In recent years I have noticed a shift in the hiring of roles within the specialist finance industry.
Traditionally, firms have hired from within the industry, which often means the same faces crop up in different places.
The driving force behind this is quite commercially straightforward: get someone in who knows what they are doing, can hit the ground running and can start making money for your company from the moment they get their feet under the desk.
We should pair new recruits with more senior staff
This always fuelled the age-old dilemma where jobseekers were unable to win the job due to lack of experience, yet were unable to get the experience either. Tricky, no?
In an age now where companies and individuals are more conscious than ever about the environment, inclusivity and employee welfare — among many other things — it’s no surprise we have seen a shift in the hiring process; even through difficult and uncertain economic times of late.
I have seen many companies choose to hire fresh-faced, inexperienced people and invest time into training them up, teaching any bad habits out of them before they begin, and embedding them into the company culture and way of doing things.
We need to give the wider community a chance to gain experience and find their place
I understand the commercial appeal of hiring someone with a raft of references and years of experience in making things happen, but that comes with its own difficulties. After all, how can you hire someone with decades of experience and then hold it against them if they have their own way of doing things?
Walking the walk
This investment in long-term return rather than short-term success comes in many forms. Some firms brand their own ‘Academy’ or ‘Graduate scheme’ to formalise this process, and proudly show it off.
It is encouraging to see companies ‘walking the walk’ and not just ‘talking the talk’ when it comes to doing things differently and investing in the business and its staff.
It makes the sector more inclusive because there is a role for all personality types
These positions are being filled across the board, as advisers within brokerages, and as underwriters and business development managers at lenders.
This has led to an increase in recognition of new, young talent within the industry, in the form of ‘Rising star’ awards and similar bids to gratify the hard work these individuals put in and the value they add. Hopefully, this spurs others to join an industry that perhaps was once deemed too specialist or out of reach.
It makes the sector more inclusive because there is a role for all personality types. Are you an outgoing person who loves meeting new people and selling? There’s a role for you. Are you a number-crunching, criteria-analysing workhorse? There’s a role for you.
I’m not suggesting there is a substitute for experience, because there absolutely is not, but we need to give the wider community a chance to gain that experience and find their place. We need to keep the ball rolling on fresh talent and invest in the industry’s long-term future.
It’s no surprise we have seen a shift in the hiring process; even through difficult and uncertain economic times of late
We should pair new recruits with more senior members of staff to invest time in their development. Even the most experienced among us could do with a second pair of eyes, perhaps giving a fresh perspective on something.
If you treat people correctly, pay them fairly and embed them in a culture they can genuinely contribute to and thrive in, you will reap the benefits of loyalty from your employees in the long run.
Sam O’Neill is head of bridging at Clifton Private Finance
This article featured in the June edition of MS.
If you would like to subscribe to the monthly print or digital magazine, please click here.
