Bridging Skill Gaps: Identifying Non-Traditional Candidates for Finance Roles
“Skills gaps are an expected part of managing and nurturing talent,” a reality that is becoming increasingly pronounced in the rapidly evolving sectors of banking, finance, and accountancy. But what happens when the traditional talent pool runs dry, and the skills required to drive the future of finance are in short supply? In the face of such a conundrum, it is imperative that companies in the Middle East and UK look beyond traditional candidate profiles and consider the untapped potential of non-traditional candidates to bridge these gaps.
The skills gap in the finance sector is not a problem that is unique to any one region; it is a global challenge that demands innovative solutions. According to research, employers need to adopt a skills-based approach to learning, leveraging technology to identify and bridge skills gaps, which in turn can boost employee retention and business performance (HRD Connect). This approach calls for a shift in recruitment strategies, placing greater emphasis on a candidate’s ability to learn and adapt rather than on traditional qualifications and experience alone.
The closure of a new grocery delivery initiative by a food delivery company due to a shortage of delivery partners is a stark reminder of the consequences of not addressing the skills gap (eLearning Industry). In the finance sector, this could translate to missed opportunities for innovation and growth, as well as a failure to keep up with the pace of digital transformation.
To bridge these skill gaps, stakeholders, including employers, have been suggested to take action. Employers, in particular, are encouraged to bring the same rigor and discipline to sourcing middle-skills talent that they have historically applied to their materials supply chains (Brookings). This includes exploring non-traditional talent pools, which may encompass career changers, individuals from different but related sectors, or candidates with non-linear career paths.
One strategic approach to identifying such candidates is to focus on their transferable skills. For instance, individuals with a background in technology may possess analytical skills and an understanding of digital platforms that are increasingly valuable in finance roles that involve data analysis and financial technology applications. Similarly, professionals from sectors like retail or hospitality may have strong customer service skills that are crucial for client-facing finance positions.
Moreover, the use of AI and tech platforms for skill-building and talent identification cannot be overstated. These tools can help employers assess the competencies of candidates from diverse backgrounds, identifying those who have the potential to fill skill gaps effectively. Amazon’s strategy of skill-building for a successful future is a testament to the effectiveness of using technology in this way (Workleap).
In the Middle East and UK, where the financial and professional services industries are highly competitive, the integration of non-traditional candidates can provide a competitive edge. It offers a dual benefit: companies can fill skill gaps more efficiently, and professionals from non-finance backgrounds can find new pathways for career growth.
Furthermore, the commitment to diversity and inclusion that comes with recruiting non-traditional candidates can enhance the cultural and cognitive diversity within a firm, leading to more innovative problem-solving and a broader understanding of customer needs.
To conclude, the finance sector’s ability to bridge skill gaps will increasingly depend on its willingness to embrace non-traditional candidates. By valuing transferable skills, leveraging technology for talent identification, and fostering an inclusive recruitment strategy, companies in the Middle East and UK can secure the human capital necessary to navigate the complexities of the modern financial landscape.
About
Headquartered in London and Dubai, Warners Scott is a distinguished global executive recruitment specialist in Banking & Investments, Accounting & Finance, and Digital & Fintech. With over 18 years of industry experience, they have established strong relationships with top-tier banks, financial institutions, and accountancies. Their unique edge lies in these longstanding relationships with hiring managers and internal recruiters, a vast candidate network, and constant candidate engagement. This combination places them in a trusted position with both talent and hiring managers. Their deep understanding of recruitment needs allows them to uncover senior C-suite, EVP, SVP, and MD-level hidden, ready-to-move talent that others cannot access.
With tailor-made recruitment solutions for international and regional clients, Warners Scott works as dedicated business partners. Their services include retained, exclusive, and contingency searches, alongside permanent, contract, and interim staffing options.
In Banking and Investments, they excel with international and regional banks and investment houses in London and the Middle East, including conventional and Islamic banks. They cover areas such as Private Equity, Asset Management, Investment Banking, Treasury & Global Markets, Wholesale Banking, Digital & Technology, Risk Management & Compliance, and C-Suite Appointments.
In Accounting and Finance, Warners Scott collaborates with The Big 4 and Top 50 accounting firms, along with globally recognized consultancies. They specialize in Audit, Risk & Compliance, Tax (Private Client, Expatriate, and Corporate Tax), Corporate Finance, Transaction Advisory, Restructuring, Turnaround, Insolvency, Forensic Accounting, Disputes & Investigations, Forensic Technology, eDiscovery, Cyber Security, and Management Consultancy.
In Digital & Fintech, they support large banks, digital startups, and innovative Fintechs in areas such as FinTech (AI, Blockchain, Cloud Computing, Big Data), InfoSec/Cybersecurity (Application, Infrastructure, Network, Cloud, IoT securities), Digital Leadership, Digital Transformation, Software Development, IT Project/Program management, Data Science & Analytics, Data Privacy, and Data Architecture.
References
– “Bridging the Skills Gap: The Role of Upskilling and Reskilling in Modern Business.” HRD Connect, 5 Mar. 2024, https://www.hrdconnect.com/2024/03/05/bridging-the-skills-gap-the-role-of-upskilling-and-reskilling-in-modern-business/.
– “Why and How to Bridge the Skills Gap.” eLearning Industry, https://elearningindustry.com/why-and-how-to-bridge-the-skills-gap.
– Fuller, Joseph. “Understanding the Skills Gap—and What Employers Can Do About It.” Brookings, 6 Dec. 2019, https://www.brookings.edu/articles/understanding-the-skills-gap-and-what-employers-can-do-about-it/.
– “Bridging the Skills Gap: Strategic Success.” Workleap, https://workleap.com/blog/bridging-skills-gap-strategic-success/.