How to overcome the summer slowdown in Financial Services

Samuel Hendry 04.07.2019

As we are back in the summer months again, it’s a suitable time to talk about the traditional annual ‘Summer Slowdown’ period within the hiring market.

As is the case across many other sectors, the summer period can mean a slow down in operations within Financial Services. Many hiring processes can drastically slow down, or even come to a complete halt, with key decision makers within the business taking time off during this time.

However, if you use the period correctly, you can actually use it to your advantage and gain a competitive edge against your peers. Hopefully the following article can shine a light on how to keep things moving once again during this seasonal lull in the Financial Services sector. 

Before diving into the tips for both employers & professional job seekers, let's first detail the current state of the jobs market within Financial Services On the employers side of things, there has been an element of increased uncertainty in the last quarter around structural planning after Brexit, as the date of exit was pushed back until October 2019.  This led to a notable slow down in decision making across the sector. The outlook is more positive for job seekers, with high salary expectations, matched by an abundance of job opportunities across the market. This has understandably led to looser commitment from candidates during the interview process as they generally have multiple opportunities on the table. 

Advice for Employers:

Often it is perceived that employers can be the main cause of this summer slowdown. This may not always be the case, but there are some practices employers can do to improve the processes from their side as well. The first piece of advice for hiring managers is to be conscientious about the pace of their hiring processes, if you’re moving candidates slowly through the stages of interviewing, then you run the high risk of missing out on your desired talent. If you’re not on the ball then you can be guaranteed there is another hiring manager out there who is ready to snap up your talent of interest, so moving swiftly needs to be a priority!

Another vital point to consider is how well are you selling the position? Summer is a laid back time of the year for most, including job seekers. Therefore, if you want to keep candidates engaged, then selling the job has to be at the heart of your hiring process. Give clear insight into the role, expectations, perks & benefits at the early stages, as is standard practice, but it doesn’t end there. Don’t be afraid to continue highlighting everything that’s great about your organisation also throughout each stage of the process, such as company culture and career progression.

The last thing to consider is to be open-minded to the pool of available talent on the market at this time of year. You may not have as wide a selection as you would in January or September, but that doesn’t mean the right person for your organisation isn’t out there.  You should aim to be less focused on finding the perfect candidate but instead focused on finding someone who shows great potential to have a long lasting, successful career within your business.

Advice for Job Seekers:

If you’re trying to nail down your next big career move, but aren’t getting anywhere in the summertime, here’s some tips that should ensure your success, regardless of any slowdown or potential delays!
Don’t be afraid to ask the hiring manager in question about the speed of the process. It’s a perfectly reasonable question to ask, and doing so will ensure that your expectations are well-managed. It’s common courtesy for the employer to be open on this front, and this should give you a bit of clarity and peace of mind for the duration of each interview process.

Make sure to BE open-minded about the roles be presented to you. Some positions may not fit into your description of the perfect job opportunity, but if there are elements of a role that spark your interest, apply for the job and see where the process takes you. There may be room for negotiation on elements that you are not happy with, and worst case scenario is you get some interview practice, which will leave you ready for the next interview which could potentially be your ideal opportunity.

If you’d like guidance in navigating your hiring requirements or job search during the summer period, feel free to contact me at any time: shendry@morganmckinley.ie

Samuel Hendry's picture
Director | Financial Services Recruitment
shendry@morganmckinley.ie

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