We recently ran a survey within our network, consulting with C-Suite and management professionals within the financial services sector in Ireland. The results we uncovered were quite unexpected:
Remarkably, a substantial majority, up to half of the respondents have claimed that 25% of their job vacancies still remain open since the start of 2023. Moreover, the average length of open vacancies rates is ranging between 4-8 weeks.
Emphasising the importance of this, the results show that 4 out of the 5 respondents are filling job vacancies due to employee departures, underscoring the immediate need to prioritise retention strategies and measures to maintain our workforce’s satisfaction.
The main reasons why these roles remain open is that companies are struggling to find people with the correct skills criteria and simply don’t have enough specialist skills for that role.
UTILISING SPECIALIST RECRUITERS
Notably, our survey revealed that as many as 1 in every 2 companies utilise the services of specialist recruiters. Therefore, if you are struggling to fulfil your roles, it is advisable to reach out to specialist agencies. In instances where you face challenges in your hiring endeavours, it is crucial to note that specialist recruiters can streamline the recruitment process and enhance the prospects of securing top-tier talent tailored to your organisation’s distinct needs.
Perhaps one of the most surprising results from our survey is that 1 of every 2 companies wouldn’t consider sponsoring a professional within the financial services sector. The reasons leaning towards lack of resources, the administration burden, and the lack of awareness and understanding of the processes involved. Given the current scarcity of talent, it would be wise to familiarise yourself with visa procedures and seriously consider this approach as a potential strategy to enhance your prospects of identifying ideal candidates.
As expected, fully remote positions are not taken into consideration by most companies. Results show that a staggering 90% of respondents opt for a hybrid working model as their preferred approach. Prospective candidates are increasingly seeking roles that offer flexibility, striking a balance between remote work and in-person collaboration. This continued desire for a flexible work environment represents a pivotal opportunity for companies to attract top-tier talent. Employers that highlight their commitment to hybrid work arrangements and offer the chance for employees to maintain a work-life balance will be better positioned to draw in exceptional candidates.
If you are concerned about how the current market may affect your position, or to discuss how we can support your hiring processes in the current market, please get in touch at email@example.com.