Talent has been announced as one of six top-performing private Australian companies recognised for their outstanding business performance in Deloitte Australia’s 2024 Best Managed Companies awards. It is the only Australian recruitment business to be recognised in the winners.

Now in its fifth year – and supported by Google Cloud – the Best Managed Companies program identifies and celebrates privately-owned and managed companies across Australia that set high standards of business performance and shines a light on the power of private businesses as innovators and major contributors to Australia’s economy.

The program uses a tried and tested framework for determining success, and winners are recognised based on achieving high scores across four key categories: strategy; culture and commitment; capabilities and innovation; and governance and financials.

Global CEO, Mark Nielsen, spoke on the commitment to innovation at the company.

“Here at Talent, change is our competitive advantage. We are committed to innovation, ensuring that it permeates every individual, team, and facet of our business. With an 87% employee engagement rate, we continue to strive for better in our industry and aren’t afraid to take risks, learn from our mistakes and challenge the norm. Having a culture that embraces and is energised by change means that we can identify and implement new outcomes for our customers with agility. This recognition reflects the exceptional hard work and commitment of our whole team.”

Talent Global COO, Megan Woodbury, said the organisation’s approach to continuous improvement had been crucial in its success.

“As a B2B services business, our people are our greatest asset. Creating the right conditions for them to innovate, adapt, and thrive is vital to our growth and our clients’ success. This award reflects our dedication to continuous improvement, our commitment to both contractors and clients, and our position as the market leader in technology recruitment. Congratulations to our entire team.”

Read more on Deloitte’s Best Managed Companies list here: www.bestmanagedcompanies.com.au

While the economy has made strong rebounds in growth following the COVID-19 pandemic lockdowns, it would be best to assume that change is the new norm. With New Zealand’s market experiencing a continued slowdown and businesses tightening their budgets, it’s easy for leaders to prioritise short-term solutions to solve immediate concerns over thinking about the long-term growth of their organisation instead.

Understanding the long-term perspective

As a business leader, it’s important to maintain a clear focus on long-term strategic objectives and avoid getting lost in the day-to-day operations. This focused approach not only creates opportunities for growth during challenging times but also positions businesses with strong foundations to thrive, while weaker competitors may struggle.

Experienced leader Michelene Hart, Managing Partner and Co-Founder of Yorkway Private, underscores the importance of always keeping an eye on the ‘light on the hill’ – otherwise known as the strategic objectives for the longer term – and emphasises how the leadership team plays a vital role in providing strategic direction, especially during uncertain times. Hart advises that regularly reviewing the business’ long-term strategy and adapting it to external factors is essential for leaders to ensure that the company and their teams stay on course.

“Companies who have done the right things to survive challenging times will have the opportunity to thrive,” Hart says, suggesting that the board and C-suite set time aside to explore opportunities for mergers, acquisitions, or introducing new products and services that fit the current market conditions. The ultimate goal is to position the business for success when the market inevitably shifts, and a proactive approach will yield positive results that reflect well on your leadership.

Risks of short-term solutions

We get it, these short-term solutions will bring immediate results to keep you above the line – but what are the long-term drawbacks of immediate ‘solutions’ like minimising teams and scaling back on engagement efforts?

• Decreased employee engagement and motivation, leading to lower productivity and innovation
• Loss of valuable interpersonal relationships and collaborative efforts that contribute to the workplace environment, hindering the achievement of wider business goals
• Increased time, efforts, and associated costs of recruiting and onboarding new team members

Balancing short-term needs with long-term goals

So, how do we achieve the best of both – keeping an eye on the big picture while solving immediate concerns? Let’s think of key focus areas and their low budget solutions:

1. Communication: Set regular meetings with your stakeholders, relay any challenges and limitations with honesty, share both wins and losses, and collaborate between teams to find creative solutions.
2. Optimisation: Leverage AI and automation to handle decision-making processes and offload administrative tasks, e.g. automated invoice approval and payment processing can reduce delays and errors for finance teams and programmed employee onboarding can help streamline and free up time for HR teams.
3. Employee engagement: Autonomous working environments can help employees feel trusted and empowered, continuous feedback through open lines of communication such as surveys to voice concerns or opinions and recognising individual and team wins is an effective way to boost morale.
4. Creative L&D: Consider internal opportunities; start small and prioritise any skill gaps. Encourage cross-training between teams, shared learning sessions or working groups, and mentorship opportunities between senior and junior employees.

