Want to cash in on top tech talent in the financial sector? First things first, you need to understand the technology and skillsets this evolving industry is banking on.

The financial sector is undergoing rapid evolution: Innovative tech is changing the way financial transactions are conducted, and traditional banking models are being disrupted. Several technologies rise above the rest due to their transformative impact on the industry.

We delve into the tech that’s driving the most change amongst the workforce and the market insights you need to get ahead when hiring.

Three emerging technologies shaping the financial sector

Among the emerging technologies within the financial sector are artificial intelligence (AI), machine learning (ML), cloud computing and blockchain — each presenting unique opportunities for innovation and transformation in the way financial services are delivered and experienced.

AI and ML

AI and ML are two of the most disruptive technologies in the financial sector, commonly adopted to automate tasks, improve decision-making, and detect fraud, among other functions.

The marketplace for AI and ML skills in the financial sector is highly competitive. Salaries for these tech professionals are rising, and there is a growing demand for these skills in both traditional financial institutions and fintech startups. Granted, there is also a shortage of qualified AI and ML professionals, which is driving up the cost of hiring candidates with these skills.

Talent Wellington Senior Recruitment Consultant, Adeline Le Bris, comments that “AI will fundamentally change the landscape of the Financial Services industry. To enable AI, financial organisations are currently going through significant digital transformation. Some of their key priorities include replacing and modernising their core systems platforms as well as modernising their data. Achieving data maturity will be key to the success of enabling AI.”

Resultantly, it’s expected that the skills landscape and workforce demands will shift, with Adeline observing “some of the skills that are emerging will cover data analytics, data engineering including big data, infrastructure automation, programming, cloud platforms, and security. Specific technologies that are sought after will include Python programming, AWS, and Azure.”

In 2022, while Data Science ranked in the top 5 most in-demand professions in Australia, LinkedIn ranked machine learning engineers as the second most in-demand role in the UK. And looking forward, estimates project that 97 million new AI jobs will be created by 2025. One way that the Australian marketplace is planning to mitigate these demands is through the Government’s investment of AUD $124.1 million, as a part of their Artificial Intelligence Action Plan. Similarly, the UK Government recently announced their plan to invest £54 million into their AI talent pipeline.

As AI and ML technologies continue to evolve, Adeline notes that the demand for professionals skilled in these spaces will continue to grow. What are companies looking for most in tech talent? “Organisations will look for agile and adaptable mindsets, innovators, people who think outside of the box and have an eagerness to keep on learning and developing.”

Cloud Computing

Cloud computing allows financial institutions to seamlessly scale their operations, improve their security and reduce their costs. According to LinkedIn Talent Insights, several of today’s in-demand cloud computing competencies include:

• Terraform
• CI/CD
• Amazon EC2

Other in-demand skills include AWS CloudFormation, Amazon S3, and Azure DevOps services, among others. Given this demand, 46% of employers in an Australian study identified the lack of skilled individuals as the main barrier to cloud migration; an obstacle that is expected to persist due to the projected growth of cloud computing.

In Australia, public cloud spending is set to surge by 83%, reaching AUD $22.4 billion by 2026, up from AUD $12.2 billion in 2022. Similarly, New Zealand is forecasted to experience nearly a twofold increase in public cloud spending, jumping from NZD $2.6 billion to NZD $5.1 billion during the same period. To fuel this growth, there is a focused effort to source and invest in robust cloud infrastructure, develop specialised cloud services and foster a skilled workforce capable of effectively managing and leveraging cloud technologies.

Blockchain

Blockchain is significantly reshaping the way transactions are conducted. This distributed ledger system ensures enhanced security and transparency while also offering cost reduction opportunities.

Some of today’s most in-demand blockchain-related skillets, according to LinkedIn Talent Insights, include smart contracts, Web3, TypeScript, and dApps, among others. The demand for blockchain technology and its skilled professionals is projected to increase, with the worldwide market witnessing significant expansion. In 2022 alone, the market for blockchain technology reached $11.14 billion. Looking ahead, the market value is projected to soar to an estimated value of $469.49 billion.

Understanding the marketplace to source top tech talent

With the rising technological demand, financial institutions need talented professionals capable of navigating the ever-evolving landscape of digital finance.

At Talent, leading financial companies bank on us to deliver top tech candidates, helping to address today’s skill shortages. Learn more about how we can help you build world-leading banking, financial and insurance teams here.

There’s a battle for tech talent across the globe, and if you’re not winning, you’re losing.

Fortunately, there are plenty of tips and tricks to kick your recruitment strategy up a notch and help you secure the best of the best. Here’s how to get started.

Ready to attract tech talent? First, know what they want

If you’re hoping to attract potential employees with all the right tech skills, you must turn the traditional talent acquisition process inside out. Think of yourself as the candidate and jobseekers as key decision-makers. What can you offer to them? Why should they choose you over all the other candidates vying for their attention?

Here are a few things they’re looking for:

An effective hiring process

Nobody likes wasted time, but that’s particularly true for a candidate whose skills are in high demand. It’s even more relevant for tech workers, who may assume that your company isn’t savvy enough to put their talent to good use. They won’t wait around while your disjointed processes burn daylight, because that could mean they lose out on other opportunities.

Takeaway: Eliminate unnecessary steps, streamline hiring experiences and optimise decision-making activities. Remember to extend this efficiency through onboarding and training, too — after all, 80% of employees who feel undertrained due to poor onboarding, plan to leave their companies.

Competitive compensation

To attract top talent, you have to pay for top talent. For surveyed employers in March 2023, that meant merit increases of 3.8% and total increases of 4.1%. And with experts predicting a tech talent shortage that could last until 2026, every skilled candidate knows exactly how much they’re worth.

Takeaway: This may not be the time for drawn-out pay negotiations. Be ready to make a competitive offer up front, and don’t be surprised if potential candidates have done their research and come prepared with a counter-offer.

