As the year ends, many organizations are now speculating on recruitment trends that will potentially impact the Finance industry in 2019.
According to Deloitte, the financial services industry can expect to see more issues pertaining to regulation, disruptive models and technologies, continued shifts in demographics, restructuring portfolios, as well as focusing on bottom-line profitability in the upcoming years.
To deal with the changing dynamics of the industry, financial institutions are looking to hire highly qualified and innovative individuals to tackle the challenges of security, changing regulations and the management of big data.
ExecuNet, a leading site for executive job search, career path, and leadership advice recently surveyed some of the country’s top executive recruiters which shows some interesting data pertaining to job forecasting for the 4th quarter.
Here are the top five recruiting trends that are bound to impact the financial industry;
Big Data Management
In 2017, as many as 53% of companies in the financial services and telecom sectors adopted big data analytics and by 2027, big data revenue is expected to reach $33 billion in the services industry in United States. Firms within financial services and investment banking are increasing their focus on hiring big data engineers and data scientists to improve the profitability of their business. For incoming college students, focusing on these areas is a wise move.
Regulations and Compliance
Financial institutions are now facing stricter regulations to remain compliant and avoid risky behavior. Since the 2008 financial crisis, the financial industry is scrupulously observed and monitored closer than ever before, creating an increased need to hire exceptionally talented analysts and forensic researchers. Moreover, banking is increasingly becoming more about customer service than it historically has, resulting in a greater need for individuals who specialize in customer services.
Increased Need for Payroll and Accounts Receivable Professionals
The latest recruitment trends in the Finance sector as a whole indicate an increased demand for candidates well-versed with the issues of payrolls, receivable and payable accounts from multiple industries.
Managing the Talent Gap
The finance industry in particular is experiencing a widening gap of talent with thousands of job openings and not enough qualified individuals to fill them in. Firms should be paying close attention to their company image in order to effectively compete for most importantly, retain top talent .
With high-profile security breaches, such that of Equifax in 2017, more firms than ever before are now realizing the need for tightened security. Financial institutions are privy to sensitive financial and personal information of their clients. Therefore, security issues lie at the highest priority for financial institutions.
Therefore, there’s an increasing demand for security specialists in the sector who can protect data from inside the company as well as protecting it from external breaches. This is another area that young professionals would be savvy to focus their studies on.
ISC Jobs is a leading Financial Recruiting search firm that has matched thousands of high performing financial professionals with financial institutions since 1999.