Getting ahead of the curve

Ask yourself, are there contingency plans in place for future scenarios? Bridget O’Toole, a former Chief Operating Officer, says, “As early as possible, it’s key to consider scenario testing.”  From thinking about changing customer demands to sudden reallocation of resources; O’Toole urges leaders to consider all possible “what ifs” with clear and precise strategies to help anticipate and respond to potential challenges as they arise.

To mitigate any losses and ensure the business’ resilience and continued long-term growth, O’Toole advises leaders to consider “diversity of clients, financial reporting, competitor analysis, and diversity of products on offer.” Understanding market trends and communicating the financial health of your company will help all leaders make informed decisions about resource allocation and strategic initiatives, increase stakeholder confidence, manage risk, and evaluate company performance, and adhere to financial reporting regulations. These considerations will serve as a compass for you to navigate a turbulent economy.

By thinking ahead and creatively using the resources you have at your disposal, navigating budget constraints while maintaining a long-term perspective is possible. Reach out to our team to discuss how we can help you chart a course for business success.

For a more detailed guide on what actions you can take during uncertain times, we’ve gathered insights from 26 seasoned business leaders across industries who’ve weathered the storm before, from Board and C-Suite to Heads and Managers. Find out their key strategies for leading teams and businesses through periods of uncertainty here.

Talent New Zealand is celebrating two wins following the SEEK SARA awards.

Awarded Large Recruitment Agency of the Year, Talent demonstrated to the judge’s dedication and pursuit of excellence across culture, innovation, growth, candidate engagement and contribution to the success of the recruitment industry.

Talent also took out the win for Outstanding Progress in Diversity, Equity and Inclusion. The award submission was centred on the success of Talent RISE (Talent’s charitable foundation which helps young rangatahi with barriers to employment find meaningful work), within the New Zealand market. The category is marked on businesses demonstrating their commitment through meaningful initiatives and strategies that benefit diverse talent pools and the business.

On top of the two award wins, Country Manager New Zealand, Kara Smith, was runner-up for the Recruitment Leader of the Year award. Finalists were judged on their inspiration and motivation for their team, how they perform to business objectives, how they make a positive impact within their agency and the overall recruitment industry.

“It is such an honour to receive these two awards and wonderful recognition for Kara. It’s no secret it’s been a very challenging market for New Zealand. In challenging periods, Talent prides itself on investing in our people and where we want our business to go moving forward. People talk a lot about culture and it’s easy for that word to become quite meaningless but for us, people genuinely care about their jobs and each other, making work fun.

The DEI award represents our commitment to empowering people to build a better world of work. With the backing of Talent, RISE has assisted 111 rangatahi into meaningful employment, with 93% transitioning into sustainable roles. I’m so proud of everything that our team has achieved.” – Mark Nielsen, Global CEO, Talent

Talent is celebrating two award wins following the APSCo Awards for Excellence and the Australian Marketing Institute Marketing Excellence awards that happened in Melbourne mid-October.

Taking home the win for Specialist Firm of the Year at the APSCo Awards for Excellence, Talent demonstrated to the judges why the business stands out for its specialisation against competitors. This year’s winners were selected by an independent and expert panel of judges.

Talent also won the Excellence in Customer Experience at the Marketing Excellence awards by Australian Marketing Institute awards. Talent was the only recruitment company who took home a win. This category recognises the role marketing plays in supporting and delivering exceptional customer experiences with the judges looking for submissions that demonstrate a superior understanding of the elements that contribute to delivering outstanding customer experiences and how marketing contributed to the overall organisational approach to managing customer experiences.

“These awards symbolise our grit and determination to strive for excellence, regardless of market conditions. The AMI judges sought businesses that demonstrate a deep understanding of what creates outstanding customer experiences. For us, this recognition stems from our contractor experience program, a significant investment in both technology and people to provide our contractors with a high-touch, red-carpet experience. I’m incredibly proud of our team and all that they’ve accomplished.” – Mark Nielsen, Global CEO, Talent

Talent has spoken with 26 business leaders for a new guide on how they are navigating investment, staffing, and operations within a challenging New Zealand market. The guide, released amidst the ongoing economic challenges that New Zealand is facing aims to help business leaders survive the current market and emerge stronger. You can view the guide here.