Real flexibility

A global survey found that 80% of employees who work at least partially remotely would recommend the arrangement to others, and about 60% would leave a current role for one that offers remote flexibility. Almost 85% of Australian respondents said they’d be happy with even one day of remote work.

Takeaway: If you can offer any level of flexibility, especially for roles that operate mostly in the digital world, do it. Consider comparing your remote work policies to competitors’ to attract top talent.

A supportive company culture

Your employee value proposition (EVP) must be in line with qualified candidates’ values and priorities. For top tech talent, that often means developing their skills, achieving personal and professional growth, taking ownership of their achievements and being treated fairly.

Takeaway: You can say whatever you want in that interview, but if employee engagement doesn’t really exist, potential candidates will know about it. That’s because nearly 70% use third-party company review sites to research workplace culture. Simply put, it’s important to be walking the walk.

Hiring factors that sink your ship

You know what a future tech employee is looking for — but what will make them turn around and leave? Here are a few things that might dissuade a candidate from applying:

Ambiguity

Our experts recommend writing clear, specific job recommendations, and that’s not just to help you get what you’re looking for. It’s also to avoid the agonies of ambiguity. If a candidate senses a ‘bait and switch,’ they likely won’t proceed with the hiring process — which means you’ve wasted everyone’s time.

Takeaway: This is an early opportunity to show tech talent that you maintain an honest, transparent, respectful company culture. Have others read every job description to ensure your language couldn’t accidentally be misleading.

Unreasonable expectations

Like any potential employee, tech candidates want to join companies where they can thrive. That means they’ll avoid situations that ask them to:

• Do too much: They’re experts, not miracle-workers. Don’t imply that a tech employee will be asked to do the impossible — such as guaranteeing complete protection from cyberattacks — at any point in their tenure. You also shouldn’t put the weight of your tech talent gap entirely on their shoulders; it’s your responsibility to hire a team to support them, not their responsibility to do the work of 10 other experts.
• Do too little: If there’s even a chance that a particular job includes low-level tasks as frustrating as troubleshooting network connections, skilled tech workers will likely lose interest. They want to grow their skills and use their talents, not teach your company the basics of tech literacy.

Takeaway: While you may be perfectly clear on your reasonable expectations, that doesn’t mean your whole company is. Ensure that your recruitment marketing and social media outreach teams are clear on exactly what’s required and what shouldn’t be discussed, mentioned, or even implied.

Poor experiences

Bad experiences can be caused by any number of things, but they often have just one outcome: A potential employee heads straight for the door. When competition is so fierce, it may only take a single negative interaction to make potential candidates look elsewhere. For example, U.K. tech workers and similar experts are generally among the happiest in their roles — so if a job-seeker isn’t feeling it, they’ll likely look for better opportunities.

Takeaway: Everything — from email exchanges to onboarding platforms — must be streamlined, optimised and handled with care. Even if you feel that the first few days aren’t a fair representation of what their role will actually be like, candidates look to these early experiences to prove that they’ll be happy in their new company culture.

Where to find top tech talent

You’ve got the dos and don’ts; now it’s time for the whos and wheres.

Entry-level roles

While you may be looking for higher-level positions, it doesn’t hurt to have a few tech employees who want to work their way up the ranks. That way, you’ll have internal experts ready for later.

Tech layoffs

Tech giants are laying off workers in record numbers, but their loss is your gain. Reach out to any prospective employee who may be looking for a steadier position outside the highly variable tech industry.

Employee referral programs

Use an employee referral program to turn current tech workers into recruiters. They know your company culture and team needs, so there’s no one better to recommend talent you may not have been able to reach otherwise.

Change-seekers

With trends like The Great Resignation, we saw a pool of tech workers who wanted to try something new — something more promising, rewarding, and interesting. If you can be all those things, you may have a chance with those experts who are still looking to switch things up.

Win your battles for tech talent

You don’t have to face this tough hiring landscape alone. Our experts know what tech workers are looking for, where to find them and how to attract them to your workforce. Better yet, we know how to outmanoeuvre your competition.

Get started by exploring our tech talent market trends, or get in touch today to learn how we can support you.

Just like a software update, tech workers in financial services need to run an upgrade on their expertise to keep up in a rapidly changing industry. But they can’t do it alone. Financial services companies play a key role in supporting their tech teams’ professional development – think on-the-job training (OJT), mentorship programs, sponsorship opportunities and employee resource groups (ERGs). A supported workforce can also drive innovation and productivity, helping financial services companies get ahead of the competition – it’s a win for all. So, how can you get started? Let’s dive into it.

Why skilled tech workers want upskilling opportunities

Upskilling initiatives provide tech workers with invaluable opportunities for personal and professional growth. By acquiring new skills and knowledge, they expand their career horizons and enhance their market value. This not only boosts confidence but also opens doors to exciting and challenging roles within the company — benefiting everyone involved.

For financial firms specifically, investing in upskilling initiatives offers a wealth of advantages, including:

Enhancing talent acquisition efforts: Top-tier tech professionals actively seek out companies that prioritise employee development and provide avenues for growth. By offering upskilling programs, your financial firm can attract and retain top talent who possess a strong desire to learn and progress.

Boosting morale: When team members feel supported and empowered through learning and development opportunities, they become more engaged and motivated in their roles. This positive work environment fosters innovation, collaboration, and productivity, pushing your company forward.

Building a positive reputation: By promoting a culture of continuous learning and professional development, your company can be perceived as progressive and forward-thinking. This reputation not only attracts top tech talent — 78% of financial services professionals cite that a positive company culture matters to them when looking for a job, according to Talent research — but also potential clients and partners who value innovation and expertise.

Employee development strategies for financial services

There is a plethora of employee development strategies out there, but these opportunities ultimately hinge on the specific goals of your people. Depending on where they are in their career, tech professionals may benefit from one or more of the following strategies:

On-the-job training

With on-the-job training (OJT), your people can gain hands-on experience and practical skills, ultimately improving confidence and job performance. OJT allows mentees to understand specific processes, systems, and tools, while your company can benefit from streamlined processes and enhanced productivity.

