Beyond the basics: Hiring guide for enterprise leaders

Beyond the basics: Hiring guide for enterprise leaders

Posted April 24, 2024

Enterprise people leaders have big shoes to fill – constantly. We took the most common hiring challenges faced by our clients and put together our best tips into a guide you won’t want to miss.

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What matters most to jobseekers in 2024?

What matters most to jobseekers in 2024?

Posted April 19, 2024

What are jobseekers’ deal-makers and deal-breakers when it comes to work? We’ve dived into the numbers to uncover what you should offer to not only attract but also retain the best. Let’s get into it:

1. Flexibility

The most important thing that jobseekers are searching for from a role is flexibility. A Talent poll revealed that flexibility is the most important thing candidates are seeking, even beating out salary. Flexible work is so important that another survey revealed that 45% of employees would be willing to take a pay cut in exchange for remote work. With flex work a non-negotiable, ensure this is on the table if you want to secure top talent.

Don’t forget, flex work isn’t just about working from home. It can be provided in the way of compressed work weeks, job sharing, flexible start and end times and a whole heap more. Talent People & Culture Lead, Georgia Townsend comments “It’s not as simple as flexible working or not flexible working—the debate is constantly evolving far beyond a yes or no question. What we’ve found is the best way to get the most out of everyone and to keep our culture alive, is to truly understand what drives our people. The magic answer is that not one size fits all.” Uncover the latest in the flex work landscape in our blog “Behind the headlines: What’s really happening with flexibility”.

2. A competitive salary

Money matters to jobseekers, however, expectations vary across the globe when it comes to the cash. In the US, the tech market is full of opportunity, seeing strong competition and high salaries for skilled tech professionals. Across Australia and New Zealand, however, salary expectations are shifting as the market changes. Where candidates were demanding significant rates during 2021-22, the market is starting to stabilise, and rates are beginning to correct themselves – largely due to recent layoffs and a slow in hiring. As a result, Taliya Lukeman, Talent Adelaide recruitment expert notes that, “Candidates are much more open to seriously negotiating their salaries because they can see how tough the market is post-COVID.”

Discover more about salary expectations in our More Than Money Salary Guide 2024.

3. Opportunities for progression

Candidates are seeking to work on projects that matter and are looking for opportunities for growth – so much so that it could be a determining factor when it comes to the roles they accept. A Talent survey of over 500 tech professionals revealed that the opportunity for exciting and meaningful work matters to 85% of respondents, alongside the opportunity for career progression and development, which matters most to almost half (48%) of respondents when looking for a job. Talent Adelaide recruitment expert, Taliya Lukeman, observes that when sourcing candidates “There are more questions around progression and what that looks like for a candidate. We are finding that employers who have a clear roadmap in place for providing professional development for new hires are securing great talent. Longevity and variety are at the forefront of candidates’ minds when deciding on new work.” Ensure you’re offering your people an opportunity to engage in valuable work that will progress their career, and make sure their advancement journey is visible from the get-go, so they know that there is a future with your organisation.

4. A positive company culture

Candidates are seeking out a positive culture in the companies they decide to work for. A Talent survey revealed that a positive company culture matters most to 76% of tech candidates when looking for a job. Ensuring that you are creating a positive workspace, listening to your team members, and nurturing your people can go a long way in attracting and retaining top talent. However, this isn’t something that should only be reserved for your permanent employees. Your contingent workforce is also seeking out a positive working culture and connection with your permanent teams. Ensure you’re delivering on this and you’ll have a leg up in attracting and retaining the best. Talent People & Culture Advisor, Brandon De Souza, shares that “company culture is incredibly important as it has such a widespread impact on a business, studies show that a strong culture leads to higher retention rates and improved business performance. It should be built on strong foundations and is the responsibility of everyone, not just one team. Having a company that is built on transparency, trust and diversity is a solid start for any business.”

5. A DEIB commitment

A Deloitte survey of 1,300 full-time employees found that 80% of respondents see inclusion as an important factor when choosing a new employer. If you’re seeking to attract top candidates and keep them on board, DEIB should be on your priority list. A diverse working culture also statistically increases job satisfaction for employees, and improves levels of trust. The happier your people are, the more likely they’ll stay – helping solidify your teams and increase staff retention.

Deliver on these candidate expectations and you’ll be one step closer to attracting high-performing talent – and keeping them by you for the long haul.

