How to find an optimal resourcing model for banking, financial services and insurance sector

With only one candidate available for every seven job postings, banking, financial services and insurance organisations are particularly vulnerable to the UK’s ongoing talent squeeze

The UK’s net employment outlook is rising year-on-year, with 42% of surveyed organisations expecting to increase their workforce. Unfortunately, businesses that were already struggling to fill skills gaps and retain their best workers will not be cheered by this optimistic news. The talent shortage that looked like it was easing earlier this year has returned with some force.

Banking, financial services and insurance organisations (BFSI) seem set to struggle more than many others with this situation, as their workforce expansion plans are among the highest of the major industrial sectors. Competition for BFSI talent in 2023 will therefore continue to be extreme, with many organisations fishing in the same talent resource pools and candidate expectations leaving organisations who are not a big-name brand or a ‘destination of choice’ in a precarious position. Even before the most recent uptake in hiring sentiment, three quarters of UK businesses were reporting that talent shortages were affecting their competitiveness. A new burst of hiring will only make this situation worse.

An alternative solution

However, amid the gloom there is a ray of hope to gain back some control. With traditional hiring and retention methods unlikely to resolve the acute talent shortages on their own, there is an alternative solution that BFSI businesses can turn to: Experis Flexible Project Services.

Our optimised workforce solutions help mitigate project risks by harnessing flexible, on-demand access to critical skills and expertise. Instead of battling in the cut-and-thrust of the open labour market and fighting to retain key workers, our Flexible Project Services offer innovative managed engagement models that include:

EXPEDITE (Managed Resourcing): Experis manages project and programme burst resources with the customer retaining full direction and control. Perfect for clients with fluctuating demand and capacity bursts.

IMPACT (Managed Output): Experis selects and takes full direction and control of the output of the supplied resources. Perfect for clients with limited time and capability gaps, enabling them to focus on their permanent staff and core business.

Built upon CITADEL (Managed Community): our trusted quality vetted project resources community for the BFSI sector.

Traditional hiring can be too slow to fill an urgent skills shortage and leave your projects at risk

In fast-moving industries, and especially in the BFSI sectors where fintech and insurtech are the dominating trends, competitive advantage often means acting first and moving fast. Businesses that do not have the optimal talent to seize these sudden opportunities will typically be unable to compete. Attempting to plug a skills gap via open-market recruitment is often slow and erratic, and even if employers can quickly hire the talent they need, they will still be faced with a problematic time-lag before the new hires become effective. In contrast, Experis Flexible Project Services can immediately fill talent gaps from our vetted managed community with exact experience in the needed BFSI area, (which reduces time to effectiveness). This model can achieve the goal of an optimal workforce, save time, reduce recruitment costs and provide faster and better access to the skills that businesses most urgently need.

Cost is as crucial as ever and time is your most valuable commodity

Traditional recruitment frequently costs more than was planned and often cannot respond in the required time frames. The problem with ad-hoc recruitment is just that – it’s ad-hoc, meaning BFSI organisations seeking talent must enter the labour market when they see a need for new skills and must work with what is out there. Because of the fluid dynamics impacting project delivery, it’s difficult to gauge what skills you need, how many resources you require and when you need them. Experis Flexible Project Services removes this uncertainty by delivering quality resources from our managed community – at the right time, at a predictable cost, quickly and simply.

As a cost-effective and agile delivery model that provides the best talent available in the marketplace, Flexible Project Services eliminate uncertainty and recruitment risk, providing workforce stability through fast and flexible results that can be scaled up or down to mirror peaks and troughs in demand.

Key Experis Flexible Project Services benefits:

• Increased speed: Rapid delivery of resources through our accelerated onboarding process reducing time to value.
• Improved quality: Vetted managed community of trusted BFSI consultants and performance management of our consultants against agreed service level agreements (SLAs) and outcomes.
• Optimised costs: Resourcing is balanced to meet your project demands to ensure your projects are not over- or under-resourced. Our service delivery manager will optimise our engagement model and service.
• Trusted partner: Experis Flexible Project Services become a seamless extension of your inhouse capability, providing industry best practice and value-add insights.
• Improved flexibility: Burstable on-demand resources that can be dialled up or down in line with your project demand.

Experis – the leaders in optimised workforce solutions

The race for top BFSI talent will continue through 2024. Businesses must adopt new workforce solutions to stay ahead. With more than 100 offices in over 50 countries, Experis is a leading provider of optimised workforce solutions.

To find out how Experis Flexible Project Services helps mitigate project risks by harnessing flexible, on-demand access to critical BFSI skills and expertise, contact us now.