August 2024
Karen Young explains what finance professionals really want when they are looking for a new role.
In today’s competitive, skills-short market, amidst economic and political uncertainty, attracting and retaining the top talent is more important than ever for organisations. To secure the best applications it’s crucial for employers to understand and respond to what workers take into consideration when weighing up job opportunities.
Our latest research reveals what finance professionals look for when searching and applying for a new job and provides insights into the growing use of artificial intelligence (AI) during the application process. Here’s what jobseekers value most today:
An informative job search
Finding a job opportunity that ticks all the boxes can be a real challenge for a jobseeker and getting a good first impression of an organisation certainly impacts on whether they decide to apply for a particular role.
According to our survey, when researching a potential employer, the main thing finance professionals actively look for is information about an organisation’s working environment and culture (51%), demonstrating the importance of finding a suitable cultural fit when choosing a company to work for. Professionals also look at an organisation’s financial information (41%), product and service information (38%), employee reviews and testimonials (33%) and brand values (32%).
An absence of the most vital information could put jobseekers off from going for a particular role.
Finance professionals will only consider applying to organisations that include the salary within the job description (83%), prove that they will invest in their personal development (79%), and have a clear description of the products and services offered by their organisation (77%).
A smooth job application
The application process is one of the first interactions a jobseeker has with an organisation, but our research shows that many employers are falling short in this area, as half (50%) of finance professionals have had a negative experience during an interview process. The main reasons for a poor experience are unprepared interviewers (42%), a negative impression about an organisation’s culture (39%), poor communication and a lack of clarity as to the steps involved (38%), not enough structure to the process (36%) and the process overall being too long and cumbersome (31%).
As a result of a negative first impression during the application process, just under half (46%) of professionals working across the finance industry have been deterred from a prospective employer. When it comes to the length of an application process, most (73%) professionals believe two interview rounds is acceptable. After the final interview, whilst nearly a third (30%) of professionals would wait up to a week for an offer before considering or accepting another job opportunity, close to half (46%) of workers would only wait two to three days for an offer before turning their attention elsewhere. It is therefore important to have a clear and efficient process at this stage in the recruitment process.
Although it’s difficult to get the full picture of what an organisation is like until you work there, the way an organisation treats jobseekers during the application process can be telling. Therefore, before making any decision on a job offer, it’s important to reflect on how you felt throughout the process and if the image of the organisation you’ve built in your mind mirrors your ideal place of work.
Transparency over AI use
The presence of AI is certainly growing across the finance profession, and that goes for both professionals in their current role and those looking for a new job. Our research shows that 15% of finance professionals admit to using an AI tool, to help write their CV for example, when completing a job application. Looking ahead, two in 10 (19%) plan to use AI tools to help carry out job applications in the future.
When it comes to AI, transparency is key, as a big majority (80%) of finance professionals prefer to be informed if an organisation uses AI to assess their job application. Although over half (58%) of finance employers do inform candidates about their use of AI tools in evaluating job applications, there is clearly room for progress.
As AI continues to develop, open communication during the recruitment process and beyond will be paramount to maintaining trust between employers and staff.
As our research demonstrates, finance professionals looking for a new job opportunity favour employers who make the most important information easily accessible to current and prospective staff, lay the groundwork for a positive application experience and are transparent about their AI use during the application process.
Employers who neglect the importance of these factors risk missing out on top talent.
- Karen Young is a Director at Hays specialising in Accountancy and Finance