So, are you ready to start building world-class teams? We can help. At Talent, we’ve placed thousands of professionals across almost every sector to the world’s leading companies. Get in touch to see how we can help you source the best of the best, helping you take your company to new heights.

What’s age got to do with it? Jobseeker expectations across generations

What’s age got to do with it? Jobseeker expectations across generations

Posted April 15, 2024

With different generations currently in the workforce, it’s not just age that sets these groups apart. Beyond salary, what does each group expect from their employer? From Gen Z to Boomers, we dive into what each generation is seeking from a role. Let’s get into it:

Gen Z (born 1997-2012)

Gen Z are the most recent generation to enter the workforce. Having grown up in the digital age, Gen Z are digital natives and are seeking a technologically-integrated workplace, with 80% wanting to work with cutting-edge technology. Flexibility is also a key expectation of this group, with 40% of Gen Zs considering flexible workdays a determining factor when considering whether to accept a job. Social activism, increased environmental awareness, and a commitment to inclusion are also hallmarks of this group, with DEIB and environmental sustainability being key considerations for Gen Zs when weighing up employers. One survey found that 83% of Gen Z jobseekers consider a company’s DEIB commitment before accepting a role, while a Talent survey revealed that a company’s commitment to environmental sustainability impacts 71% of Gen Z candidates’ decision to accept a job. Progression and development is also highly sought after by this group, with Gen Z expecting employers to provide continuous learning and professional development opportunities.

TLDR; What this generations wants:

  • A technologically-integrated workplace
  • Flexible work options
  • A company DEIB & ESG commitment
  • Learning & development opportunities

Millennials (born 1981-1996)

Experiencing the advent of the internet and social media, millennials grew up in a time of growing awareness of global issues, thus seeing them prioritise social justice in both a work and social context. According to a Talent survey, 75% of millennials cite DEIB as a top business priority. Millennials also highly value flexibility – 75% who are presently in hybrid or remote roles would consider looking for a new role if their employer asked them to work in office full time. Unlike the generations before them, millennials are more likely to job-hop – 21% of millennials have changed jobs within the past year, over three times the amount of non-millennials who have done the same. To keep them on board, ensuring candidate expectations are met is key.

Millennials are also becoming parents, which is creating a significant shift towards gender equality. Both mothers and fathers have strong expectations to be supported by employers, not just in terms of parental leave support but also accommodating return-to-work arrangements. Millennial fathers are taking advantage of parental leave arrangements more than ever before. For millennial women who have come through their careers watching Gen X mothers work hard to secure flexible arrangements, flexibility is no longer considered a perk or privilege – it’s a minimum expectation.

TLDR; What this generations wants:

  • A company DEIB & ESG commitment
  • Flexible work options
  • Paid parental leave and support when returning to work

Gen X (born 1965-1980)

Gen X grew up during a transformative era, seeing the end of the Cold War, alongside technological and societal shifts. In the workforce, Gen X are noted to be self-sufficient and results-oriented. Career stability is highly important to this generation, with one survey noting that 35% of Gen X values job security the most in the workplace. Alongside stability, meaningful work is also highly valued by this group, as revealed in a McKinsey study. Work-life balance is also a key expectation of 86% of employees in this generation, with an EY survey revealing that 29% of Gen X who are considering leaving their job in the next year would be enticed to stay if they were offered hybrid/work from home arrangements. Wellbeing initiatives are also important, with 78% of Gen X employees considering wellness programs and benefits as “must-haves”.

TLDR; What this generations wants:

  • Job security
  • Meaningful work
  • Work-life balance
  • Flexible work options
  • Wellbeing programs

Boomers (born 1946-64)

The Baby Boomer generation is often characterised by a strong work ethic and loyalty to employers. They value job security and stability, with 42% citing job security as the most important aspect of work. This generation values loyalty and a long-term commitment to their employers, with over 40% of US baby boomers remaining with their employer for over 20 years, and 18% for more than 30 years. Meaningful work, learning and development, and mentorship opportunities  are also key to this group, with McKinsey research highlighting that Baby Boomers value meaningful work almost as much as compensation. A Deloitte study also found  that Baby Boomers are looking to share their knowledge through mentorship. Alongside these opportunities, health and wellbeing benefits are also valued, with 79% of Baby Boomers considering wellness programs as essential from employers.

