Why the Financial Services Job Market is Ripe for Opportunity

Why the Financial Services Job Market is Ripe for Opportunity

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Why the Financial Services Job Market is Ripe for Opportunity BY KIM LEWIS Senior Recruiter Is my job offering me everything I want in my career? Or is there another role out there with more opportunity? If you’re asking yourself this question, you’re not alone. According to CNBC, 25 percent of workers are considering quitting their jobs once the pandemic fully subsides. When it comes to considering a job change, especially for financial services workers, a number of factors come into play:
  • Compensation & benefits
  • Job security & upward mobility
  • Office culture
  • Upskill opportunities
If you think that you’re starting to plateau in your current role and need a change, this is the perfect time to do it. As the consumer market booms in response to the COVID-19 recovery, there are jobs opening up across all areas of loan servicing: approvals, operations, accounting, financial analysis, reporting & data science, risk analysis, BI, and more. This is the case not just in banks, but other organizations that have in-house loan officers, like automotive dealers. So if COVID-19 made you wonder “what’s next?” or “where am I going from here?”, take a look at these reasons why now is the right time to jump into the financial services job market.  

New culture.

  With all of the shifts and changes from last year, many companies had to come up with creative ways to maintain their culture in remote environments. Since people weren’t physically in the office, the natural connections and relationships that form in those situations just didn’t happen. On the other hand, many people thrived in remote environments and worked more productively while at home. As a result, you may have come to understand more about the specific type of culture that works for you:
  • More flexible cultures that allow more work-from-home opportunities and work-life balance
  • “Work hard play hard” environments where everyone is in the same office, hustling together
  • Traditional offices where everyone is available for meetings, but you’re able to buckle down and get your work done
  • 100% remote environments, allowing you to work wherever you want and makes the most sense for your family
Ultimately, the goal is to find the organization that treats you well and provides the work environment that you’re looking for. If you aren’t finding that at your current job, then take advantage of the current state of the market and go find it elsewhere.  

Better compensation.

  There’s a reason we say that “money talks.” Compensation certainly isn’t the only reason to take a new job. But if you feel like your earning potential has stagnated at your current company, now would be a great time to see if there’s a better opportunity out in the market. Thanks to labor shortages and other factors, many companies are offering signing bonuses and other incentives for new employees to come on board. While a signing bonus isn’t the only reason to jump on board with a new company (after all, it doesn’t make up for a bad fit), it’s at least reason enough to start looking. But if you can find a better fit and get a boost in compensation out of it, you may be able to snag a “best of both worlds” situation.  

More security.

  The acquisitions happening among various banks have caused some anxiety among financial services workers, which is to be expected. Acquisitions are a double-edged sword. They can be a good thing and lead to new opportunities, or they can result in consolidations and layoffs, depending on the situation. If you’re in the middle of one of these acquisitions, and wondering whether your job will be secure in 6-12 months, then now is a great time to start looking for a job with more security. Keep in mind, however, that there’s no such thing as true job security. Even if you find a great new role, you never know if that bank will be acquired and you’ll be in the same situation. Given the volatility in the market, this is why some financial services professionals are looking to independent contractor opportunities and other more flexible work, in addition to full-time career roles. But if you face an uncertain future, market conditions are perfect for you to go and negotiate a more stable position.

Upskill opportunities.

  We’ve all been in jobs that no longer challenge us, and where we feel there’s no growth opportunity. It’s possible that you find yourself in that position right now. If you’ve truly exhausted all the growth opportunities in your current company, the worst thing you can do for your long-term trajectory is to stay in that role. Fortunately, there’s no time like the present to see which upskill opportunities are available in the financial services job market. As we mentioned earlier, a lot of banks are expanding their departments. If you want to niche down into a particular skill set, finding one of those newly formed roles would be a great place to start. If you’re looking to grow into a manager or leader, these expansions are opening up new leadership opportunities, making now the perfect time to level up. These opportunities aren’t just inside traditional banks. Many companies hire finance employees in-house, where they handle the manufacturing, servicing, and crediting under one roof. This is especially common among auto dealers, as well as FinTech companies, who need people with finance backgrounds to help them build their technology most effectively.  

Conclusion: Know why you’re looking for a change.

  There are a host of reasons why a change may be a good idea. The question you need to ask yourself is: why are you looking for a change? When you can identify what’s important to you and what your priorities are, that will drive your next step. All of the factors we mentioned above are great, but you need to find the one that you’re specifically looking for. From there, see if you can find another opportunity that will meet that. And there isn’t a better time to try and find those opportunities than now. So go ahead and jump in.   If you want to look for a new opportunity but aren’t sure where to start, the Brightwing team is here to help. Contact us to set up a one-on-one conversation.

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