Overcoming Financial Services Staffing Challenges

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October 2, 2023


In recent years, the financial services industry has undergone rapid transformation, driven by technological advancements, changing customer expectations, and evolving regulatory landscapes. However, this transformation has come with its fair share of challenges, particularly when it comes to staffing. A staggering 73% of financial services executives have faced staffing challenges in the last three years. These challenges have made it difficult for organizations to meet critical project goals, and only 15% of those surveyed have managed to achieve or exceed their project goals since 2020. The question arises: How can financial services companies hire quality talent and reduce turnover in order to meet their business objectives?

The Talent Shortage Problem

One of the most pressing challenges in the financial services industry is the shortage of capable talent. With most financial services executives struggling to find the right talent to fill crucial roles, this talent shortage has had a profound impact on the industry's ability to drive innovation and adapt to changing market dynamics.

As Irene Hendrick, Senior VP of Revenue at RGP, explains, "More financial services leaders are navigating talent shortages and their own skill gaps by matching critical needs with experienced outside talent." This trend toward external talent acquisition and staffing agencies has become a necessity for organizations seeking to bridge the talent gap swiftly and effectively.

The Rise of Surge Staffing

In addition to the ongoing talent shortage, the financial services industry has witnessed a surge in the need for staffing flexibility. Rapid changes in market conditions, regulatory requirements, and technology adoption have created a demand for surge staffing. Organizations are increasingly relying on a blend of in-house talent, contractors, and external temporary staffing providers to navigate through these volatile conditions. Financial services firms must be prepared to adapt quickly and assemble the right team for specific projects when needed.

How to Overcome Staffing Challenges

To improve their chances of success in the current staffing market, many financial services leaders are taking proactive measures, such as investing in training and development programs to upskill existing employees and attract external talent with specialized expertise. Additionally, companies need to foster a culture of innovation and collaboration. Financial services firms must embrace a more agile approach to staffing, allowing them to quickly adapt to changing circumstances and tap into the right talent pool when required.

How CXninja Can Help

At CXninja, we understand the unique staffing challenges that the financial services industry faces across all roles, from insurance reps and remote professionals to call center employees. As a specialized staffing solutions provider, with our focus on CX and call center staffing and remote hiring, we are the ideal partner for addressing your staffing needs.

Whether you need to hire 5 new tax assistants or 500 new insurance reps, our cutting-edge automated technology is designed to revolutionize the candidate experience, prioritizing seamless communication and swift hiring processes. What sets us apart is our unbiased and automated approach, ensuring that every candidate who applies has an equal opportunity to navigate the assessment process rapidly and effortlessly. This approach allows us to skill-match applicants precisely for each role, resulting in our ability to significantly reduce turnover and realize substantial savings in hiring expenses.

With CXninja, you can streamline your staffing efforts, find the right talent faster, and build a workforce that's well-equipped to meet your staffing demands.

To speak to one of our staffing experts and learn more about our specialized solutions, CLICK HERE.

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