To implement effective OJT, your financial services company should develop structured training plans, allow shadowing and observation, facilitate hands-on assignments, and provide structured evaluation. The way that the OJT is set up should be dependent on the nature of the junior’s role. A junior investment analyst, for instance, may benefit from shadowing senior analysts, learning how to conduct market research, analysing investment opportunities, building financial models, and presenting findings to clients. Similarly, if your financial firm is taking on a junior cybersecurity professional, you may provide them with opportunities to observe and analyse real-world cyber threats, gain hands-on experience in implementing security measures, and receive access to relevant cybersecurity tools and technologies.

Mentorship programs

According to research by Talent, over 8 out of 10 surveyed tech employees desire the opportunity for meaningful work. A part of what develops meaningful, exciting work is the ability to learn and work alongside those who are more advanced in their careers: Mentorship programs pair experienced professionals with less-experienced employees to provide guidance, support, and career advice, offering numerous benefits for both mentors and mentees.

Businesses that invest in mentorship programs ultimately outperform those that don’t; mentoring serves as a means of improving productivity and profitability, as well as the retention rates of a company’s people. Given the growing demand and importance of tech skills – like cybersecurity, machine learning, and artificial intelligence in financial services – mentoring junior team members in these areas can foster innovation and boost company performance.

Sponsored educational advancement

If you want to keep A+ talent on your books, education is key. Sponsored educational advancement programs involve providing financial support and resources for your tech workers to pursue further education or professional certifications, demonstrating commitment to investing in their long-term growth and development.

Your financial services company can offer various forms of sponsored educational advancement, such as:

• Certification programs: Employers cover costs for certifications – including preparation materials, exam fees, and training programs – enhancing skills and expertise. Relevant financial certifications may include designations such as Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), Financial Risk Manager (FRM) or Certified Information Systems Auditor (CISA), among others.
• Work-study programs: As facilitated by the employer, team members pursue education while working part-time, with flexible hours and adjusted workloads to balance work and studies.
• Internal training initiatives: Companies provide customised training courses or partner with educational institutions, ensuring employees have up-to-date skills and knowledge.

Through these opportunities and investing in your people’s growth, you can not only attract top talent but also keep the best on board, helping take your company to new heights.

Employee resource groups

Leverage the power of your people. Employee resource groups (ERGs) are employee-led groups that bring together people with shared interests. Through ERGs, employees can expand their professional networks, gain exposure to different perspectives, and access development resources tailored to their needs. ERGs also promote a sense of belonging and engagement, which can lead to higher job satisfaction and retention rates. As Richard Branson once said, “Train people well enough so they can leave, treat them well enough so they don’t want to”.

Your financial services company can encourage and support ERGs by providing resources, funding, and leadership support. By leveraging the power of ERGs, you can enhance employee development, foster a culture of diversity and inclusion, and ultimately drive innovation and success in the industry.

Understanding what top talent want in their employment

Financial services companies may be at risk of losing out on top tech talent to other industries or companies that offer more attractive opportunities. If you want to attract and retain the best, you need to understand what your people want. Hint: facilitating career development opportunities is high on their list.

To help you get ahead of the competition, we can do the heavy lifting in locating tech experts who are the perfect match for your company. Reach out today.

It’s time to ace your employer brand and bring top of the class talent into your teams.

While communicating a competitive benefits package serves as an integral aspect of an employer brand, this is no longer what’s going to get you top marks with tech candidates. Today’s workforce has choices; especially A+ tech talent. Therefore, to stand out among the competition, you need to craft a compelling, authentic and tailored employee brand that resonates with the unique desires of tech professionals in higher education.

Here, we unpack the role of branding to help your higher education institution acquire top tech talent: What an employer brand is, its advantages and how to create one that sets your institution up as an employer of choice.

Acquiring tech talent: The role that your brand plays

When actively recruiting top tech professionals, especially in the higher education space, employers need to consider how candidates perceive their brand and reputation. It should encompass the values, culture, and overall image that the company projects to the external world — ideally, adjusted to the desires of tech talent.

Here are just a handful of the benefits of a strong employer brand:

• Enhanced reputation as an employer of choice.
• Improved candidate quality and quantity.
• Reduced recruitment costs.
• Higher employee retention rates.

Top tech talent want more than just a competitive salary; they want meaningful work, flexibility and career advancement. An A+ employer brand aligns itself with these desires by drawing on the best practices we’ll cover below.

Effectively showcasing your brand: 3 best practices

Demonstrating your institution’s employer brand requires intentionality and forethought. To set out in the right direction, here are three best practices:

1.  Communicate your DNA

Among the wants of tech professionals, the ability to make an impact within their employment is a leading reason why a professional may choose one role over another. In keeping with this, it’s the responsibility of higher education institutions to communicate their various social and technological initiatives they are involved in as an expression of their DNA.

When communicating company DNA, consider the following guidelines:

• Communicate your company DNA widely online: Whether it’s through blog posts, such as this article from the University of Leeds on the adoption of industrial digital technology; press releases, like this release from the University of Bristol on their £12 million technological investment; or social media updates, utilise different online channels to communicate the way your institution is technologically advancing.
• Engage in thought leadership: In keeping with online distribution, look to further invoke thought leadership by relaying technological contributions to industry publications, conferences and panels to enhance your brand reputation and attract tech professionals. This publication, for instance, speaks on the creation of cutting-edge facilities for higher technical education, helping set the University of Brighton, the University of Sussex, and North East Surrey College of Technology (Nescot) as leaders within U.K. higher education technological advancement.
• Display social and wellness initiatives: Notably, a company’s DNA — and tech employees’ desire to make a difference — goes beyond technological advancement into the area of social and wellness initiatives. AUT, for example, is not only making significant strides in the area of sustainability — but are also communicating their efforts effectively. And on the wellness front, Victoria University’s career’s page speaks on the values of autonomy, safety & wellbeing, professional development, diversity and inclusion practices, among other key draw cards.