TLDR; What this generations wants:

  • Meaningful work
  • Learning & development opportunities
  • Mentorship opportunities
  • Health and wellbeing benefits and programs

Ready to find the talent of a generation?

It’s no easy feat to attract and retain top talent, but with knowledge of what each generation wants, you’ll have a leg up when it comes to sourcing candidates of all ages.

We can also help. Get in touch to uncover how we can source the best of the best for your teams in tech, transformation, and beyond.

Grow your team this year: How to attract top tech talent

Grow your team this year: How to attract top tech talent

Posted April 2, 2024

How can you attract the best in tech, transformation and beyond? In 2024, the hiring market is shifting. With more and more candidates on the market as a result of company cost cuts and layoffs, employers are increasingly finding themselves in a position of power. However, with the global tech skills shortage sticking around, demand for hard-to-find, highly skilled talent isn’t going anywhere. So, if you want to bring the best on board, here’s what you need to know:

1. Ensure flexibility is still on the table

Top tech candidates are still seeking flexibility from their employers, so it’s important that this is on offer. If you want to bring the best in tech on board, meeting your people’s needs when it comes to flex work is key. Where you can’t offer remote work, what else can you bring to the table to ensure your people feel supported? Think – flexible start and end times, school drop off and pick up times, and compressed work weeks.

Uncover more about what you can offer your people when it comes to flex in our blog that dives into all that’s happening with flexible work in 2024.

2. Offer opportunities for progression

One of the biggest things jobseekers are searching for when it comes to a job is the opportunity for career progression and development – in fact, a 2023 Talent survey of over 500 tech candidates revealed that it matters most to almost half (48%) of these professionals when looking for a job. Our recruitment experts have also noted that candidates are starting to ask about progression opportunities with prospective employers from the get-go. Talent Adelaide’s Taliya Lukeman notes, “employers are being asked about progression opportunities more directly in interviews or through us”, meaning if you want to attract the best, you need to be making these opportunities clear upfront. Highlight the journey a candidate can have with your company and the development opportunities on offer, to help them see a future with you.

3. Consider your ESG commitment

Tech candidates are more conscious of their environmental and social impact than ever, so much so that it even influences their working life, seeing jobseekers looking to align with companies whose values in this space match their own. In fact, 59% of tech candidates have said that a company’s commitment to environmental sustainability influences their decision to accept a job offer. If you want to attract the best, CSR and ESG initiatives should be a priority for your company for the year ahead.

Not sure where to start? Check out our Sustainability: Awareness to Action Insights Report to hear from jobseekers themselves on what they’re seeking.

4. Prioritise your company culture

Your company culture can make or break a candidate’s decision to work with you. According to a Talent survey, 76% of tech jobseekers cited that a positive company culture matters most to them when looking for a job. Building a strong and inclusive working environment is key to this – whether it’s delivering on perks that your people want, ensuring there’s transparent business communication, or making sure DEIB is prioritised, it all makes a difference to your people. Talent’s People & Culture Lead, Georgia Townsend, shares her advice on building a leading culture “what we’ve found is the best way to get the most out of everyone, driving engagement and keeping our culture alive, is to truly understand what drives our people. For example, what are they really looking for out of flexibility? How can we marry that to business needs to optimise business performance? The magic answer is that not one size fits all. And what works now didn’t work one year ago and may need to be revisited in a year’s time.”

Uncover how business leaders across the globe are leading the way when it comes to company culture in our podcast series here.

But remember: a strong company culture isn’t something that only extends to your permanent employees. Ensure your contractors feel involved too – after all, they are seeking connection with your company and a sense of belonging with permanent teams. A happy workforce is a productive workforce, so create this inclusive culture and you’ll be reaping the rewards.

5. Use a dedicated recruiter

At Talent, we’ve been working with top tech talent since the birth of Javascript. For over 25 years, we’ve placed thousands of professionals across almost every sector to the world’s leading companies – and we can help you too. Get in touch to uncover how we can find you the best tech talent for your teams.

From cost centre to business driver: How to demonstrate the business impact of Talent Acquisition

From cost centre to business driver: How to demonstrate the business impact of Talent Acquisition

Posted April 1, 2024

Do you ever feel like your talent acquisition efforts are trapped in a perpetual cycle of justifying expenses rather than driving real business impact? As a leader in Talent Acquisition, navigating the perception of your department as a mere cost centre can be frustrating, especially when you know the strategic value you bring to the table. But what if there was a way to break free from this paradigm and showcase the true commercial driver that talent acquisition can be?

