Traditional means of hiring for the financial services and investment management industry have led us to a current shortage in talent that is beginning to hamper economic growth. Roughly 7 of 10 financial service executives believe that the shortage is starting to affect the sector. This begs the question, what do these other 3 out of 10 executives know that the other seven don’t? Afterall the challenges executives face when finding competent talent can be overcome.
Another annual survey of global financial services CEOs reported a much smaller percentage of executives that were confident in their hiring practices. The survey showed that only 5 percent of CEOs are sure in their ability to secure a workforce with the required skillsets for their firms. Again, if you’re an executive in the financial sector, the name of the game is becoming part of this 5%. Rest assure, this is an attainable goal. CEOs in the know are turning to 21st century recruitment platform’s, like GoBuyside, to fulfill their unique talent requirements. This article inspects the issues that can reduce the effectiveness of financial service recruitment efforts and shows that GoBuyside is poised to solve these problems.
Challenge #1: Industry Feeding Frenzy
It is assumed that private equity firms, hedge funds, advisory platforms, and other investment managers pull from the same pool of talent. But what most fail to consider is that when it comes to talent, competition comes from all sides. Looking for a “Mr. or Ms. Fix-it” IT expert? So are countless companies from an assortment of industries. GoBuyside approach to this problem is in their DNA. As a niche recruiting firm with a global presence in over 400 50 cities, GoBuyside can provide specialized investment talent that works exclusively in the investment management sector. One Fortune 500 client of GoBuyside’s described the experience, “We were looking for junior finance and consulting talent in our business development and M&A departments. We tried multiple sources and GoBuyside blew them all out of the water. GoBuyside’s network effect and ROI were evident within a week.”
Challenge #2: The Social Media Trap
No, we are not talking about the addictiveness of Reddit or spending hours on Facebook looking for high school chums. When it comes to recruiting financial services talent, the social media trap refers to the serious lack of networking opportunities that alleged social networks provide. Successful investment management recruiting requires a strict eye towards time management, and more and more recruiters as well as entrepreneurs are not seeing the payoff when it comes to Social Media. And this is not to mention the privacy concerns surrounding the technology. GoBuyside founder and Managing partner, Arjun Kapur, thinks of social media: “I avoid social media and am not an active user of any platform. I constantly think about my clients’ businesses and their market environments. Where is the commoditization occurring in their business models? What are their pain points and potential opportunities? I feel this helps me think about how to position my business and where to spend time innovating internally.”
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Challenge #3: Creating Diversity with New Hires
Creating and maintaining a diverse workforce has been a concern for many a recruiter over the past few decades. Of course, diversity looks great on paper, but having a workforce that comes from different cultures and backgrounds helps bring about multi-faceted strategies and solutions. But not all recruiting firms are on par when it comes to improving diversity and inclusion. GoBuyside exemplifies recruiting solutions that allow for unrestricted diversity and inclusiveness. With a talent base made up of 100,000 individuals from hundreds of cities throughout the world, GoBuyside is the largest investment management talent platform in America.
Challenge #4: Recruiting Technology
The financial services and investment management sector is infamous for hanging on to dated technology. This reluctance to use new technology carries over to the financial recruitment department as many recruiting strategies remain the same. GoBuyside is in the business of delivering disruptive technological hiring solutions that put traditional search models to shame. One GoBuyside client elaborated on this point, “We utilized GoBuyside in tandem with another recruiter our first year. GoBuyside immediately showed us value as our four hires that year all came through the platform. We have utilized GoBuyside exclusively ever since.”
Challenge #5: Evolving Skill Requirements
Such disruptive technologies as discussed above require new skillsets from tomorrow’s workforce. As technology continues to play an increasing role in the way financial services are offered, candidates must be able to work in tandem with their computational counter-parts. Successful financial services companies will need to develop employees with the traditional industry skillsets as well as this ability to thrive using the latest technologies. GoBuyside takes on this challenge by offering its clients recruits who display such hybrid skillsets. Provides unique and popular recruiting services that are well-suited to help investment management companies weather with the challenge of shifting skill requirements is what GoBuyside is all about.