With the UK financial sector growing at its fastest pace since before the recession, it’s no surprise that demand for talent is up also. It’s an exciting and challenging time for the industry's employers, whose collective workforce is estimated to reach 1.15 million by the end of this year, according to the Financial Times. As practice director for financial and professional services for Randstad Sourceright in the UK, Jon Pimblett says this upswing means companies in banking, life insurance, and wealth management must set themselves apart to attract the most desirable talent in the market. He recently shared his expert insights on how they can best achieve this goal.
Please describe your background and your current role within Randstad Sourceright.
I have worked within recruitment for over 20 years. In the last 12 years I have led RPO, blended and MSP contracts within investment banking and financial and professional services, developing and delivering bespoke recruitment solutions to existing and prospect clients.
UK demand for talent has rapidly risen in the past few years. What do you see as the biggest talent acquisition challenge for employers in this market?
Specifically within financial and professional services, clients are grappling with differentiating themselves from their competitors, emphasising their credentials as ethical, responsible employers of choice for both experienced, demand candidates and to appeal to the newer generations of employee.
How can businesses better position themselves to be the employer of choice when many of the world’s most desirable employer brands are competing for the same talent?
Many companies would benefit from a greater focus on the talent within their organization. There will always be requirements which simply demand an external candidate, but an organization that can successfully identify existing talent and deploy it could benefit massively in employee retention, engagement, and productivity. Not only that, but it would also be very appealing for a potential external candidate to know that they could enjoy variety and development if they joined.
How has Randstad Sourceright enabled businesses to enhance their attractiveness to candidates and become their preferred employer?
Candidates increasingly need pre-engagement, a feeling that they have been singled out as a desirable prospect. As a result, we work with clients on improving their employer brand and how they can start to build a conversation with their prospect hires. We also focus hard on the candidate experience through the process to ensure it marries up to the expectation that was set when the conversation began.
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How will a greater use of contingent workers affect UK employers, and how can outsourcing help them prepare for this trend?
The UK is a mature market for the flexible, contingent workforce. However, between different business sectors and even between individual companies within the same sector, the expertise of how to attract, track, and manage this workforce varies enormously. Randstad Sourceright has proven experience managing these programs and, in turn, mitigating risk, delivering cost savings, and improving time to deployment to ensure a client meets its strategic objectives.
Bonus Question: How do you look for inspiration (literature/people/arts/other sources) to help you grow professionally and personally?
I have always held a belief that everyone continues to learn and develop throughout their lifetime. We all continuously develop and grow, and that process never stops. With that outlook you can draw inspiration from a variety of sources. I regularly take it from my peers in the UK, my international colleagues and, day to day, from the people in the company who use their knowledge, resourcefulness, and commitment to do and be the best.