Business leaders featured include Nicole Rosie, CEO of NZ Transport Agency Waka Kotahi; Karla Davidson-Brown, Senior Procurement Leader at Ministry of Education of New Zealand; Joanna Saraf, Finance Transformation Programme Manager at Tātaki Auckland Unlimited among others.

The guide highlights a thought-provoking side of leadership and provides a comprehensive overview of what businesses can do to navigate through challenging times. Their insights and the actions they are putting into place provide readers with strategies and knowledge that they can take into their business.

Kara Smith, Country Manager, Talent New Zealand, touched on the need for the guide, “Businesses across Aotearoa continue to navigate an environment marked by longer hiring cycles, cautious spending, and the unfortunate reality of a “brain drain” as many Kiwis seek opportunities abroad. After many discussions with businesses, we felt the need to put together this guide to provide other leaders with the tools, insights and strategies needed to lead effectively during these turbulent times.” 

The leaders touched on many different topics. Highlights included:

“The rise in cyber threats during economic instability is significant. Cybersecurity is not an area where you should look to cut back when reviewing budgets. Reducing investments here can expose your organisation to severe risks and potential breaches.” – Dugald Macdonald, former CIO of Harmoney

“Even if you’re not actively hiring, keep telling your story and reinforcing your brand. It’s critical to your ability to hire great people, whether in the short, medium or long term.” – Cameron Robinson, Head of Enterprise Solutions at Solve

“As long as you have strong buy-in, trust, respect, and engagement with your stakeholders, you’ll never have an unsuccessful project – even if the project is put on hold, cancelled, or a significant change was required.” – Joanna Saraf, Finance Transformation Programme Manager at Tātaki Auckland Unlimited

The Federal Government hiring market is going through significant change as the Albanese government shift from contractors to permanent workforce. A recent whitepaper Talent has released, details the latest updates on the state of the hiring market for Federal Government and the need for talent management strategies becoming more critical. Please find the whitepaper HERE.

The whitepaper features insights on talent shortages the government is facing, driving efficiencies through AI adoption, challenges currently being faced, strategies for talent management, and the need for increasing indigenous employment outcomes. It also features insights from Talent’s recruitment experts’ team.

Key findings include:

• The government has already reduced the use of large consulting firms, lowering spending by $624 million compared to the 2021-22 financial year.
• Non-ongoing engagements, especially in government, are becoming increasingly popular due to budget and salary considerations.
• There is still a lack of awareness of temporary public sector roles available. Despite the launch of the APSjobs website, agencies are still struggling to communicate the open temporary roles that are available.
• The Australian government is shifting to agile, project-based delivery for IT projects to optimise technology investments and accelerate the adoption of data and digital capabilities.

Insights from the Talent team include:

Robert Ning, Talent Canberra Managing Director noted, “As someone who has spent nearly 25 years supporting the federal government in navigating various eras of change, I have witnessed the remarkable resilience and adaptability of the public service. As the landscape evolves, talent management and strategies associated with these are no longer just a nice to have but are imperative to success for the future of the Australian public service. Unless we invest time into these strategies, it would be hard to deliver to the community on targets that have been set.”

Talent’s Global CEO, Mark Nielsen, was invited to speak at the 2024 LGBTIQ+ Leadership Summit in Sydney on September 19^th. Hosted by The Leadership Institute, the two-day event aimed to foster leadership that embraces authenticity, inclusivity, and resilience.

A proud LGBTIQ+ leader himself, Nielsen’s keynote discussed how addressing the unpleasant truths about privilege drives personal and organisational growth.

A snippet from the event included:

“Our community (and allies), experience a world where privilege and systemic bias still shape our opportunities. The silver lining is we have the lived learnings and understandings to address these privileges in our organisations and shape a better world of work for all. Allowing people to bring their whole selves to work creates confidence and diverse perspectives that will ensure better decision making.” – Mark Nielsen, Global CEO, Talent

Throughout the event, attendees had access to thought leaders, advocates, and trailblazers sharing their experiences and strategies for creating inclusive and equitable workplaces. Notable speakers included 5x Olympic Gold medalist and world record holder, Ian Thorpe; musician and performer, Hugh Sheridan; and Whadjuk Noongar Australian journalist, newsreader, Narelda Jacobs OAM.

Connect with Mark Nielsen on LinkedIn here.