Through effectively communicating the various aspects of your institution’s DNA — whether in regard to technological, social or wellbeing — you position yourself in a spot where tech professionals can see the unique value your higher education institution offers as an employer.

2. Create a seamless candidate experience

A seamless candidate experience should be easy, efficient, and personalised, leaving candidates feeling valued. This greatly reflects the company’s culture, showing the applicant that their time and effort are appreciated. To foster a positive employer-employee relationship from the start, companies should:

• Streamline the application process by displaying clear and concise job descriptions and offer user-friendly application platforms. For example, The University of Auckland’s careers page allows candidates to easily sift and filter through various roles and obtain the necessary information without friction.
• Offer timely communication and regular updates throughout the hiring process, keeping candidates informed and engaged.
• Provide personalised interactions, such as emails or tailored interview questions, showing that the company values the individuality of each candidate.

A seamless candidate experience goes beyond application and interviews — it also includes onboarding. Providing new hires with necessary resources, information and support for quick acclimation establishes a strong foundation and greater chances of retention. To achieve this, many universities are turning to artificial intelligence (AI) for task automation; For instance, Harvard Business Review spoke on the multifaceted role of AI in onboarding, and the way its technologies are taking significant strides in reducing human error from the onboarding process. While onboarding still necessitates the human element to build meaningful connections and provide personalised guidance, AI can streamline various administrative tasks, and in turn free up professionals to focus on more people-oriented aspects of the onboarding process.

3. Leverage technology

Beyond utilising AI, higher education facilities can leverage other technologies to enhance their employer brand more generally:

• Adopt video interviews as a convenient method for enhanced candidate assessment. The University of Dundee in Scotland states that video interviews are the fastest growing recruitment technique, working to break down geographical barriers. Naturally, video interviews provide increased opportunities for applicants by allowing them to participate in the recruitment process from anywhere in the world — especially beneficial for international applicants or those in rural areas who are considering relocation.
• Draw on online data to determine what your ideal candidate is looking for, and adjust your employer brand accordingly. Insight, such as the desire of 84% of tech employees to work for a company with a commitment to environmental sustainability, can help you shape your messaging and the portrayal of your company values accordingly.
• Create an intuitive careers page, featuring employee testimonials, videos and virtual tours, among other relevant components. For instance Stanford University’s careers page highlights value propositions, staff testimonials and data on recommendation rates, while also creating an intuitive experience that is easy for the user to navigate.

Understanding the state of the higher education workforce

While your employer brand serves as a pillar in the pursuit of top tech talent, there are various other aspects that contribute to such sourcing and retention. In times like these, where tech talent have a plethora of employment options before them, consulting with industry hiring experts can be of great benefit.

Talent specialises in tech recruitment, helping higher education institutions across the globe identify and attract the most skilled and suitable candidates for their technology-focused positions. Contact Talent today to learn how we can support you in filling tech-voids.

From the very first moment someone accessed their work emails outside of the office (most likely on a Blackberry), the need for human beings to be sitting at their desks in order to perform their roles began to diminish.

In our increasingly mobile and cloud-connected world, the hours we spend in the office are becoming increasingly irrelevant. Computers in our pockets have more fire power than the computers we had at our desks in the 1990’s, and we now have the ability to work from any location at any time. The entire world of work has evolved, so the way we manage must also change.

What still really matters are outcomes and results. We all seem to be fairly capable of managing people to outcomes when everything is going well. Freedom and flexibility are a breeze when your team is kicking goals. But what happens if someone is not meeting their KPI’s?

1. Ditch the old-school thinking

When our teams don’t deliver, we usually let our old fashioned thoughts on management prevail. We move to managing via time at work because it’s easy to resort to making judgements about what we can physically see our team doing. Did they arrive in the office 15 minutes late? Did they take an extra 20 minutes on their lunch break? We start to judge by what we can see, but is this really the right way to go about things?

Oftentimes, because of technology and flexible work policies, we can’t physically see the work our teams are doing. That is where trust comes in. We need to demonstrate to our teams that we trust them to deliver on their goals, and we need to give them the opportunity to work in their own way.  Provide them with this flexibility and put the onus on them to make it work. If they have clear goals and a sense of direction, they will deliver.

This isn’t always an easy thing to do though. When frustrated, it’s easy to give in to old-fashioned thoughts. You might feel as though it’s unfair, “I worked for 20 years before being able to negotiate Fridays working from home” and “I was never allowed to be late when I was the junior”. This may be well and true, but times are changing. While you may not have had the opportunity to work from home in your early days, you may instead have had the luxury of a clearer distinction between your personal life and work life. Speaking of which…

2. Be aware of blurred lines

While the ability to work remotely is all well and good, the barriers that define “work” and “home” are being increasingly blurred. The juggling of commitments by parents who work from home, in many cases means that they are available 24/7 – well, except perhaps for those hellish two hours between 5 and 7pm when they need to get dinner, bath and bed sorted in military precision.

We may not physically see the hours our teams put in to their work, but that does not mean that they are not plugging away to deliver quality results. Employers expect team members to take calls from clients outside hours, and sacrifice personal time to have a meeting with the UK team at 10pm, but are not so happy when they arrive at the office 15 minutes late. We can’t forget that flexibility works both ways. It can’t always be give and no take.

3. Presenteeism vs productivity

It’s also important to consider that the most physically present team members might not necessarily be the most productive. “Presenteeism” is defined as “the practice of being present at one’s place of work for more hours than is required, especially as a manifestation of insecurity about one’s job.” Woody Allen once said that 80% of success in life can be attributed to simply showing up, but growing research shows that’s not the case. It is of no value to your company to have a full office, but a team of unproductive people. Sure, they’re ticking the box of being present, and maybe they are going beyond that and staying back late at the office, but are they actually delivering? Again, it is easy to manage on what you can see, but are these employees actually performing, or just putting on a show? If you choose to manage on presence, this is something you need to consider.

4. It’s on us, not them

The relationship between manager and employee is a two-way street. Managing on hours is actually really lazy. It’s easy. What’s a bit more time consuming, but far more rewarding, is spending more time up front having clear and regular conversations with your team members about their goals.

