Competition for top talent is tough across all sectors. This is particularly true in finance, given the number of opportunities for recent graduates, spanning fintech, wealth management, accounting and financial analysis. Here’s a snapshot of 2024 finance graduates and some strategies on how to attract the best talent.
Finance graduate job market trends
Even though traditional careers in finance like analysts and advisors are always in high demand, the graduate job market in this profession is undergoing significant transformation. This is being driven by advancements in technology, particularly the rise of generative AI and the growth of fintech. These days, many companies want candidates with strong data analytics and AI skills to give their company a significant advantage over their competitors. And that’s not the only change.
What companies look for vs. what graduates expect from their new role
Companies have looked for the same qualities in new finance hires for many years, including:
- technical finance skills
- a “good fit” with the company culture
- problem-solving abilities
- strong communication skills
- client-centric mindset
- willingness to learn
But does your company offer what 2024 graduates actually want? Today’s expectations are different from those of just five years ago. Perhaps driven by the transformative impact of Covid on the workplace or by broader societal shifts, many recent graduates prioritize working for companies that reflect their values. While stability remains crucial for finance job seekers, other priorities and expectations that can influence their decision to join a company include:
Preference for in-person interaction
Many candidates want to spend some time at an office.
Willingness to relocate
This expands your talent pool, allowing you to consider candidates from a broader geographical area.
Emphasis on company reputation and values
Many of today’s graduates choose to work for organizations whose values align with their own.
Importance of salary transparency
Job seekers are increasingly unwilling to pursue positions lacking clear salary information in the job ad.
The right to disconnect
New graduates may hesitate to commit to jobs where the line between work and personal time is not clear. Legislation, such as that in Ontario, Canada, granting employees the right to disconnect, reflects this growing concern.
ESG reporting
The 2024 Global 100 ranking by Corporate Knights notes companies with high-level ESG scores are increasingly attractive to potential hires.
Junior finance career development opportunities
Employers who prioritize the development and well-being of their employees are more likely to attract new graduates and keep them engaged for longer. Opportunities could include:
Mentorship
Mentorship programs play an important role in employee development by providing guidance from experienced professionals within the company. This contributes to a culture of learning and collaboration, which can lead to better retention rates and increased loyalty.
Certification
Offering professional certifications and other education support shows a company’s commitment to investing in its employees’ long-term success. Financial assistance or flexible scheduling for further education can benefit the employee and the company.
Promotion
Providing clear paths for promotion gives employees a sense of direction and purpose, both of which can lead to a happier, stable and more loyal workforce.
Networking
Enabling your team to attend industry events and other networking opportunities can be positive for everyone. It’s a chance to share new ideas and perhaps find potential employees.
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This article first appeared on the Randstad US blog: https://www.randstadusa.com/insights-blog/business-insights/#insight_articles
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