In the ever-evolving landscape of business operations, the role of talent acquisition has often been relegated to the sidelines, seen as a necessary but heavy expense, particularly during economic shifts. However, this mindset not only undermines the potential of your team but also poses significant risks to your organisation’s agility and long-term success.

Through many years working with leaders like you across all industries, we and our partners at SmartRecruiters have seen firsthand the challenges many face when it comes to getting a seat at the table.

So, how can you shift this narrative and position yourself as an indispensable partner in driving business outcomes?

It begins with understanding the current state of your TA function through a comprehensive audit and being open to change. Transforming your TA requires a shift in mindset – it’s not merely about filling roles but about becoming strategic drivers of business outcomes.

Instead of framing your TA as an expense or cost centre, it’s vital to portray it as a commercial driver that directly influences business success. Ensure that you measure what matters to the C-suite and directly align your metrics with organizational objectives. These can include: hiring velocity (i.e. on time), quality of hire, hiring budget, offer acceptance rate, hiring manager satisfaction, employee turnover rates, and diversity and inclusion metrics.

By focusing on these metrics and presenting data in a clear and compelling manner, you can effectively demonstrate the strategic value of talent acquisition to the C-suite. It’s not just about filling roles; it’s about driving business outcomes, fostering innovation, and ensuring long-term success. Embracing this holistic approach positions you as an indispensable partner in shaping the future of your organisation.

Additionally, beyond metrics and data, cultivating relationships with key decision-makers is paramount for you to influence strategic initiatives. This involves not only demonstrating the value of your TA through metrics but also fostering open communication channels and actively participating in strategic discussions. By building trust and credibility with decision-makers, you can influence decisions related to resource allocation, technology investments, and organizational priorities. Additionally, showcasing success stories and highlighting the direct impact of talent acquisition initiatives on business outcomes can further solidify your position as a strategic partner.

Ultimately, by measuring what matters, actively engaging with decision-makers and influencing strategic direction, you can elevate the role of talent acquisition and drive meaningful business impact.

Ready to transform your startup hiring strategy? Contact us today to learn how Talent Solutions and SmartRecruiters can help you achieve hiring success in your business.

Tapping into talent rivers: Navigating enterprise hiring challenges with ease

Tapping into talent rivers: Navigating enterprise hiring challenges with ease

Posted March 28, 2024

Achieving mastery in this concept requires alignment across several fronts: your TA team, your business leaders, your processes, your technology stack, and your employer brand. When all these elements work in sync, the reward is access to a sustainable “river” of talent that’s readily available when you need it most.

Now, you might be wondering how to implement this approach effectively within your organisation. Here are a few strategies to consider:

  • Get your execs on board with a more fluid way of working: Talent rivers carry talent in and out of your organisation. They enable on-time and on-budget hiring, so long as the business is equipped to embrace dynamic resourcing. What’s this look like in practice? It means challenging default tendencies, like always replacing a permanent leaver with a new permanent hire. Or hiring a full-time role because “it’s what we’ve always done”. This isn’t just about changing how work is being done, it’s about making you don’t miss out on the best-fit talent just because their work preferences don’t happen to perfectly match yours.
  • Continuous talent sourcing: Adopt a proactive stance towards talent acquisition by continuously sourcing and engaging with potential candidates, even when you don’t have immediate openings. Leverage tools and platforms that allow you to maintain ongoing relationships with talent.
  • Strategic talent mapping: Identify key talent segments relevant to your organisation’s current and future needs. Develop targeted talent pipelines to ensure a steady influx of talent in critical areas.
  • Enhanced candidate experience: Focus on delivering a positive candidate experience throughout the talent acquisition process. This includes personalised communication, transparent feedback, and streamlined application processes. This is especially important when building advocacy among your candidates or hoping that contingent workers will return in the future.
  • Employer branding: Cultivate a strong employer brand that resonates with your target talent pool and ensure you are front of mind whenever your needs match . Highlight your organisation’s values, culture, and opportunities for growth to attract top talent.

 

By embracing the concept of talent rivers and implementing these strategies, you’ll be better equipped to navigate the dynamic landscape of enterprise hiring.