Before you begin to question them on their punctuality, take a moment to consider your own actions. Have you been clear about what you are expecting and the objectives you want your team members to meet? Have you had a somewhat difficult conversation with them about what you really need them to be achieving? An employee with very clearly defined KPIs, objectives and goals should be trusted to manage their time however they need to.

With that being said, if your company prides itself on the values of connection and collaboration, it is not unreasonable for you to place the expectation on your team members to make an appearance in the office often. A culture of connection can’t be achieved if there are never any people around. It is also a great idea to be using digital engagement channels to foster collaboration during the times your team is not physically present. This way you can maintain the culture your company is known for, without compromising the flexibility policies you have in place.

The world of work is evolving, your management style needs to as well. Remember, it’s not about measuring hours, but about managing outcomes. You can’t always see what your team is doing, but you need to trust in them to deliver. This isn’t something reserved for the workplace of the future, it is something that needs to be happening now.

With return to office mandates rising high, get in touch with us today to find out how you can balance office culture with employee well-being to retain and attract top talent.

Amidst rumours of an economic downturn, as well as the persistent worker shortages witnessed over the last five years, companies across all sectors are grappling with how to weather the storm — and this includes utilities companies.

There’s good news, and there’s slightly less good news: The utilities talent pool — tech workers in particular — hasn’t dried up. The way you source talent into your business, however, has changed compared to past years. This article will cover what you need to know to attract the top tech talent into your utilities company.

The utilities tech talent pool isn’t drying up

Utility companies facing challenges in attracting new talent may be experiencing one of two situations: Either there is a scarcity of available talent, or they are not employing effective methods to attract and recruit talent.

In 2023, the latter is generally true. While there remains a global tech workforce shortage, through adopting the right sourcing methods, organisations can capture tech talent who’re willing to jump at the right opportunity. It’s the responsibility of businesses to not only know where to look for these individuals, but to also take into consideration what tech talent are looking for in their employment agreement.

A survey by Workable and TalentLMS conducted amidst the 2021 Great Resignation found that seven out of ten tech workers were considering alternative employment. While job market fluctuations have begun to subside in 2023, the underlying principle remains: Tech workers are willing to shift positions to best fit their priorities.

These priorities include transparent salary expectations, hybrid workplace arrangements and childcare options, among others. By effectively communicating these offerings, utility companies can position themselves for success.

How to expand your talent pool

Over 80% of the utilities workforce are men, with an average age of 47. Although discrepancies in the utilities industry have been levelling out over the past decade, there are opportunities for companies to further broaden their talent pool.

• Campaign for underrepresented workers: The utilities and tech industries are both lacking in female representation. While women are less likely to apply for positions they perceive as not being a perfect fit, employers can proactively address this imbalance through targeted recruitment strategies such as headhunting and/or targeted social media advertising.
• Provide opportunities for a younger workforce: The utilities industry faces a lack of representation not only among women but also among young people. Although certain technical roles require qualifications beyond what high school graduates possess, utility companies can broaden their pool by proactively promoting appropriate entry-level opportunities to high school and tertiary students.

By proactively seeking out talent beyond the traditional demographic of the utilities industry, companies can tap into a wealth of untapped potential, diverse perspectives and innovative ideas that can boost company performance and progress.

Three ways utility companies can attract top tech talent

In just the past year alone, the way companies attract top talent has changed. Here are three ways to help you source the workforce that will power the future of the utilities industry.

#1: Advertise on social media

Social media is driving recruitment. Approximately 80% of job seekers have used social media while looking for work over the past year. Out of those job seekers, 40 million people per week search for jobs on LinkedIn.

In addition to job seekers using social media to find employment opportunities, utilities employers also proactively use social media to identify and recruit individuals they believe are a good fit for their job openings.

When recruiting on social media, follow the golden rule: Advertise on the platform where your ideal employees are. For instance, LinkedIn is beneficial for white collar utilities roles, particularly for roles aimed at those aged above 25 years old, while Meta platforms cater for more diverse targeting capabilities.

#2: Partner with outreach programmes

There is a plethora of excellent outreach programmes targeted at high schools, colleges, and trade schools. Talent RISE, as a prime example, actively work with young people to mentor and cater for employment opportunities.

By partnering with such outreach programmes, you engage with individuals who otherwise may not have come into contact with your business, widening the utilities talent pool and providing a tangible path for potential future employees alike.

#3: Communicate your values

When promoting a new job opening or seeking to recruit for a role that has not yet been established, it’s important to intentionally convey company values.

According to our own recent research, 84% of candidates say that it is important for them to work for a company that prioritises environmental sustainability. By communicating your organisation’s sustainability efforts, you can increase your chances of attracting values-driven talent.

Similarly, in today’s competitive marketplace, expressing values such as the commitment to workplace mental health, diversity and inclusion, and ethical business practices, serves as an effective recruitment strategy — after all, people tend to choose work based on their values.

Insights into the 2023 tech industry

The tech industry landscape is constantly evolving, making it a daunting task to stay up-to-date with the latest trends and changes. For both tech employers and those seeking to enter the industry, it’s essential to have a comprehensive understanding of key industry metrics, such as standard salary rates, high-demand skills, and cross-industry mobility patterns.

By staying in the know, individuals and companies can remain competitive in this fast-paced industry. Read through our article on the state of the tech industry in 2023 to gain insight into the latest trends, emerging technologies, and job market dynamics.

“Worker shortages” have become a business talking point almost as ubiquitous as productivity and cost-effectiveness. Upon closer inspection, though, there’s no blanket statement that can describe this phenomenon — especially when it comes to tech workers.

In a recent survey, 81% of responding organisations noted a shortage of skilled, experienced tech workers. For example, 100% of these companies from the U.S., E.U. and U.K. agreed on a particularly high skills gap in application development; Indian organisations, meanwhile, reported less concern in this area. There must be some rhyme or reason to these patterns, right?

Let’s find out.