There’s no mistake, the tech hiring market in the last 12 months has had its fair share of challenges. With many businesses pushing the brakes on hiring, a lot of roles being made redundant, and projects being put on hold, and candidates and contractors without full time work, topped with rising cost of living and inflation – it’s safe to say it’s been a lot. But this isn’t a doom and gloom blog. The market is showing early promising signs that it’s beginning to rebound.

As an Account Director at Talent, I’m lucky that I get to see firsthand how the hiring market is reacting to the current climate. Our go-to-market hiring team is seeing an increase in roles released and where previous interview processes were sluggish, they’ve begun to pick up. The signs are all pointing positively.

So, where’s the demand? We are seeing this pick up with junior to mid-level positions, however in recent weeks we’ve also seen a renewed interest from different employers in executive search/hire. We have heard from these junior to mid-level candidates that they are now receiving multiple opportunities on the go and the businesses that are moving fast are winning the best ones in the talent pool.

For businesses looking to hire, I’d recommend acting fast. There is still a big supply of highly senior candidates in the market that will bring a fast range of skills. Furthermore, there is still a bit of a “hiring hangover” where some of your competitors may not be moving fast, your advantage in this market as it begins to tighten is your ability to move quickly to snap up key talent.

Let’s talk salaries. Unfortunately for candidates, given the current climate we are in, salaries are down about 10-15% from what they were at their peak in 2022 as an average. You can check out our latest Salary Guide to find out more. However, those roles with niche skillsets are commanding top rates – think Key Account Directors looking after critical customers or specific niche vertical experience with a strong contact book.

If you can’t afford to compete on salary as an employer, there are several other levers that can be pulled to produce a compelling offer. Candidates are telling us flex or hybrid/remote work ranks high in priority as does the ability to “work from anywhere” for a defined period. This is particularly interesting given that Amazon announced just this week that they will be returning to the office 5 days per week from January 2025, a trend we are seeing increasingly across the hiring landscape. Other factors that candidates are considering include company equity/ESOP, training and development, career progression, health insurance, maternity/paternity benefits, proven stability/demonstrated commitment to growth/retention of team.

As we enter the last three months before the end of year, if you’re a candidate hunting for the next opportunity, there is light at the end of the tunnel. If you’re a business, don’t go slow with your hiring process. When things pick back up, those that have got a good rhythm going will be miles ahead.

If you need help with hiring or if you’re a candidate looking for your next role, please feel free to reach out here.

Talent has today announced the launch of Solve which specialises in outsourced and embedded recruitment and workforce management solutions.

Originally a division of Talent that has operated since 2018 and now launching as its own individual brand, Solve partners with startups, scale-ups, and enterprise brands across the APAC region to transform their talent functions, solve workforce challenges and drive business outcomes through progressive people solutions.

Tom Mackintosh, Managing Director, Solve, said on the launch, “It’s an exciting time as we relaunch our brand into market as Solve. Our division has grown over the years, and we are incredibly proud that we are the go-to partner within the media and tech industries. With the backing of Talent, we are able to stand on our own and bring a whole new level of customer experience to our clients. This marks an important milestone, and I am incredibly proud of the whole Solve team. We are looking forward to sharing our new look and feel with our customers and the market.” 

Solve’s four key service lines include:

• Embedded recruitment
• MSP
• RPO
• Advisory

Talent Global CEO, Mark Nielsen, commented, “Here at Talent, we embrace change as the new norm and continually raise the bar for growth within our industry. Today is an exciting new chapter as we introduce Solve to the market. Our relationships with clients that Tom and the wider Solve team have built and nurtured is a testament to their hard work and commitment to deliver quality people solutions.”  

To celebrate the launch, Solve invited key clients to an intimate lunch at Shell House restaurant in Sydney with special guest speaker, Alexandra Williamson, Managing Director of ESE The Agency. Williamson played a pivotal role in propelling the Matildas to their historic 2023 FIFA Women’s World Cup performance and helped reshape the landscape of women’s sports.

Find out more about Solve here.

In this instalment of our Leading the Way series, we continue shining a light on women in the tech industry. Meet Tahnee Arndt, an IT project manager based in Brisbane. Tahnee has navigated an unconventional career path, which has eventually led her to finding success in IT. Join us today as she shares valuable insights on overcoming challenges in a still male-dominated industry and how she’s built a thriving career in IT.

Tell us about your current role and career background?