Ready to equip yourself with the latest tactics to build top-tier teams? Check out our Beyond the basics: Hiring guide for enterprise leaders and get in touch with us.

Mastering the Art of ATS: Navigating enterprise hiring challenges with ease

Mastering the Art of ATS: Navigating enterprise hiring challenges with ease

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In the fast-paced world of hiring, the adoption of an Applicant Tracking System, ATS, can make or break the recruitment process. As we navigate through the biggest challenges of hiring in our Beyond the basics: Enterprise hiring guide, it’s crucial to address the common pitfalls that enterprise leaders face and give our advice to navigate these challenges with ease.

Here’s how you can get ahead:

Insist on integration: Look for an ATS solution that offers scalability and flexibility to adapt to your evolving requirements.  Ensure that your ATS can seamlessly integrate with other essential tools in your tech stack and ones that may be added in the future. These integrations go both ways – into core enterprise tools like HRIS/HCM and communications platforms, as well as into complementary applications catered to specific steps of the talent acquisition and management lifecycle. Prioritise solutions that support APIs or offer pre-built integrations with popular third-party applications. This approach minimises data silos, streamlines workflows, and enhances overall efficiency.

Workshop the needs of all stakeholders: It might sound simple, but too often examples like poor candidate experiences or a perceived lack of ATS reporting capability are a result of not taking the time to consider the needs of every stakeholder along the recruitment journey. So long as it’s correctly configured from all perspectives, the right ATS can be a catalyst for industry-leading candidate experience, recruiter productivity and strategic workforce planning all at once.

Consider the big picture when considering AI: There is a trend among newer ATS market entrants to major on their AI-enabled capabilities. Other players are incorporating AI in pockets of their platform. Needless to say, there are some transformative pieces of software out there. But, in 2024, AI is not quite the be-all and end-all some industry commentary would have us believe. Following on from the point above, do your due diligence to ensure that your chosen ATS can deliver across the entire hiring lifecycle, uses AI in the places that make sense for your needs, complements your business tech stack and is backed by reliable supporting infrastructure from a service perspective.

Conduct regular health checks on your ATS set-up: Did you take note of your ATS provider’s latest product release? Do you have a plan for how you’ll utilise these new features to enhance your current processes? Don’t fall into the trap of set-and-forget. Instead, stick to a regular cadence of quick system once-overs and build continuous improvement into BAU to ensure you’re not missing out.

Get in touch to find out how we can help you beat common enterprise hiring struggles.

Hiring – where to start(up)?

Hiring – where to start(up)?

Posted March 4, 2024

When it comes to startups, you are who you hire. But getting hiring right can be incredibly challenging, especially if you’re a founder who has to wear many hats. While navigating the hiring process can be complex, with the right knowledge and strategies, you can assemble an extraordinary team to propel your venture forward. Through many years working with startups and scale-ups at all growth stages, we and our partners at SmartRecruiters have seen firsthand the common pitfalls that they typically encounter in the hiring process. Here are some of the key hiring considerations for startup founders:

1. Maintaining culture during rapid growth and change.

One of the biggest challenges for startups is maintaining their unique culture as they rapidly grow and undergo changes. It’s crucial to ensure that as new team members come on board, they align with the company’s values and mission. Founders must actively foster a culture of transparency, communication, and inclusivity, even as the team expands. Regular check-ins, team-building activities, and clear communication of company values can help reinforce the desired culture.

2. Effective workforce planning: getting the right skills in at the right time.

Workforce planning is essential for startups to ensure you have the necessary skills to drive their growth. Identifying skills gaps and prioritizing hiring accordingly is key. Founders often find it challenging to delegate hiring decisions, but empowering leaders within the organisation to make informed hiring choices based on the skills the business needs can streamline the process and ensure the right talent is brought on board at the right time.

3. Building an employer brand.

Developing a strong employer brand is vital for attracting top talent to a startup. Startups often lack the brand recognition of larger, more established companies, making it crucial to articulate a compelling vision and value proposition for potential employees. Founders naturally have incredible passion for the work their company is doing and their vision for the future. We understand that harnessing this energy into a standout brand presence among your potential future employees isn’t an easy task when you’re also trying to build a brand to attract customers and investment, too. Nevertheless, it’s an essential activity and we recommend a focus on showcasing the company’s culture, mission, and opportunities for growth. It’s also important to “pull back the curtain” and give prospective candidates an idea of what it’s really like to work with you. Informal “day in the life” style content is very effective for quickly accelerating your employer brand.

