a role in the
sector. Looking at candidates who only have experience in
banking is significantly reducing the talent pool on offer.
Of course experience can be beneficial, but
banks can’t make this their primary driver. Instead of a
couple of years on a CV, the focus needs to be on getting someone
who has the right skills, attitude and leadership to drive the
business forward.
Some of the most successful appointments I
have seen in banking are when people have been recruited from the
‘outside’. A Managing Director from the Media industry made
the successful transition to the Finance industry and has never
looked backed. Sure, they would be the first to admit that
there were some tough times at the start but they were able to
adjust.
The person recruited has since built up a
fantastic reputation in the industry, utilising the insight,
learning’s and most importantly attitude from a totally different
industry. It was the soft skills that mattered.
The recruitment of people from outside the
industry doesn’t need to extend to just senior roles. It can
include standard project and BAU roles. There is an excellent
pool of talent at digital agencies and technology start-ups who may
be starting to think about where they can utilise their
skills.
They may be enthused by the challenges of new
banking competition, or excited by the increased investment in
mobile and digital banking in the form of more innovative
services. Whilst they might seem atypical bank employees, the
glamorous start-up lifestyle often promoted by new business is
often far from the truth.
The great news is that London’s burgeoning
Technology scene continues to go from stride to stride. With
continued focus from the UK Government on developing East London
through the Tech City Investment Organisation, there is a bigger
opportunity than ever for banks to poach new talent.
With banks facing increasing competition from new businesses, it
is important they tackle the issue with the right people by their
side. Having the right team on the park is crucial to
ensuring the industry doesn’t come up short.
