As Generation Z steps into the job market, we recruiters need to get creative, especially in banking and financial services! At Finders SA, we’ve noticed a decline in young applicants for banking roles. How can we, and our clients in this sector and beyond, address this? What strategies should we consider to attract more young talent?
This tech-savvy, value-driven generation has different expectations, and here’s how we can meet them.
Embrace Technology
Gen Z lives online. Use LinkedIn, Instagram, and TikTok to show off your company culture with interactive content. Did you know 75% of Gen Z uses social media to check out potential employers? That’s a huge opportunity to connect.
Highlight Career Development
Career growth is a big deal for Gen Z. Talk about your mentorship programs, continuing education, and career progression. LinkedIn found that 87% of Gen Z values professional development opportunities. Show them you’re invested in their future. This will help a lot if you want to attract Gen Z to the finance and banking professions.
Promote Work-Life Balance
Flexibility is key. Whether it’s remote work options or flexible hours, make it clear you support a healthy work-life balance. A recent Gartner report says 60% of Gen Z prefers remote work. Our latest blog post also shows that working from home is an essential element for the younger generation looking for a job. Wellness programs and mental health days are also a big plus.
Focus on Diversity and Inclusion
Gen Z wants to work in diverse, inclusive environments. Ensure your hiring practices reflect this. Glassdoor reports 76% of Gen Z considers diversity a crucial factor in job decisions. Show them your commitment to inclusivity.
Offer Competitive Compensation
Be transparent about salaries and make sure they’re competitive. According to PwC, 70% of Gen Z prioritizes financial stability.
Cultivate a Sense of Purpose
Gen Z wants their work to matter. Highlight your company’s social responsibility and environmental efforts. Make it clear how they can contribute.
Leverage Peer Influence
Gen Z trusts peer reviews. Encourage your young employees to share their experiences on social media. Peer endorsements can significantly influence potential candidates.
Adapt Your Recruitment Process to attract Gen Z to finance and banking positions
Traditional hiring methods may not suffice in today’s competitive landscape. Consider incorporating gamified assessments and video interviews to enhance candidate experience. Streamlined applications are essential.
At Finders SA, we’re advancing our HR software with AI capabilities. We are able to create and deploy on-line case studies to assess our finalist candidates on given competencies. We are also moving forward with video screening of applications as part of a first phase selection in the interview process. Thus reserving physical interviews for final-stage candidates, depending on the requirements and level of the hiring. This approach aligns with current client expectations, enhancing the application process to be smoother and more inviting while ensuring essential human involvement in sourcing and screening. It preserves clarity, emphasizing the personal touch alongside technology, and ensures a clear and easily understandable message.
Conclusion
To attract Gen Z to banking and finance, we need to embrace technology, support career growth, offer flexibility, and align with their values. By doing so, we can not only captivate this vibrant generation but also foster their sustained engagement and commitment, paving the way for a prosperous future in our industry.