4. Implementing and maintaining the right tech stack.

Choosing and managing the right recruitment and HR technology stack is essential for startups to operate efficiently and scale effectively. It’s essential to select technology solutions that can adapt and grow alongside the business. Whatever you choose to implement, make sure the analytics capability provides valuable insights into the effectiveness of hiring processes and enable data-driven decision-making. Additionally, ensuring that there are dedicated resources to manage and maintain the technology stack prevents it from becoming a burden on existing team members. As we say, just because you can drive a Ferrari, doesn’t mean you can service it.

Ready to transform your startup hiring strategy? Contact us today to learn how Talent Solutions and SmartRecruiters can help you achieve hiring success in your business. And check out our A-Z Hiring Guide for startups for even more top tips.

What you should know about permanent and contract hiring

What you should know about permanent and contract hiring

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What’s the latest when it comes to the permanent and contract hiring markets across Australia and New Zealand? With a slowing market as a result of an economic downturn, the hiring landscape is shifting. We explore the latest trends in hiring across both groups, providing you with an exclusive look into what to expect for the year ahead.

A preference for perm

As a sense of uncertainty permeates the market, jobseekers are looking for greater stability in their roles, with many seeking out permanent or fixed term positions for greater job security. In fact, in a 2023 Talent survey, 34% of contractors cited that they were open to future permanent opportunities.

Katie Kemp, Talent Wellington recruitment expert sheds light on how this is playing out in New Zealand, “With cost-of-living pressures and post-election flow on, there’s an element of uncertainty for people and an increased focus on security in their work. The last six months or so has seen hesitation in the market coupled with work programme cancellation and an increase in the number of people available for this work. This combined with the pre-election dialogue on contractors and consultants saw some movement toward permanent roles for this sector and downward pressure on contractor rates”.

Stefanie Mortimer, Talent Auckland recruitment expert, also observes that jobseekers are seeking out greater stability in work and are opting for roles with longer tenure, “Stability and security continue to be important to candidates and longer-term contracting opportunities are much preferred.” In Australia, there’s a similar trend amongst contractors, with Talent Melbourne Managing Director, Simon Yeung predicting that, “Career contractors will look at permanent opportunities for security.” This desire for stability has seen a shift towards a preference for longer term or permanent working arrangements, particularly with rising cost of living pressures and an uncertain market.

 

Cuts to contractor spend

Looking at the contracting market, contractor spending cuts are occurring across a number of our regions. In NZ in particular, the government has announced plans to cut contractor spending over the next 4 years, with the goal of reducing current spend by 18%. Resultantly, the contractor market is starting to slow, seeing greater demand for permanent candidates instead. Looking at Talent’s hiring data from October 2022 to October 2023, federal and state government layoffs and hiring freezes across Australia have resulted in a 16% decline in contract hiring in this sector.

Talent Sydney Managing Director Matthew Munson comments on where spending cuts are occurring and the impact this is having on the local market, “The NSW Government continues to look to make savings through contingent workforce cuts. Some Government agencies have looked to make savings by implementing a max two-year tenure rule although this isn’t working too well as they struggle to backfill the IP with permanent employees or fixed term engagements.”

In New Zealand, it’s a similar story, with Georgia Hynes, Talent Wellington recruitment expert noting the effect of these cost-cuts and how organisations are attempting to keep their best people on board, “Demand for candidates is down and many contractors are not being extended. Government departments are also working on reducing contractor spend. Employers understand that career contractors are likely to want to go back to contracting once things pick up, so they’re more likely to come out with fixed term roles to prevent a sudden loss of IP.”

 

Looking ahead: what to expect from the employment market

What can we expect in the hiring market for the year ahead? Talent Melbourne Managing Director, Simon Yeung, observes that, “Employers, grappling with the need to curtail contractor expenditures and adhere to budget constraints, will encounter challenges in securing the necessary talent and expertise. As a response, some employers are transitioning contractors into permanent roles, although this may introduce retention issues as candidate rates fluctuate.”

The market however, looks to be recovering, with Talent Sydney Managing Director, Matthew Munson, noting that, “There are some positive signs the economy is finally improving, suggesting that investment and hiring will begin to recover in 2024”. What does this mean for both the permanent and contract hiring landscape? It’s anticipated that economic improvements will have a positive impact, seeing a steadying of both markets.