My current role is in IT project management. This includes supporting all aspects of project management for successful delivery – every day is different. It can include works around stakeholder engagement; planning; document preparation; board meetings; working through issues; managing risk; and (hopefully) celebrating wins, however small they might be!

In terms of career background, although my recent history would suggest otherwise, I haven’t always worked in the government sector. I started in the private sector and small business. Also – I didn’t start in IT. I often say I “fell” into IT – I wasn’t technically or formally trained in IT when I started in the industry. However, I used other transferrable skills to my advantage, and worked my way from the ground up. This type of start in IT has been very beneficial as a project manager – as I am able to quickly absorb, process, and communicate complex information to both IT and non IT audiences; and I am able to put the people element/ end user element behind the technology.

What’s the most challenging aspect of your role?

As someone who likes to hit goals, the most challenging aspect can be times when after comprehensively researching, preparing, developing, and planning for a solution according to a problem, things may not turn out how you thought. However, in saying that, it’s also blessing in disguise – with these types of scenarios, you build resilience over time, gain more tools for your toolkit, and then each time they present, you have the experience and skills to work through them better. There is also always an opportunity for learning and development.

What’s the favourite thing about your job?

My genuine most favourite thing is working as a team to deliver a quality product that makes a difference to our staff and community.

What has your experience been like as a woman in a male dominated industry?

I have generally had a positive experience – but it has not been all roses, as they say. I have had to prove myself beyond appearances, particularly given that I am female, blonde and young. In those exceptional circumstances, I have used my strength, intelligence, and work ethic to demonstrate my capability and skills past appearances and introductions.

Do you have a role model who has inspired you?

I’ve been lucky to have several role models that have inspired me to date. I have so much gratitude in that regard, as they all served a wonderful purpose at the time. They have been both male and female role models, and mostly my managers. These are people who believed in me, when, to be honest, I wasn’t fully believing in myself. Having role models and mentors in my career has been very beneficial personally and professionally – from having just a general chit chat, to working through complex issues and potential next career steps. Role models are so important.

What advice would you give your younger self / someone that wants to enter the industry?

Advice to give my younger self would be – believe in yourself more; take confidence in your abilities; and know that you don’t have to have all the answers straight away (no-one does). It is all learning and progress, no matter how it shows up.

My personal advice to someone wants to enter the industry would be – have a go! IT is such a large eco-system; you can try your hand at so many different things. And it’s so interesting! There is always something happening and so much opportunity for growth. Also – connect with your colleagues! Talking to others and networking is so helpful. Their story and experience can help you, and them yours.

Here at Talent, we’re proud to represent and support a global network of over 5,000 contractors like Tahnee. Whether you’re starting out as a contractor or looking for new opportunities, Talent can support you in every step of the journey. Ready to learn more about contracting through Talent? Click here.

For the financial year to 30 June 2024, Talent has continued its track record of profit growth. Following the exit of the UK market for management to focus on its growth regions (ANZ/US), revenue increased 4.4% to $992m (FY23 $950m)* and EBITDA increased 1.2% to $26.1m (FY23 $25.7m)*.

This growth is despite permanent income coming off 27%, in a year which saw the recruitment sector heavily impacted by a global downturn in requirements. Talent’s reduction in permanent income was offset by continued contractor growth, primarily in QLD and WA, and exceptional growth in Talent’s technology project delivery and consulting business, Avec.

For the 2024FY, Avec achieved significant success growing by 48.5% to generate $48.6m in revenue. This success is underpinned by the growth of its team which increased from 47 to 83. Avec will continue to scale organically and through niche acquisitions which complement its service offering.

In FY24, Talent continued to build out its contractor engagement solution, ENGAGE. New functionality includes the ability for 20,000+ ENGAGE members (Talent’s prior contractors) to apply for available positions in seconds and receive priority processing as proven candidates. Additionally, for the first time, ENGAGE is now available on an invitation-only basis to top tier candidates who have not yet been placed. These developments position ENGAGE as an elite talent pool of vetted specialists, offering clients access to high-quality, proven professionals.

Talent’s charitable foundation, Talent RISE, continued to support young people facing barriers to employment in FY24. During the year, Talent RISE expanded its operations to Auckland and successfully placed 61 young people from challenging backgrounds into meaningful employment and put over 500 through training and coaching. This milestone has the potential to be truly life-changing for these candidates, offering them the opportunity to overcome adversity and thrive in the workforce.

