Challenges in the Commercial Finance Sector and How You Can Address Them

Challenges in the Commercial Finance Sector and How You Can Address Them

Hiring managers across the board have been struggling to retain and attract staff since the Great Resignation, but that is no reason to feel defeated.

Making your company seen and heard is more difficult now than ever, and this requires a change in the hiring approach.

So, what are the biggest challenges and what can you do about them?

More competition

Mass exits from jobs and companies that have made workers unhappy have led to a candidate short market. Coupled with this is the impact of Brexit, where foreign nationals have returned home due to uncertainty post-Brexit. There are also those who have chosen to go self-employed or take their skills into new industries. The result is that all finance companies are fighting over the same talent.

How can you stand out?

Our advice is to focus, not simply on what you are offering potential employees in terms of salary, but consider the benefits that will make you more appealing than your competition. The benefits you can include are flexible working, progression plans and a mentorship scheme so that what you are creating is a long-term relationship that will see employees thrive and grow with your business.


Technology has revolutionised the financial sector, creating new work processes and demanding a different suite of skills from professionals. In addition, the move to online banking and widespread adoption of fintech have meant that a job description can change beyond recognition. Finance companies and banking firms are in greater need of coders, data analysts and cloud software experts. Yet, since every other industry is fighting over these same professionals, what can you do?

How can you ride the technological wave?

One way to tackle such a skills shortage is to retrain your existing employees in these new areas. This is a long-term strategy and you will have to give it some time before you’ll reap the rewards, but this way you are preparing your existing workforce to evolve along with the industry they work in.

Poor employee experience

When you’re on the lookout for a new recruit for your finance firm, you must do some housekeeping or online reputation management.

Current employees and disgruntled ex-workers have a similar power to consumers venting on Trip Advisor. There are various sites you can post your honest impressions about an employer, such as Glassdoor and even Google Reviews. While the odd negative review isn’t likely to tarnish your reputation too much if it’s among a sea of positive ones, if there is an abundance of criticisms about your workplace, you need to get to work to counter it. That doesn’t just mean getting your mates to post some friendlier testimonials, but actually taking heed of the feedback.

What are your former employees telling you that you need to fix?

If you have trouble retaining staff, you need to find out why. Conducting exit interviews is one idea, but what about producing regular staff surveys so you can nip any issues in the bud before it comes to an employee terminating their contract with you?

Poor candidate experience

In this day and age of automation, AI and instant answers, candidates have lost patience with companies who waste their time or make them wait for a response. You need to manage candidate expectations in terms of timelines and honour what you have said. Replies to emails should take place within a day or you risk the candidate pulling out because of another offer.

How can you ensure a positive candidate experience?

Show empathy with your candidates and imagine how you would want to be treated. You don’t want to be left hanging, and neither should they. It’s all about good communication so they feel their application matters.

Working with a financial recruitment partner is your best bet for navigating today’s complex hiring landscape. We can source the people with the right skills who can grow in the role you offer them. Get in touch today to benefit from our financial recruitment expertise.

So, let us find that perfect balance in your next employee.
Let us find you your next bright spark.

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