We’re always looking for ways to improve our service offering in every industry sector, which is what lead us to attend the Talent Leaders Connect event on Banking, Financial & Fintech.
While we were there, we revealed a few key stats about jobseekers in accountancy and finance – not to mention what you can do as a business to attract the top talent.
Here are some of the key facts we covered:
Great(er) expectations
It may come as no surprise that graduate salaries offered in the banking and finance industry consistently rank above national averages.
However, whilst the actual number is around £2500 more than the all-sector average (£29,145 vs. £26,546), it may not be enough to attract the best candidates.
In fact, for the first time in five years ‘expected salary’ outstripped actual starting salaries offered by employers working in finance.
And, in spite of the fact that salaries have seen a minimal dip during this time period, graduate expectations continue to rise – asking for 27% more than they did five years ago.
Reducing your time-to-hire
OK, so upping your offers in one way of attracting the top talent.
Unfortunately, for many businesses, this might not be a practical solution. Especially with no clear indication of how our finances will fare in a post-Brexit Britain.
But how quickly you handle the recruitment process also plays a part in leaving a positive impression – especially when it comes to punctuality.
85% of the Banking & Finance candidates we surveyed suggested that they expected to be interviewed within a fortnight of making an application.
Comparing this to the national average of 78% only further highlights that, in a highly competitive industry, acting fast could be the only way to guarantee you don’t miss out on the right people for your role.
‘Big Four’ best practices
Recognising the need for change, the ‘Big Four’ accountancy firms are also updating the way they target graduate talent.
Some of the new practices they’ve introduced include flexible interviewing (e.g. one-day assessments, video and group interviews), and ‘blind CVs’, which take non skills-based factors such as your name and the name of the university you’ve attended out of the hiring decision.
They’re also working on removing the barrier for academic qualifications, with higher grade A levels no longer being seen as pre-requisites. Something which has been a legacy item in the industry for some time.
In short, it’s becoming more about attitude and mindset than educational achievement and background – something which could have a huge impact when it comes to improving the office environment, not to mention retention rates.
tl;dr
The five top takeaways from the data are:
- Starting salaries for banking and finance graduates are 10% higher than the all-sector average
- Expected salaries amongst candidates are higher than actual salaries on offer – for the first time in five years
- 85% expect to be interviewed within two weeks of making an application
- The ‘Big Four’ are evolving the way they recruit – focussing on a better candidate fit, rather than qualifications
- Ensuring your recruitment is progressive is the best way to reach the top talent
Ready to start hiring?
