The financial and insurance worlds have experienced one of the greatest comebacks in our economy. Financial services, or any business that manages money including credit unions, banks, credit card companies, insurance companies, accounting companies, consumer-finance companies, stock brokerages, investment funds, individual managers, and some government-sponsored enterprises, underwent some of the biggest downturns and suffered some of the biggest damage to their reputations in the mid-2000s.
And, yet, the last few years have ushered in a new era of innovation and transparency that financial and insurance services have ever seen — and they need more talent and a new type of workforce to support it. One insurance industry survey found that 95% of responding companies had open positions to fill.
Here are four ways financial and insurance services can overcome their unique talent shortage, build trust, and build a path toward a better future using recruitment marketing best practices and technologies.
1. Assess your current recruitment marketing strategy and tech needs to properly prioritize.
Financial and insurance services have been forced to become a digitally-focused industry with the rise of mobile banking, virtual wallets, and investment apps. And, according to Risk & Insurance, “Big data, artificial intelligence and machine learning are driving a shift in the way insurers approach risk and could fundamentally change the business model over the long term.”
But when it comes to choosing the right technology and processes needed for effective recruitment marketing — or the ability to understand their candidates at a deep level, build relevant content, reach them where they are, and track and convert them into loyal employees — many organizations struggle to know where to begin.
Talemetry developed the EVOLVE Maturity & Efficiency Framework, a self-guided, free assessment, that helps companies understand their current state and rank and prioritize their biggest needs. The assessment covers these core recruitment marketing processes that drive conversion:
- Inbound Marketing
- Outbound Marketing
- Relationship Management
- Candidate Engagement
- Conversion and Outcomes
PRO TIP: Don’t get distracted by shiny objects! Listen to our webinar with SAIC as we dive into how the premier technology integrator gained executive buy-in and stayed focused on the tech and processes that mattered the most to further their recruitment marketing strategy.
2. Develop candidate personas to diversify your talent pool and hire multi-talented employees.
Candidate personas have been an integral part of the marketing world for a while, and the practice of spending time researching the most sought-after consumers has transitioned into the recruiting world in a big way. It’s such an important practice to both understand who you’re trying to hire and developing content that is personalized just for them (more on that later).
Different companies approach personas a little differently, but they often contain basic demographic information, words or phrases related to what motivates this persona, their pain points, and where they spend most of their time. For example, a traditional finance exec job could look like this:
This is a basic example, and it’s important to note that the more detailed the persona, the more effective it will be. This type of persona work is pivotal in financial services as they are now hiring for new tech roles and are looking to hire an employee base that is representative of their customer base. For some, this means more diverse candidates in the millennial population and across different genders, ethnicities, and races (a mere 6% of financial advisors are black even though they constitute about 13% of the U.S. population).
3. Build trust by creating and promoting a strong employer brand.
SHRM calls employer value propositions, or EVPs, the building blocks of any strong brand. In fact, they say that 84% of the world’s top 100 most attractive employers all have one. An EVP is a strategic statement that embodies the company’s values and ideals, and it should provide a quick snapshot of what it will be like to work for your company.
In addition to EVPs making companies attractive and stand out from the competition, it’s also essential for a company or an industry trying to establish trust or recovering from a struggling reputation, which is what the banking world experienced in the early-2000s after a few massive security breaches occurred.
Once you have established an EVP you believe is a powerful and authentic representation of your company, you then have to ensure it’s clearly posted on your company website and social media platforms, and you can start building employer branding material, like videos and blogs, that show how your EVP translates across different departments, audiences, etc.
Trust is a difficult thing to earn, but if you can be transparent about who you are and then communicate it out across the candidate and employee experiences, people will take notice and tell their friends. In the world of Glassdoor reviews, it’s more important than ever to live your brand.
4. Personalize the candidate experience.
Going back to the process of building candidate personas, the next step is developing key audiences in your organization. Work with your HR team to understand what roles are the most urgent to hire and what will be needed in the future. Then, use your candidate personas to start building content that is highly personalized to those personas and audiences and post it on your website, post in social pages and groups that align with your personas and audiences, and include language that resonates with the people you need and want to hire the most.
Once you have created this personalized content, it’s important to reach these unique groups of candidates where they are. Many candidates are increasingly turning to their mobile phones and text to find jobs, and certain candidates prefer a specific social platform over another for their job search.
Creating personalized content and sending it to candidates’ preferred method of communication shows that you value them at an individual level.
PRO TIP: Take texting to the next level with AI-powered bots. Candidates have spoken, and they love using text to communicate with recruiters. Now, AI is enabling hiring teams to text multiple candidates at once, while still personalizing texts with candidates’ names, and setting up bots to automatically send candidates texts reminding them of interviews, sharing new open roles, etc.
If you want to learn more about how to modernize and optimize your recruitment marketing efforts in financial and insurance services, we’d love to connect.