If you’re looking for top contract or permanent talent to join your team in 2024, we can help. Working with professionals in tech, transformation and beyond for more than 25 years, we’ve learned a thing or two about what they want. Get in touch to uncover how we can help you build world class teams.

Tech talent in financial services: Best practices for hiring smarter

Tech talent in financial services: Best practices for hiring smarter

Posted March 3, 2024

It’s time to work smarter, not harder, when it comes to hiring top tech talent in financial services. If you’re looking to cash in on top candidates in this industry, there are a few things you need to know first. We dive into the best practices you can follow to bring top professionals on board.

First things first, a little background…

While financial services was traditionally known as a well-paying industry, strong competition from other industries, such as tech and government, are driving salaries up, seeing the financial services sector struggling to compete on salary alone.

Talent Sydney Financial Services Practice Manager, Chris Huggett, weighs in:

“The financial services industry has changed significantly in the last two decades. Mergers and de-mergers, banks exiting from the wealth industry, legislative changes and the royal commission have all generated significant programs of work. As these programs finish and with less legislative and M&A activity on the horizon, competition for key SME financial services talent has diminished. With financial service organisations seeking to protect their profit margins and shareholder dividends, rate cards and salaries have remained at similar levels, typically at or slightly below market rates. On top of this, the digital age has created further competition for top talent, with local tech companies offering more attractive salary packages and employee benefits, combined with industries such as state and federal government substantially increasing their remuneration in order to attract top talent.”

So, how can you get ahead?

Here are our top hiring tips:

1. Know what tech experts want

To secure top candidates, financial services companies can’t solely compete on salary and need to be offering more. When it comes to what top candidates want, they are looking for interesting projects and the ability to develop their skills. They want to meet their personal and professional goals through mentorship, guidance, experience and ongoing learning opportunities. In fact, 85% of surveyed tech contractors said opportunities for exciting and meaningful work were most important to them when looking for a job.

Today’s tech workers also place great value on who you are as an employer. They prefer flexibility, particularly work-from-home options, and won’t compromise on unflinching company values and culture. Your EVP should be a reflection of this – for example, sustainability and diversity always being part of your decision-making processes.

Uncover more about what top professionals in tech, transformation and beyond are seeking, in our More Than Money Salary Guide 2024.

2. Prioritise your wishlist

When looking for the right person, it’s important to be realistic in your expectations – especially in today’s tech hiring environment – to ensure you don’t chase off potential applicants by asking for too much. For example, Talent NY recruitment expert, Jason Pho, recommends looking for “demonstrated continual learning and professional development in the tech space.” Here are a few other things that might make it onto your wish list:

Experience:

  • Has the candidate worked in similar roles?
  • What were their responsibilities?
  • Have they got experience working in a highly regulated business?

Skills:

  • Does the candidate have proven skills in basic areas – such as communication and organisation – as well as more complex topics such as programming or cybersecurity?

Professional development:

  • Has the candidate demonstrated continual learning, whether through ongoing education or on-the-job training?

Certifications:

  • Does the candidate have relevant industry certifications such as Certified Information Systems Security Professional (CISSP)?

3. Consider different types of talent

Depending on your business needs, you may be in search of long-term team members in the form of permanent professionals, or maybe you have a short-term project and need people on board for a shorter period of time. Remember to shape your recruitment practices and agreements around these unique circumstances where relevant; for example, you may need to tighten up your EVP to explain how contract workers will profit in a short-term relationship with your business, whereas permanent employees will want to see the bigger picture.

4. Use a dedicated recruiter

From the rise of blockchain and robotic process automation, through to the ever-growing focus on data in financial services, you need skilled candidates to take the helm of your digital transformation projects – and you need them quick stat. A dedicated recruiter can help you find the people you need at speed.

At Talent, we know a thing or two about sourcing candidates who understand the ins and outs of working in a regulatory environment (and who can keep up in a rapidly changing landscape).

Whether it’s a business analyst, change manager, or software professional you’re after, we can help. Placing top tech professionals in leading financial institutions such as NAB, BNZ and IAG, you can bank on us to deliver the right candidates for your needs every time.

Ready to cash in on a network of top talent? Reach out to Talent today.