July 30, 2021
It’s no secret that since the world started returning to a new semblance of normal following the Coronavirus pandemic, there has been a distinct shortage of labor throughout the country. There are over 9.3 million open jobs in the U.S., and companies across the country are struggling to fill them.
If your firm has jobs that you’re struggling to fill, don’t worry — you are certainly not alone.
At Dakota, we also know that it’s never been easy to fill investment management and investment sales roles. It’s difficult to find someone who meets the requirements of unique firms, and it can be even harder to find someone who is the right culture fit for your team.
Since 2006, Dakota has been partnering with investment firms to raise funds for their strategies, and in that time, we’ve nearly tripled in size. We’ve learned a lot about hiring, recruiting and keeping quality employees.
We’ve recently launched Dakota Jobs, a free resource that allows you to tap into our network to find your own next great teammate.
But we’re not here to sell you on Dakota Jobs. Instead, in this article, we’re going to dive into some hiring trends that we’ve seen throughout the industry so far this year. By the end of the article, you’ll have a clear overview of where we stand, and you’ll know what to expect as you start or continue your hiring journey.
Because industries such as healthcare, technology, financial services, and property management have continued to do very well despite the pandemic, they need specific and specialized professionals to guide strategy and improve the bottom line.
This is especially true in the investment and financial spaces, where roles such as internal auditors, accounts receivable/payable roles, risk analysts and forecasters, payroll administrators, and loan administrators are in high demand.
After a year and a half of working remotely, many professionals worldwide are looking for roles that will offer them the same flexibility they have come to count on. In fact, 74% of professionals say they want to work from home more often going forward. This isn’t necessarily surprising, as many employees note that this leads to a true work-life balance they hadn’t had access to before.
In addition to being the preference of many prospective employees, however, remote work allows firms to cast a wider net when looking for applicants. Because people can work from any city, you are able to expand your search outside of your office’s primary location, which could lead to a greater chance of finding your perfect fit.
53% of senior managers conducted remote interviews and onboarding during the pandemic, and reported that they found it easier to access candidates with the specialized skills we mentioned above.
Finally, remote work means you can support customers and clients from anywhere in the world. This leads to reduced office costs and high levels of morale and productivity from employees who have adapted to (and prefer) working remotely.
Hiring managers are increasingly in need of staff with the technological knowledge to take them into the future as the financial services space becomes increasingly automated.
We’ve talked before about the ways that updates and advancement of technology within the asset management industry have enabled access to alternative strategies and made the investment and subscription experience easier. And really, the entire ecosystem is being built out where products can be scaled in a more fluid investor experience. Some of these technologies include DocuSign, iCapital, and CAIS.
Additionally, working remotely means it is necessary to find finance professionals with strong business acumen who can also collaborate effectively using virtual tools.
While a competitive salary is the first step to recruiting the right candidate, it is important that you focus on the big picture, not just the salary. This includes the benefits package, flexibility, remote working options, and perks.
60% of workers surveyed said that they’re more motivated to work at a company that values its staff. Additionally, paid time off and tuition assistance can give a company an edge over their competitors, and things like paid parental leave and flexible work schedules can help let employees know that you care about their work life balance.
The pandemic accelerated an already rapid change in recruiting practices across the country. Everything is being digitized for efficiency and ease for employers and job seekers alike. Automation and AI technology, mobile technology, and big data analytics are being used as the financial services industry recruiting quickly moves to digital to engage customers and drive greater efficiency and profitability.
Additionally, while looking for talent pools for highly technical positions like data engineer and data analysts, many firms also find themselves looking for talent with a blend of business and analytical skills to adapt to this changing environment.
More than ever, there is an emphasis on recruiting from diverse backgrounds. This includes looking for bilingual candidates, and from a variety of racial backgrounds.
The financial and accounting spaces both performed poorly in a number of key DEI metrics in a Gartner labor market survey. The survey revealed that people of color make up just 11% of the total workforce in corporate finance, and just 6% of senior finance roles. This is 6 points lower than the average corporate department, and leaves a lot of room for growth throughout the rest of 2021 and into the future.
To overcome results like these, your firm can take steps toward inclusion, including re-evaluating your current pools of talent, reducing biases throughout the recruiting process, and focusing on skills over background. We also recommend amplifying this effort across your organization.
Did you know that 87% of employers say that they are struggling to fill positions due to a gap in candidates’ skills?
Up-skilling can change that.
Up-skilling means committing to and investing in your employees, even if they don’t have every skill on the job opening. If you plan to pay for the training and education necessary in the long run, you will not only be able to fill those hard-to-fill roles faster, but you’ll have an employee who is only becoming more skilled throughout their tenure at your firm.
Keeping your eye on industry trends is always recommended, but this is often overlooked when it comes to the world of recruiting talent for your firm.
Now that you know these 7 key trends throughout the investment industry, you’re ready to refocus your efforts and find the perfect fit candidate for your firm. If you’re ready to take the next step, you can setup a free Dakota Jobs account and start posting jobs today.
Amy Sariego is the Director of Content Marketing at Dakota.
