By Ellen Thijs, TalentHive Program Manager at B-Hive
According to LinkedIn research, professionals who graduated between 2006-2010 averaged 2.85 jobs during their first five years working – a 78% increase from the 90s. And this shows no signs of stopping, with job-hopping increasing by generation.
Two thirds of millennials plan to leave a company within four years of hire, so retention and loyally is another concern and using the methods of the last 40 or 50 years to train and retain them will only serve to increase shortages currently being projected.
Job security is a requirement of the past. B-Hive research found that young professionals nowadays are on the lookout for learning opportunities throughout their career (97%), possibilities to grow professionally (78%), a good salary (62%) and a flexible work environment (57%).
Bibby Financial Service’s Global Business Monitor found that 49% of businesses in Asia, Europe and North America reported that skills shortages were the greatest challenge they faced. The financial services sector also has a bit of a reputational issue. First and foremost, the outgoing perception of the finance industry has to change, it is a fast-moving, challenging and vibrant sector, but it can be seen as old fashioned.
Another aspect to take into consideration is the move towards a far more technically advanced future – and younger people are far more adept in this area.
However, despite a lot of people being currently employed or wanting to be employed within the financial sector, a clear knowledge and skill gap can be identified. So, what can organisations do in order to attract and retain the right talent and close the gap?
Matchmaking has traditionally been simply putting supply and demand against each other. In reality, it requires more in-depth insights in which skills people bring to the sector and what the incumbents will need of human capital to address the digital and tech challenges of the future.
Digital talent marketplaces are creating added value in the financial sector by transforming restructuring and job cuts into an opportunity to rebound and facilitate the workforce mobility and flow within a company or within the overall sector. The focus is on maximizing the employability of the impacted people and contribute to the continuous learning experience.
Though making use of technological innovations such as Artificial Intelligence (AI), the financial services sector can better identify competencies and skills of the existing talent pool, benchmark against a fit for the future profile and automate matchmaking between talent and opportunities. In addition, the technology can support organisations in optimising their HR processes by assessing the internal talent pool and identifying the skills gap.
To help financial institutions close the skills gap, B-Hive will pilot TalentBuzz later this month during Digital Finance Europe. TalentBuzz will deploy AI tech to:
- Identify competences & skills of this talent pool
- Benchmark against a fit for the future profile
- Automate matchmaking between talent and opportunities
Individuals that have been uploading their CVs on TalentBuzz, taken the personality test and e-assessment tests, will then receive feedback on their employability fitness. The applicants with a good match-to-job are invited to drop by at the SuperNova Tech Fair on September 27-28 to meet the companies in person and have a job interview right on the spot!