The Financial Services group at Green Key Resources was the fourth practice area established in the firm. The group was established within the second year of Green Key’s existence and the group has seen over 15 years of market changes, hiring trends, and new developments in the financial services industry. The expertise among the groups’ leaders and recruiters allows for some great insight into the current market.
We spoke with several key leaders within the group to better understand the changes happening in the financial recruiting markets in this post-pandemic era. In a roundtable discussion, there were some common themes identified in the hiring trends among our Financial Services executives.
Green Key Financial Services specializes in the areas of:
- Client Services
- Middle Office
- Portfolio Management/Administration
- Project Management
- Risk Management – Credit, Operational, and Marketing
- Trade Support
- Distribution Channels
- Investment/Operational Due Diligence
- Investment Professionals
- Investor Relations
- Business Development
Although COVID-19 has affected most industries, over the last 18 months, the financial services industry has seen an uptick, despite historically declining in times of economic challenge and uncertainty.
As institutions prepare to enter the final quarter of 2021, compensation is going to be one of the major driving forces in 2022, as usual. Here are some other hiring trends Green Key’s Financial Services team is experiencing:
New Demands Post-Pandemic
The most glaring new trend Green Key’s Financial Services team has observed is a 45% increase of open permanent positions in financial services compared to this time last year.
In recent months, financial services has seen an uptick in all specialties. As firms continue to increase revenue and push for more diversity in their employees, a specialization in data has been a huge demand from Financial Services hiring managers as well – the more technical, the better.
Additionally, some larger financial firms are moving to locations outside of the tri-state area and are continuing to relocate positions to their other offices across the United States to open talent searches up to a wider audience.
A Thinned-Out Candidate Pool
Despite the increase in opportunities in financial services, the candidate pool has thinned out. Many factors have contributed to the thinning of the candidate pool.
Some professionals have moved away from traditional Banking and Alternative investments into other fintech and cryptocurrency firms that have come to the market in the last few years – a trend that has continued throughout the pandemic.
Other financial services professionals are hesitant to test the market since the pandemic is still impacting industries in unforeseen ways and they are not willing to risk the uncertainty of starting a new position.
“We have a highly active job market that has created a candidate-driven environment,” said Andrew List, Executive Director of Financial Services at Green Key Resources. “People have more choices in opportunities if they decide to test the market.”
In short, those who are looking for a new opportunity in Financial Services, have a lot more to choose from.
“We believe this trend will continue for the rest of this year and throughout the next as long as markets stay on the current pace,” said Matt Carbon, Executive Director of Financial Services Recruiting at Green Key Resources.
The lack of candidates can also be attributed to the efforts made by financial institutions to get their current employees to stay put such as reevaluating the employees’ compensation structure. Many companies are implementing off-cycle raises and promotions to further incentivize employees to stay in their current roles.
Like other industries, financial services companies have been flexible with remote work policies for the last year and a half, allowing employees to strike a better work-life balance compared to pre-pandemic days. As companies move into the fourth quarter, the trend seems to be changing to a hybrid work model or a 4-in-1 model with 4 days in the office and 1 day out. Firms that have gone back to a 5-day in-office model have seen an increasing number of employees resigning from their current firm.
“People are struggling with the thought of going back to the office,” said Marin Rattner, Director of Financial Services Recruiting at Green Key Resources. “In some cases, they feel they have worked harder and more efficiently the past year and a half. This along with the ability to be with their family has been a common reasoning for people to look for remote options and flexibility.”
An Increased Reliance on Recruiting Firms
Many firms with internal recruiting teams are overloaded with the high demand for talent and diverse candidate slates. As a result, they have turned to outsource their talent acquisition efforts to recruiting firms, such as Green Key Resources.
“With our extensive relationships, understanding of the Financial Services industry, and expertise in hiring in such a competitive market, utilizing the services of a recruiting firm like Green Key Resources is the best way to ease the stress of hiring and to find the right person to enhance your team,” said Steve Gold, Partner at Green Key Resources who oversees Financial Services.
How can organizations find top talent in this competitive market?
This is where Green Key’s expertise comes in. Our Financial Services team is dedicated to helping companies achieve their hiring goals while advocating for the needs of job seekers.
Seeking a new role in the Financial Services sector? Apply on the jobs page now to get started.