Comprehensive Financial and Banking Industry Staffing Services in the UAE

The BFSI industry in UAE isn’t what it used to be. With the surge of fintech and the ongoing digital transformation, finding skilled talent has become quite a challenge.

But that doesn’t mean there isn’t a way out. Apart from hiring the best banking & financial services recruitment agency to outsource hiring, you can also implement several recruitment strategies to streamline the process.

In today’s blog, we’ll look closely into the challenges that companies face in the finance & banking sector, share some strategic advice to deal with them, and if you choose to go the outsourcing route, how to find and partner with an agency offering the best staffing solutions in your industry.

So, why is recruitment in the BSFI sector so challenging?

It all begins with rapid growth and fierce competition. Due to a major skills gap, it has become really difficult for companies to find experienced candidates. And this issue affects all kinds of financial businesses, including mortgage lenders and banks.

And if finding experienced candidates wasn’t a challenge enough, financial firms also have to equally invest in impressing them to work for them. Because of this reason, companies are forced to revamp their strategies that help them attract the best talent.

Steep Competition

As mentioned earlier, one of the hiring challenges in the industry is the high level of competition. Since 2020, the financial services sector has been transforming at an exponential pace, largely due to the increasing use of fintech services.

As the financial sector is expanding quickly, it has caused a surplus of job openings. With competition from the fintech industry and other sectors, candidates have plenty of options to choose from.

At the same time, technology is also evolving rapidly, creating a demand for candidates with specialized skills. It has been predicted that by 2030, there will be a shortage of 10.7 million financial professionals globally due to the ever-increasing skills gap. This means that highly skilled finance professionals will be in high demand, and your organization will be competing with many others to hire them.

Global Talent Pool

The talent pool for the financial industry is global. Highly skilled finance professionals in the U.S. are often drawn to opportunities worldwide, especially if the offers are more attractive.

It means that you’re not just competing with companies in the UAE but all across the globe.

This challenge has become even more apparent with the rise of remote work, which has shown that candidates can work from anywhere. More flexible work schedules mean more opportunities for skilled candidates, making recruiting even more challenging.

However, this global talent pool can also be an advantage. Your company can partner with one of the best finance recruitment agencies to leverage their global databases and find skilled, remote workers to fill your open positions.

4 Strategies to Improvise Finance Recruitment

Recruiting top talent in the finance sector is challenging but not impossible. The key is understanding the current job market and what candidates are looking for.

Today’s job seekers want more than just a paycheck – they’re after a work-life balance, remote work opportunities, and an inclusive work environment. If your company offers these, you’re already in a strong position.

So, what can you do?

Work on Your Employer Brand

The majority of the current talent pool is made up of Millennials and Generation Z. What appealed to previous generations no longer works. To attract these younger candidates, your brand needs to emphasize:

• Diversity in the workforce,
• Inclusive opportunities,
• Strong CSR initiatives,
• Digital processes over traditional paper-based methods, and
• Flexible work arrangements.

Engage with Soon-to-Be University Graduates

Recent graduates are a prime resource for finance recruitment. They need jobs, and you have entry-level positions to fill. Recruiting them before they graduate ensures they can start working immediately after finishing school. This approach saves time and money on recruitment and allows you to train new hires according to your company’s standards from the beginning.

Encourage Employee Referrals

An employee referral program is an excellent way to bring new talent into your organization. Your current employees understand your company’s brand and can recommend candidates who fit well with your team. Offering incentives for referrals motivates employees to help find strong candidates, reducing the burden on recruiters.

Emphasise Inclusivity

As mentioned before, millennials and Generation Z are looking for more than just a job. They want to work in an environment that aligns with their values. At your end, it means valuing diversity and inclusivity. Hiring diverse employees and supporting their career progression demonstrates your commitment to these values. This approach not only attracts talent but also benefits your company in the long run.

How Recruitment Agencies Can Streamline Banking and Finance Hiring

Agencies offering finance & banking staffing solutions specialize in banking and finance and are skilled in identifying, assessing, and placing candidates for various roles, be they financial analysts or senior executives.

They have the industry know-how, connections, and resources to find candidates with the qualifications, experience, and soft skills that the sector demands. Acting as intermediaries, these agencies can link your organization with potential hires that fit your strategic goals and company culture.

In order to maximise what these agencies have to offer; you must choose your partner wisely. Here are a couple of steps that you could follow to ensure you secure the best partner for banking staff recruitment in UAE –

Step 1: Clarify Your Recruitment Needs

Before partnering with a finance recruitment agency, it’s essential to clearly define your specific recruitment needs and objectives. Think about the roles you need to fill, the skills and experience required, and any cultural or organizational fit criteria. Also communicate the timeline, budget, and candidate quality expectations beforehand.

Step 2: Look for Reputable Agencies

You must conduct in-depth research to find reputation agencies with a track record of working with financial companies. Make sure to also look for agencies having experience working with organisations similar in scope and size as yours. At the same time, asses their credentials and expertise by going through their portfolio, industry affiliations, and success stories.

Step 3: Hold Initial Meetings and Interviews

Arrange in-person meetings or virtual consults with the agencies you shortlist to discuss their recruitment needs in detail. You can also use this opportunity to ask for client references or case studies to measure their past performance. If you like them, strike a deal.

Step 4: Review Recruitment Success and Give Feedback

After working with them for a specified period, evaluate their overall recruitment strategy. You should also provide feedback concerning their candidate quality, service delivery, and areas that need improvement. It will help in establishing a long-term collaboration based on transparency and trust.

TASC-ing Your Way to Banking Bliss

Selecting the right recruitment partner is crucial in streamlining the process of filling banking positions. It's essential to choose an agency that not only aligns with your specific needs but also takes the time to thoroughly evaluate candidates and understands your company’s unique culture and values.

While many agencies may boast impressive credentials, it's important to evaluate them carefully to ensure the best fit for your organization. Partnering with TASC can help you navigate these challenges effectively, ensuring that you find the ideal candidates who are not only qualified but also a perfect match for your company’s ethos.