Why the Great Resignation isn’t actually that great

The so-called Great Resignation began when more than 47 million Americans left their jobs in 2021. The trend continued through 2022, with 46.6 million more workers joining the wave — and that surge has officially gone global. In 2021, 38% of Australian workers were looking for a new job while almost 20% of U.K. employees said they planned to quit between 2022 and 2023.

Unfortunately, the trend is even more pronounced among tech workers. In the U.S. alone, 72% of tech workers intended to quit during the Great Resignation — far more than the average across the workforce. On top of that, layoffs across global tech companies have made skilled workers more cautious in searching for and accepting roles.

Speaking of layoffs, those haven’t slowed down either. With big names in tech continuing to make significant workforce cuts well into 2023, the landscape is shifting right under the feet of the Great Resignation. Here’s what it comes down to: Some sectors have numerous unemployed tech candidates because of these layoffs, while others (particularly niche fields) still have worker and skill shortages.

What this means for tech hiring (and candidates)

As The Great Resignation continues to complicate the tech hiring landscape, workers have more negotiation power. They’re looking for better pay, sure — but our research indicates they’re also interested in:

• Stability and security.
• Upskilling opportunities.
• Work and scheduling flexibility.

The most skilled tech workers want a better environment, and they’re willing to skip employers that aren’t on board. Are you poised to offer all that, and more?

What this means for your industry

Tech worker shortages have far-reaching impacts. Here’s a look at how three key sectors are feeling the effects of this trend:

Financial Services

As customers come to expect digitisation at every step of their financial journey, banks and other organisations need more tech solutions — and more people to manage them. Tech worker shortages could lead to reduced client loyalty, an inability to keep up with competitors’ offerings and even cybersecurity risks.

Tertiary Education

Students want to engage with learning material in modern ways, which means tertiary education institutions need to build, enable, and troubleshoot new technological experiences. Worker and skill shortages in this area can lead to:

• Reduced student engagement.
• Impacted learning experiences and outcomes.
• Higher rates of support calls and service disruptions.

Utilities

The utilities sector, particularly energy, faces a unique challenge: getting attention from tech workers. Candidates may not immediately recognise how their skills apply in this less-visible industry, which means utility organisations could feel worker shortages even more sharply.

Furthermore, competition in utilities is increasingly diverse, with both local governments and private institutions vying for skilled tech employees. This creates a workforce that’s stretched thin and struggling to keep up with industry advancements and increasing demands.

How to make tech worker shortages work

Tech worker shortages are serious, but they aren’t the end of the world. All you need to do is understand your candidates, why they’re leaving previous employers, and what your organisation can offer to fill those gaps.

Here are a few tips to get you started:

#1: Look for better skills

With high competition for tech workers, you may not be able to find someone who ‘has it all.’ Instead, prioritise key skills such as cybersecurity, data analysis, cloud solutions and programming languages. Applicants have worked hard to develop those and similar capabilities that their peers may not have, so they’ll feel valued when you highlight their efforts. This, in turn, makes it easier to bring them in and keep them engaged.

#2: Prioritise your Employee Value Proposition (EVP)

According to Scarlett Cooke, Talent Sydney Account Manager, “Companies with […] compelling EVPs are winning the war for talent.” This is your opportunity to win: 69% of HR leaders think employees are dissatisfied with their existing company’s EVP — so by offering higher, more relevant value, you can attract tech workers who want engagement and meaning in their roles.

#3: Offer smarter benefits

Tech security salaries alone have grown 20% in the past year, but keeping up with higher pay just isn’t enough. For example:

• 45% of tech contractors said professional support matters most to them.
• 75% said flexible working hours or remote work options were incredibly important.
• 37% indicated that a clear purpose or mission was vital for fulfilment.

By offering on-the-job benefits in addition to higher pay and other perks, you can stand out from competitors and make the employee shortage work to your advantage. You also prove that your organisation treats employees as people instead of just workers, aligning professional experiences with personal values and goals.

Take control of tech hiring

The tech worker shortage is complicated and far-reaching, impacting industries of all shapes and sizes. If you want to secure the skills your organisation needs for success in a digitised world, your first challenge is to overcome patterns like those that caused The Great Resignation. Tech workers want more — and, in return, they’ll bring more to the table.

The right tech candidates. The right cybersecurity, cloud and programming skills. Our market trends research covers it all. For even more support, get in touch today.

In the present age of digital advancements, financial institutions confront a mounting quantity of data that requires proficient handling. Effective data management holds immense importance in the ongoing functioning of financial services as it empowers firms to make well-informed choices, enhance customer experiences and gain a competitive advantage.

With the continuous expansion and intricacy of data, financial firms face noteworthy obstacles in guaranteeing data security and adhering to regulatory standards. Here, we’ll explore two challenges faced by financial institutions in data management and the role of skilled technology professionals in addressing them.

Data management challenges financial services face

Financial services companies continually face a plethora of challenges; among the more prominent — and perhaps most difficult to address — are data security and compliance.

Data security

Data security is a primary concern for financial institutions due to the often-sensitive nature of the information they handle. Banks, insurance companies and investment firms are entrusted with vast amounts of customer data, including personal and financial details. Protecting this information from unauthorised access, breaches or cyber threats is of utmost importance.

During 2022, the financial sector emerged as the primary target of cyber assaults, accounting for approximately 27% of the total attacks. These breaches pose severe consequences such as substantial monetary setbacks, reputational harm, and potential legal ramifications, emphasising the importance of adopting a proactive and all-encompassing data strategy towards safeguarding data integrity.

The increase in digital platforms and the rising popularity of remote banking have broadened the scope for cybercriminals to exploit. Hence, financial institutions are confronted with the task of safeguarding data across multiple avenues, such as web applications, mobile devices, and cloud-based platforms. To tackle this issue effectively, they must adopt encryption methods, employ multi-factor authentication, deploy intrusion detection systems, and conduct routine security audits to promptly identify and rectify any vulnerabilities that may arise; hiring the right professionals to do so.

