It currently takes seven weeks on average to fill an open permanent job vacancy in the financial services industry, according to research by recruitment firm Robert Half Financial Services.
The roles that take the longest to fill are those in the risk function, which take on average more than two months (8.2 weeks) to fill. Compliance roles take almost as long to fill (8.09 weeks), followed by revenue generation/business development (7.74 weeks). The roles that took the least time to fill are in operations support (6.38 weeks) and accounting and finance (seven weeks).
The researchers suggested that the level of competition might explain the time taken to find permanent recruits for these roles.
The top three methods identified as the most effective for sourcing employees were recruitment consultants (70%), internal referrals (66%), and financial services job boards (58%). Just 11% of those in the in the financial services industry regard word-of-mouth as one of their three most effective methods.
Luke Davis, vice-president of Robert Half Financial Services, said that a long hiring process could be having a negative impact on businesses.
“In a competitive marketplace financial services firms are eager to avoid having vital roles left vacant for crucial functions, such as risk and compliance, for extended periods,” he said. “During the hiring process it can be challenging to keep this a priority while managing the day-to-day activities of the function, co-ordinating schedules, booking interviews, and screening interviews. This extended hiring process could result in businesses missing out on skilled candidates to their competitors.
“Sourcing and hiring for open roles requires significant time commitment and focus. Being able to outsource these requirements, combined with the ability to draw upon an untapped talent pool for skilled professionals – including those who are not actively looking for new opportunities – becomes ever more invaluable in a competitive marketplace.”