Mark Nielsen, Talent’s Global CEO, praised the Talent team on delivering these results, “These results show the grit and resilience of our team and our business. We have now fully embedded a growth mantra into the business. We have done this by embracing change as the new norm, continually raising the bar and uniting the team for growth. We have a strong culture with a world class engagement rate of 90% which goes to show our focus and passion of building a better world of work for all.”    

Talent Global COO, Megan Woodbury, said, “I am so proud of the team for achieving such an incredible result especially after a challenging year for the industry. We continue to invest, innovate, propel efficiency with our stakeholders, and expand our service offering to drive our business operations forward.”  

*Prior year numbers excluding discontinued operations.

Digital transformation is shaping every sector – from Education to Finance, every industry is being influenced by emerging technologies. So, what role does digital transformation play in financial services in particular, and how does this affect the hiring landscape? We explore the impact of digital transformation on the sector, its influence on recruitment strategies, the growing importance of data within the industry, and how companies can adapt to evolving technological advancements. Let’s get into it:

The role of digital transformation in shaping financial services recruitment strategies

Digital transformation is driving programs of work in financial services and is calling for professionals who can be banked on to lead these projects to success. This is shaping the financial services IT recruitment landscape and calling for companies to adapt their hiring strategies to cash in on this pool of top talent.

1. The impact of AI

Artificial Intelligence is revolutionising the Financial Services sector, enhancing the customer experience and driving efficiencies. AI-powered chatbots alone, increased in use within the financial sector by 3,150% between 2019 and 2023, highlighting just how rapidly this tech is being adopted. AI, however, is not only being leveraged to improve the customer experience – it is also being used to attract top-tier talent and streamline the recruitment process. From chatbots being utilised to connect with candidates and answer questions about the recruitment process, through to AI-powered Applicant Tracking Systems (ATS) which use algorithms to match candidate skills to relevant jobs, AI is revolutionising the recruitment space.

2. The role of intelligent automation

The use of Intelligent Automation, which sits at the intersection of AI and automation, is being used within financial services to drive efficiencies and provide an enhanced experience for customers. This includes the use of AI chatbots to answer customer questions; automation to detect fraud through identifying any unusual financial activity; and leveraging the technology to extract insights from complex data stores. So, what does this look like for recruitment activities? From using automation to enhance the candidate experience by creating automated touchpoints, through to automating the screening of CVs and scheduling in interviews, it all works to streamline and improve the hiring process.

3. The benefits of cloud technologies

Cloud data allows financial institutions to develop an understanding of customer behaviour, enabling them to develop products and services that will meet customer needs, as well as allows banking customers to access services wherever they are, enhancing the customer experience. When it comes to how this shapes recruitment strategies, cloud technologies digitise the hiring process and allow for the streamlining of activities. Candidates can keep track of their job application process and upload relevant documents via platforms such as Workday and Dayforce. Hiring managers can also access all the information they need in one place, and use cloud platforms to search for and source relevant candidates, and process applications at speed.

Beyond the impact of tech on recruitment strategies, how else is it impacting financial services? We look into the growing use of data within the sector.

The importance of data and analytics skills

Data is critical in the financial services space. From helping to prevent fraud through to enhancing the customer experience, it’s a key area of focus for institutions across the globe.

What are data & analytics used for in financial services?

• Fraud detection & prevention – Data can build picture of customers’ spending patterns and detect if anything is out of the norm, helping to prevent fraudulent activity.
• Risk management – Financial institutions can analyse historical data to determine where risks may lie and put measures in place to shore up systems and processes.
• Compliance – Data helps to monitor compliance and allows for accurate regulatory reporting.
• Providing customer insights – Financial institutions can use data to paint a picture of their customer and understand their behaviours and interests. This all assists in…
• Enhancing the customer experience – Using data, financial services companies can segment their customers, offering personalised product recommendations and engaging in tailored marketing activities, all helping to provide an enhanced experience. Research reveals that banks could achieve a 27.5% growth rate by lifting their customer experience scores by only 10%.
• Driving efficiencies – Through data analysis, companies can gain an understanding of where their systems and processes may be inefficient, and can use this information to streamline processes and save time, for example, through leveraging automation, AI, and other emerging tech.
• Accurate financial forecasting – Data allows for financial services institutions to analyse historical performance and use this for future forecasting. This assists with budgeting and determining where investments should be made.