Data compliance

Comprehensive regulations govern the handling and protection of data within the financial services sector. Financial institutions are required to strictly abide by these regulatory frameworks, such as the General Data Protection Regulation (GDPR) implemented by the European Union and Australia’s Privacy Act 1988. Non-compliance with these standards carries unfavourable consequences, including substantial fines, legal consequences and negative implications for the institution’s reputation.

Complying with regulations is a prudent endeavour due to the evolving nature of the legal landscape and the diverse geographic jurisdictions in which financial firms operate. Data management practices must align with the specific requirements of each regulation, which often involves implementing stringent access controls, data retention policies and consent management mechanisms.

Additionally, financial firms are required to exhibit a comprehensive understanding of the data they gather and its processing procedures, as well as gain consent from their customers. Upholding precise records, conducting frequent audits, and guaranteeing the lawful handling of data are fundamental aspects of ensuring data compliance.

The main challenge with data compliance is in making sure that every t is crossed and every i dotted — with nothing overlooked. The ongoing threat of data breaches and the capacity to align with stringent regulatory frameworks require modern technological solutions and skilled tech talent.

The role of tech talent in overcoming data management challenges

To effectively address the data management challenges faced by financial institutions, it’s crucial to leverage the skills and expertise of tech professionals. Below, we will highlight how those with the relevant tech skills can help overcome the obstacles presented by data security and compliance.

Data security expertise

To prevent the increasing threat of cyberattacks and protect customer data, financial firms require tech professionals with the following three skills:

#1: Cybersecurity

Hiring individuals well-versed in cybersecurity practices is essential for implementing robust security measures. These professionals should possess a deep understanding of the latest threats, vulnerabilities, and attack vectors, enabling them to proactively identify and mitigate risks.

#2: Encryption and authentication

Skilled tech talent should be proficient in encryption techniques to secure sensitive data during storage and transmission. Implementing strong encryption algorithms and establishing multi-factor authentication mechanisms adds an extra layer of protection against unauthorised access.

#3: Intrusion detection and prevention

Technology talent who’re knowledgeable in intrusion detection systems (IDS) can actively monitor network traffic, detect suspicious activities, and respond swiftly to potential breaches. By deploying effective IDS solutions, financial institutions can promptly identify and mitigate security incidents.

Data compliance skills

To navigate the complex and nuanced landscape of data compliance, financial institutions need tech professionals who possess the following three areas of expertise:

#1: Regulatory knowledge

Hiring individuals well-versed in the relevant regulations, such as GDPR, Privacy Act and other regional frameworks, is vital. These professionals should stay updated with the evolving legal landscape and have a comprehensive understanding of the specific requirements of each regulation.

#2: Access controls and consent management

Skilled technology talent should be proficient in encryption techniques to secure sensitive data during storage and transmission. Implementing strong encryption algorithms and establishing multi-factor authentication mechanisms adds an extra layer of protection against unauthorised access.

#3: Data governance and auditing

Financial firms must maintain precise records and conduct frequent audits to demonstrate compliance. Tech professionals skilled in data governance can establish frameworks that ensure the lawful handling of data, facilitate data inventory management, and enable efficient auditing processes.

By leveraging the expertise of tech talent with the aforementioned skills, financial institutions can work to overcome data management challenges. These tech professionals can implement comprehensive security measures, establish stringent access controls, conduct regular audits, and ensure the lawful handling of data.

How financial services can source top tech talent

When it comes to hiring tech talent for data management in financial services, there are several key considerations to keep in mind. The following five rapid-fire tips can help organisations attract and retain the right professionals while strengthening their Employee Value Proposition (EVP):

• Clearly define roles and responsibilities: Clearly outline job roles and responsibilities to attract candidates with both the right hard and soft skills.
• Showcase career growth: Highlight career advancement opportunities, leadership progressions and specialised training programs.
• Offer competitive compensation: Provide attractive compensation packages aligned with — or ahead of — financial services industry standards.
• Promote positive work environment: Prioritise diversity, inclusion, and work-life balance to create a supportive workplace culture.
• Emphasise continuous learning: Highlight training programs, certifications, and conferences for professional development.

In addition to implementing these five tips to acquire new tech talent, it’s important to have a comprehensive understanding of market trends. Our comprehensive market trends article provides the latest insight and data on the tech hiring landscape, providing valuable information to help you stay ahead in the competitive market, gain a deeper understanding of the current demand for digital and tech skill-sets, the impact of recent job losses, and the shifting dynamics in different regions.

Higher education institutions are facing a crisis in retaining their staff, according to a recent study by the College and University Professional Association for Human Resources (CUPA-HR). The battle to retain talent as observed in recent years — particularly in the wake of the COVID-19 pandemic — can be attributed to the following revelation: The work-landscape has changed.

COVID-19 caused many professionals to re-evaluate their priorities: the desire for remote work, salary transparency and wellness initiatives, to name a few. This has forced organisations to adapt to meet the wants and needs of its people.

In the 2023 job market, tech professionals can afford to be picky — with the liberty of switching roles based on priority-alignment. Fortunately, there are steps and precautions companies can make to not only retain their staff, but prosper within today’s ever-competitive workforce.

Troubling Trends: Why Tech Professionals are Leaving

In Australia, higher education professionals have recently expressed their discontent at scale regarding their current university roles, noting the ramifications of “cost-cutting,” such as an unfavourable workload, as a main reason.

This stems in part from the 2021/22 Great Resignation, which saw upwards of 50 million people leave their jobs. Consequently, higher education’s tech professionals in particular became increasingly empowered to demand their priorities are met — most prominently, the desire for increased pay and work-life balance.

The Desire for Increased Pay

Of those who indicated their intention to leave the higher education sector, upwards of 75% stated salary as their primary reason for considering alternative employment. This pay dissatisfaction is further exacerbated both by the marriage of two factors:

• Rapid increase of inflation.
• High rate of unemployment.

