8.5 million. That’s how many financial services positions are expected to exist by 2022 – an increase of about three quarters of a million – according to the Bureau of Labor Statistics (BLS). Despite this projected growth, the industry faces many challenges. The financial crisis changed the industry, including its staffing needs. The employee of years past is no longer in demand. Today’s professional needs to combine soft skills with the ability to turn analytical data into business decisions, as well as be technological savvy and an expert on all things regulatory.
As financial services and related businesses continue to regrow, they will require top-quality talent, from entry-level customer service positions to the executive level to lead the way. Having an understanding of industry trends as well as in-demand positions and skills are the first steps to recruiting and retaining top talent:
- Regulations: New financial industry regulations are driving the need for highly technical professionals. From licensing requirements, supervision over third-party providers, to more transparency in financial practices, there is a virtual avalanche of paperwork and laws to monitor and manage for financial professionals. Organizations are looking to professionals who are equipped to steer their organizations through these regulations, such as specialists and compliance officers or those with experience in risk mitigation.
- Integrated Services: Financial institutions are offering a greater variety of services – brokerage, insurance services, credit cards, home loans, etc. – enabling them to cross-sell their products to consumers. The consolidation of services and demand for ‘one-stop-shop’ solutions has played an integral part in increasing the complexity of job requirements, leading to a broadened range of employee responsibilities.
- Aging Workforce: Factors such as aging workforce demographics are also generating increased opportunities among specific career fields in the financial industry. For instance, the U.S. Bureau of Labor Statistics (BLS) predicts “Financial Advisor” positions to be one of the fastest growing occupations between now and 2022, with the expected addition of 60,300 jobs during that time – a demand driven by the retiring Baby Boomer generation (U.S. News, 2013).
Today’s financial professional is not easy to find. Even at the entry level, more is being asked of employees. As a customer service specialist, employees are being asked to understand technology and how to handle customers via email, phone, Web chat and more. They require a set of skills that can handle a variety of problems rather than just transferring calls to the next person in the supervisory chain.
In the mid- to executive levels, the credentials most desired include a four-year degree, MBA, and certifications, along with a knowledge of technology and the regulations that affect the industry. These candidates must also possess a mix of soft skills and analytical skills that can be applied to solid business decisions that minimize risk and contribute to overall organizational health.
Complying with the landslide of federal regulations in combination with an aging workforce and a new generation that is working in a different way than ever before, creates a lot to consider when looking to hire top talent. Download Aerotek’s Financial Workforce Outlook to gain insight on the state of the industry, trends, and an outlook for the future.