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According to our latest workplace study, The new front on the war for talent, the banking and financial services market confidence is picking up. Most employers are looking to increase their headcount this year. So the war for talent is set to become a major issue for recruiters. The impact of the recession is clear to see: employers are looking for a slightly different skill set with communication skills, change management and analytical skills top the list.
Our research also shows that employers need to focus on employee engagement strategies as many employees feel disengaged through high workloads and low morale during the recession.
We talk to Steve Hulme CFO of Capital One Bank (Europe) plc about his take on the talent management challenges in the banking & financial services sector.
What skills are in particular demand in the banking & financial services sector and why?
The technical nature of the financial services sector plus its need for controls and governance mean that technical accounting, risk management and financial control roles are likely to always be in high demand. Highly developed analytical skills are always really important across all types of roles. In finance that means that financial and data analysis are key but these need to be combined with strong communications and influencing skills. Overall I have seen a recent trend that companies seem to be recruiting either at more junior levels, looking to develop and promote high performers more quickly to backfill roles, or right at the upper ends, using the economic instability as an opportunity to bring on board new business leaders.
How easy is it to find these skills?
It’s a challenge to find these skills despite the economic downturn as companies have sought to reward or differentially invest in their top talent, I find having a really clear business strategy, competitive pay and benefits plus a great company culture are key elements in attracting the right talent.
What advice would you give to those looking to progress their career in the Banking & Financial Services market within finance?
Many of the skills are transferable from other sectors, for example complex financial analysis and business partnering are important in most industries. Many of the people we have recruited over the years have come from different sectors and they have been equally successful in their careers. However, I think there are a few key areas for financial services organisations; firstly, an enquiring mind is particularly important in order to get to the bottom of issues and spot risks; secondly, a broad understanding of what’s going on in the wider economy and the banking sector to be able to articulate how this will impact the sector and the key risks companies face; and finally, there are great opportunities to progress in banks and other financial services organisations so it is definitely a sector worth considering.
Are there any other talent management issues you are facing?
The banking industry has a somewhat poor reputation at the moment given the economic crisis. Also there is a huge financial services concentration in London whereas our main activities are based in Nottingham. Taking those things together can make attracting the best talent a challenge. More recently the job market has also ‘hotted up’ so ensuring we focus on ensuring all our people have challenging roles which really build out their skills for the future is important to retain people.
