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.

Discover why you must innovate your company’s ecosystem, with key tips you can implement right away

For your company to truly thrive and stand out from the crowd, your “way of doing things” must adapt and evolve. Today’s world of work is an ever-changing landscape, and it’s crucial you keep up to avoid getting left behind…

…and potentially losing your best talent to a competitor who just does things differently.

But what does “innovation” really mean? If you can’t concretely define it, how can you implement it to create a truly successful company culture? The bottom line: you can’t.

Unpacking today’s hottest topic

In our world of work, there’s no denying that innovation has become a seriously hot topic. But, this means its core value often gets lost in the buzz. Many managers and team leaders are left questioning their strategies as a result, wondering whether they’re even being “innovative” in the first place.

A pretty difficult question to answer if you can’t pinpoint what innovation actually means, right?

Many definitions are often batted around, but they should all lead to the same core answer. Business innovation is when companies implement new ideas, strategies and processes to improve growth. This growth can take many forms, including higher business revenue, better customer engagement, and increased employee welfare. The list goes on!

Being innovative is “finding new ways to solve old problems”, some would say. Or breaking through barriers, instead of giving them too much acknowledgement and allowing them to take hold.

So, is it really worth the time?

In short, 100% yes.

Innovation offers you and your people a bunch of brilliant benefits. These benefits will not only boost your overall company culture, but will transform your “way of doing things” into something that’s fresh and industry-leading.

Attract & retain top talent – The typical 9-5 workplace simply doesn’t cut it anymore (yes, even despite the ping pong table and those bean bags sitting in the corner…). Innovative perks and increased flexibility are key for both hiring and retaining today’s top talent.

Improve efficiency – Innovative strategies can boost efficiency in multiple ways. From saving time to reducing costs to eliminating bottlenecks, you can streamline your processes for a more sustainable future. You’ll also be more agile in adapting to industry changes, too. Efficiency is king!

Boost brand position – No one wants to be known as “that stuffy company that doesn’t care”. Displaying innovation shows you’re not only adaptable and willing to evolve, but that you’re worth their time. Modern-day customers are more likely to engage with brands that are forward-thinking, diverse and socially conscious.

So, how do you do it?

Get in the know

Episode two of our ‘It’s the Vibe’ podcast unpacks all things innovation with Jennifer Mumford from Zip Co. We delve into the ins and outs of what it truly means, as well as outlining how to create a thriving company culture for you and your people – with innovation at its core.

You’ll discover how to make your working ecosystem a whole lot more inclusive, successful and (you guessed it) innovative. Jen is a total pro at identifying and implementing creative strategies that truly work, with a bunch of tips you can use right away. If you haven’t listened already, you don’t want to miss out.

Tune in here and get inspired!