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Recruitment in the Financial Services sector is fast paced and can be challenging. With candidate scarcity issues and 42% of companies expecting an increase in hiring this year, knowing the channels and sources that are helping to fill roles and managing the candidate experience will help to succeed in attracting the right quantity and quality of candidates.
That's why an Applicant Tracking System, awarded with the Hellios Stage 2 Financial Services Supplier Qualification, is designed to help you recruit for all of your recruiment needs, bringing hiring success to Banks, Building Societies, Insurance companies and other financial services businesses.
Eploy ensures compliance in financial recruitment, adhering to strict industry regulations for a secure and trustworthy recruitment process.
With Eploy, financial services firms can cultivate a robust talent pool, ensuring a steady supply of skilled professionals for diverse roles.
Eploy’s suite of tools positions your financial firm to attract the best talent, enhancing your recruitment outreach and increasing applicant quality.
Eploy aids financial institutions in attracting and nurturing graduates, ensuring a pipeline of talented professionals aligned with your future needs.
Eploy transforms the onboarding process in financial services, ensuring new staff are integrated smoothly and swiftly into your team.
Companies within the Financial Services sector heavily rely on their Website/Careers Site (90%), as well as Professional Social Networks (87%) such as LinkedIn, for finding skilled candidates. Employee Referrals (84%) is also a widely used sourcing channel in the sector
There is a reliance on in-house Banking and Finance sector recruitment teams turning to agencies for help in filling their vacancies, which grew from 67% in 2023 to 76% in 2024. The cost associated with this approach can have a major impact on a company’s cost of hire and may not always be the most effective use of spend. Financial sector applicant tracking systems (ATS) offer a solution, which is more affordable in the long run, also giving hiring organisations more control over their candidate management.
Source: 2024 UK Candidate Attraction Survey
When looking at how Financial Service sector recruiters are succeeding with talent attraction, the Sourcing Quadrant provides an easy-to-understand picture. The Website/Careers site is the top channel by usage and delivers both good quality and quantity of candidates. A good careers site design and content should provide a stellar experience through every step of the recruitment journey for the best candidate engagement.
Other channels, such as Events, CV Databases and Social Media tend to be less successful in providing quality and quantity of candidates.
Source: 2024 UK Candidate Attraction Report
In the Financial Services Sector, 40% of in-house recruiters expect an increase in hiring for the coming year, with 45% anticipating no change. When you compare that against how recruitment budgets will align, the report shares that only 15% of recruiters suggest an increase in budgets, but 43% see no change and 42% report a decrease in budgets!
With the need to effectively source candidates, it's important to have simple, streamlined tools that allow all involved in the recruitment process to have visibility of the recruitment journey when on the go. With Eploy, as well as getting an award-winning Applicant Tracking System engineered to work on every platform, you get a dedicated hiring manager portal that's simple and easy to use, a dedicated candidate portal and complete insight into your recruitment activities with built-in dashboards.
Recruiters in the Financial Services sector face similar challenges to other sectors with scarcity of qualified candidates and building a diverse and inclusive workforce as the top two named challenges. Interestingly, those who have an active metrics and analytics programme in place report a greater quality of candidates they attract so this is worth bearing in mind when looking to address sourcing challenges.
With access to a Financial Services Applicant Tracking System from Eploy you get complete recruitment analytics built in. You can create customisable dashboards that measure and monitor, in real time, every aspect of your hiring process - even compliance.
Financial Service organisations know why delivering a great customer experience is vital to their business - whether it's in-store or online. And it's no different with their recruitment - quite often your customers are your potential candidates too!
At Eploy we've helped many organisations provide an optimum experience for their online applicants, and with Eploy's Award Winning Candidate Portal (OnRec 2022 Award - Best Candidate Experience) you'll be off to a flying start.
Eploy has helped to reduce our reliance on third party recruitment agency services and has improved our service to candidates by allowing us to deploy resources and budgets more efficiently..
Paul McNulty, Former Head of Talent
Matalan