The rising cost of goods and services worldwide is making it difficult for many higher education professionals to keep up with the cost of living. At the same time, due to being understaffed, institutions are offering higher salaries as a means to draw skilled workers.

The Desire for a Hybrid Workplace

The COVID-19 pandemic ushered in the era of virtual work. Even as restrictions have lifted and workplace health and safety measures have eased, the demand for remote work has not diminished; in fact, it is on the rise.

On an international scale, 16% of organisations worldwide now operate fully virtually, with an additional 40% of companies adopting hybrid work.

Many workers now recognise the advantages of a hybrid or fully virtual workplace, and as a result, they expect the option for hybrid work to be included in their employment contract. The desire for remote work is further clarified by an OwlLabs study, with participants reporting an increase in productivity (90%), happiness (84%), and the willingness to recommend remote work to others (97%).

What are the implications for higher education institutions? As many are in the process of increasing their hiring within the technology space, and aren’t likely to slow down anytime soon, they will need to restructure their daily operations to accommodate remote work for tasks that can be performed off-site. By granting professionals the flexibility to arrange — or negotiate — their work environment, higher education institutions increase the likelihood of higher job satisfaction rates and, in turn, retention.

The willingness of employers to negotiate likewise applies to compensation. The demand for skilled technology professionals is high and expected to continue growing, with projected 253% growth in cybersecurity and 268% growth in data science over the next decade, for instance. Given this demand — and the rise of inflation as previously mentioned — employers must evaluate salaries to maintain competitiveness. Further, the expectations of tech professionals don’t start and end with salary and hybrid work; tech professionals also look for a positive work environment, the facilitation of meaningful work, and a clear career pathway — more on this below.

What Tech Professionals Expect (and Why It Matters)

In addition to salary considerations and the preference for a hybrid workplace, technology professionals are motivated by a range of factors that enhance their overall well-being and job satisfaction.

To prioritise their tech professionals, higher education institutions should take into account the following:

• A clear path to promotion, and the associated financial implications and benefits, with approximately half of survey respondents stating a correlation between career advancement opportunities and overall job satisfaction.
• Childcare options, as per a Harvard Business Review article, is a crucial consideration that impacts both families and businesses alike.
• Work flexibility, a priority for 96% of employees. This not only refers to hybrid-work options, but also flexibility around hours, location and responsibilities to accommodate their personal and professional responsibilities and achieve a better work-life balance.
• The facilitation of meaningful work: As per a recent Talent study, tech professionals in higher education desire to engage in meaningful work; specifically, work they’re passionate about. Have the conversation early on in the hiring process about what the tech professional would like out of their employment — what they consider meaningful — and determine ways to align their passions and skills with the available opportunities within the organisation.

The cardinal goal of all the aforementioned factors is to help team members feel valued and cared for at work. As mentioned by Indeed, “an employee who feels valued is happier, more productive and less likely to seek alternative employment.”

Alongside understanding what tech professionals want from their employment, it’s crucial to grasp the prevailing technology market trends. Our article on tech market trends covers essential information based on country-specific tech industry data from Australia, New Zealand, the U.K., Germany and the U.S. — assisting you in attracting and retaining top tech talent.

From team management to networking to corporate strategy, there are a variety of duties a successful recruitment manager will have to take on. But, what makes someone a truly outstanding recruitment leader?

There are many key traits often shown by leaders in this industry – and results speak for themselves. Here are our top 5 successful recruitment leader skills, along with the benefits of implementing them into your own management strategy. How do you stack up?

1. Be data-driven

Without quality data to analyse, how will you identify the areas that need improvement? Or the areas that are growing most successfully?

Collecting and analysing data is crucial to keep track of your processes. You’ll be able to efficiently identify any roadblocks hindering progress – and can use this information to take action in making your entire operation more streamlined. You’ll deliver better, more targeted service to clients and candidates as a result (and, of course, achieve more sales!).

2. Take a step back from recruitment

If you’re spending too much time focusing on your own technical recruitment skills, how will you efficiently lead your function? There simply aren’t enough hours in the day.

Being in a leadership position means accepting that your role is no longer laser-focused on technical recruitment. Instead, setting the vision for your team, hiring good people, and providing mentorship is where you should focus most of your time.

Effective recruitment leaders should be able to set an example – and deliver guidelines needed for their recruiters to do their job well.

3. Prioritise collaboration and teamwork

Collaboration and teamwork typically deliver better results than individual working. From improved problem solving to higher chance of innovation, encouraging your recruiters to work as a cross-functional team is likely to be far more successful. Knowledge and insight will be shared more effectively, creating broader scope for the team (rather than individuals) to achieve success together.

Many top recruitment leaders regularly encourage their people to share, learn, and help enhance each other’s skills. Basing most incentives on team performance (rather than individual achievements) will naturally encourage collaboration, too.

4. Focus on diversity within your strategy

Diversity, equity and inclusion is a prevalent topic right now – but DEI is far more than buzzwords on a page.

Focusing on DEI will not only keep your recruitment strategy updated, but will also help create a more inclusive culture within your organisation. There’s no denying how important a positive company culture is, especially in today’s candidate-driven market. If you aren’t showcasing your commitment to DEI (both internally and externally), you run the risk of losing your best talent.

5. Nurture other leaders

Your mentorship process shouldn’t just focus on helping your recruiters develop their technical recruitment skills. You should also work to nurture their leadership skills, helping them develop into future leaders of your function.

This will not only help more members of your team operate with better autonomy, ownership and responsibility, but will also help identify areas for improvement too. If others in the team are equipped with the experience to analyse your recruitment process, you’ll have more support in improving your overall long-term strategy.

Want to learn more?

While these 5 skills are undeniably important, being a successful leader certainly doesn’t stop here. There are an endless range of leadership qualities that will help boost business, improve your company culture, and build a better world of work.

To discover more leadership-focused insight across a variety of industries, take a look at our new Leaders Building a Better World of Work list. Featuring exclusive takeaways from some of today’s most inspirational leaders, you’ll discover a range of perspectives and knowledge on multiple facets of leadership. Click here to find out more.