Uncover more about the importance of data in the finance sector, in our blog “Data management in financial services: Why tech talent matters”.

Why are data & analytics skills important?

There are a number of risks that the Financial Services sector faces, making the need for data & analytics skills stronger than ever.

1. Growing cyber and data breach risks

Handling vast stores of sensitive customer data, Financial Services institutions are a prime target for cybercriminals. Research reveals that in 2022, the global rate of ransomware attacks in the sector sat at 55%, and this increased to 64% in 2023 – a significant jump from the 34% reported in 2021. As a result, ensuring this information remains secure is essential. Financial institutions must establish a number of measures to ensure data is protected – including implementing intrusion detection systems, encryption methods, and multi-factor authentication, alongside running regular security audits to identify and rectify any vulnerabilities – and they need the right people with the relevant tech skills on board to do so.

2. Compliance & regulatory changes

To ensure data within the financial services sector is handled correctly and remains protected, there are comprehensive regulations in place to govern its management, for example, Australia’s Privacy Act 1988 and Europe’s General Data Protection Regulation (GDPR). Failure to comply with regulations not only carries financial consequences, but can also cause reputational damage. As regulations evolve, financial institutions must keep up to ensure they’re compliant – this can involve ensuring consent management is in place, data is only stored for a set period of time, and there are stringent data access controls in place. This means professionals with both technical competencies as well as a strong understanding of the regulatory environment are needed.

3. Fraudulent activity

As the financial services sector is a prime target for fraudulent activity, ensuring processes are in place to identify and mitigate any risks are essential. Through leveraging historic data to understand customers’ spending behaviour and using automation to flag unexpected activity, financial institutions can get on the front foot to stop fraudulent behaviour in its tracks. However, as Artificial Intelligence continues evolve and presents new risks, such as cyber criminals leveraging AI to generate convincing phishing emails, or the potential of using these tools to generate automated malware, financial institutions need to remain a step ahead to ensure their systems remain secure and fraud is mitigated.

Uncover more about the cybersecurity risks impacting the Financial Services sector in our Cybersecurity Hiring Market Snapshot.

Adapting to evolving technological advancements

As technology only continues to evolve, financial services companies need to remain ahead of the curve to ensure they’re not only meeting customers’ expectations, but are also protected against growing risks from emerging tech. This calls for tech professionals who not only understand the regulatory environment the sector operates in, but also have the technical skills to help companies innovate and evolve.

So, what skills should you look out for when hiring financial services talent? We look into it:

1. Cybersecurity

As cyber threats only increase in prominence, financial services companies require professionals with cybersecurity skills to protect against attack. These professionals should have a strong knowledge of the latest threats and vulnerabilities, be proficient in encryption techniques to secure sensitive data during storage and transmission, and be knowledgeable in deploying intrusion detection systems (IDS) to detect suspicious activity and mitigate risks.

2. Data

Data is king, and this is especially true in the financial services space. The sector requires tech candidates who are well versed in data analysis, management and compliance, to ensure sensitive customer information is protected, the customer experience is enhanced, and regulations are adhered to.

3. Cloud

With financial services companies migrating to cloud-based platforms and offering a digital experience to customers – think, online banking and mobile apps – professionals skilled in cloud technologies are essential to manage this digital ecosystem.

4. AI

With the explosion of ChatGPT and other AI tools, comes a whole new ball game of cyber threats for the financial services sector – think the creation of AI-generated malware and increasingly sophisticated vishing attacks. Professionals with AI and machine learning competencies can help financial institutions get on the front foot to shore up systems and protect against these increasing threats.

Read our Financial Services Tech Hiring Snapshot for more insights on the latest tech shaping the Financial Services space.

Ready to embark on a digital transformation project?

As technology continues to evolve, the opportunities for the financial services sector only grow, however, so do the risks. To ensure financial companies get on the front foot of digital transformation, they need the right people on board to lead the way – professionals who understand the complex regulatory environment and have the technical skills to transform the sector.

If you’re about to embark on a digital transformation project and are seeking first-class finance professionals to get you there, we can help.

At Talent, we work with leading talent in tech, transformation, and beyond, and can find you exactly the right people you need. Whether it’s a stellar data analyst, a leading cybersecurity specialist, or a world-class chief risk officer, you can count on us to deliver. Get in touch.