In the past couple of years, we have seen a shortage of experienced candidates looking to change roles in investment operations within funds management, custody, and superannuation. This has made it difficult for organisations to fill senior or managerial level positions and has resulted in roles that have been open for over 18 months due to an unwillingness to consider anyone whose experience doesn’t exactly match the job description.
To address this challenge, we encourage clients to broaden their search by hiring graduate-level or less experienced candidates who may not have the exact experience that they’re looking for, but who are motivated, well presented, keen to learn, and able to pick things up quickly.
With the right support these people, will be able to develop their skills and become long term, valuable employees who are committed to the business. When only focusing on experienced hires, you are ‘shopping’ from a much smaller candidate pool. These people are also unlikely to be learning anything new and so the chance of them becoming bored and leaving is much higher.
Likewise, when hiring for a leadership role, why not broaden the search by looking for candidates who haven’t formally led teams in the past, but who display the right attributes and qualities to be an effective leader? If they are given support in the form of external coaching and leadership training or regular interaction with experienced, senior leaders, then they could prove to be a great long term fit for the business.
By changing the narrative around the type of candidate who is going to be successful in these roles, organisations can expand the pool that they are searching from and speed up the recruitment process.
Hiring organisations also need to consider what they can offer new hires as candidates are placing more importance than ever on having a positive work-life balance and company culture. Their new position needs to have opportunities for growth and development, the ability to learn new skills, and a culture that promotes inclusiveness and in which they feel valued. If you cannot offer these things then you may find that attrition rates are high as you lose staff to your competitors.
There are many benefits to hiring those who are junior in their career, including:
Cost-effectiveness: Junior employees typically have lower salary expectations than experienced professionals.
Fresh perspectives and innovation: Junior employees are often more tech-savvy and open to using new technologies and methodologies.
Transferable skills: Junior employees often have transferable skills from internships or education. These skills may provide a different perspective and can fill in knowledge gaps in your team.
Loyalty and retention: Junior hires will constantly be exposed to new challenges and will be learning new skills. This can help to build loyalty and retention within the organisation.
Future-proofing: By hiring and training junior employees, you can develop a pipeline of talent that can take over senior roles when current employees retire or move on.
Retention tips:
Provide a clear career path: Providing opportunities for advancement, promotions, and lateral moves can help to keep employees engaged and motivated.
Offer competitive compensation and benefits: This could include bonuses, flexible working arrangements, health insurance, and retirement plans.
Recognise and reward performance: This is essential for keeping staff engaged and motivated and can include bonuses, promotions, and public recognition.
Provide ongoing training and development: This can help employees stay up-to-date with the latest industry trends and technologies. It also demonstrates that the organisation invests in their career growth and development.
Foster a positive work culture: A positive work culture can help to create a sense of community and belonging among employees and can involve team-building activities and social events.
Offer work-life balance: Providing a work-life balance can help to reduce burnout and increase job satisfaction. Look at flexible working arrangements and paid time off for personal reasons.
If you are currently looking to hire within the Investment Operations space, you can reach out us here.
