Nick Smith’s Post

I've got a rather to-the-point question for you, but I'm really interested to hear your answer. How many women are there on your team? Working in the executive search sector it's clear that over the years the finance industry has made some progress when it comes to hiring women, but significant challenges remain. Frankly, I find it outrageous that in 2024, we’re still grappling with issues like underrepresentation and the gender pay gap. The finance sector has a reputation for innovation yet in my experience often lags behind other industries when it comes to hiring women into executive roles. Is it time to confront the uncomfortable truth? How long will organisations tolerate a status quo that continues to marginalise and undervalue half of our potential workforce? Personally I've always felt that diverse teams perform better and make more balanced decisions. I've seen that the inclusion of women leads to varied perspectives, fostering innovation and creative problem-solving. However, I've been in the recruitment game long enough that I also know, when it comes to hiring women in the finance sector, there are often several challenges. First of all, unconscious bias and discriminatory practices often come into play in the hiring process and hinder women’s career advancement; stereotypes about gender roles impact hiring and promotion decisions. And tied to that, the finance sector's demanding hours and lack of flexible working arrangements can disproportionately affect women with career breaks for family responsibilities negatively impacting long-term career progression. I've got some ideas for you though on how you can tackle these challenges and preconceptions! Initiatives for improvement: 1. Mentorship and Sponsorship: - Mentorship programs can help women navigate their careers and gain access to networks. - Sponsorship by senior leaders can open up opportunities for advancement. 2. Inclusive Policies: - Implementing family-friendly policies, flexible work arrangements, and equal pay initiatives can support women's careers. - Gender diversity goals and transparent promotion processes can improve representation. 3. Leadership Development: - Programs specifically aimed at developing women leaders in finance can bridge the gap. - Providing training and development opportunities tailored to women’s career paths. And it's not all negative news; in my opinion the finance sector does have a long way to go, but I’m encouraged by the growing awareness and commitment to change I see from this industry on a daily basis. What are your thoughts on improving gender diversity in finance? Have you seen any initiatives that are making a real difference? Let's share ideas and keep pushing for progress. #WomenInFinance #GenderDiversity #ExecutiveSearch #FinanceIndustry

I'm on my third coffee of the day and I've just read an interesting article about retention and re-recruitment strategies. I thought I'd put the caffeine buzz to good use and take a few minutes to jot down the difference between the two for you all! In a nutshell, retention is passive. It implies doing the bare minimum to avoid losing employees, when in fact financial firms should be putting as much thought, energy and resources into delighting the financial professionals they have as they do into new recruitment efforts. Re-recruitment on the other hand isn’t a tactic or a series of action items; it’s a philosophy that needs to be built into your firm’s foundation. Organisations need to put a feedback loop between leadership and financial professionals that makes them feel heard, understood and appreciated. Successful re-recruitment requires a show, don’t tell, approach to proving to your reps that they’re your firm’s most valuable asset. If you’re experiencing churn at your business, ask yourself: What could you be doing differently to make your financial professionals feel like a priority? Some food for thought for you today!! #TalentRetention #Rerecuitment #ExecutiveSearch #FinanceIndustry

Ever been ghosted? It sucks. Ghosting during the hiring process is a topic that desperately needs more attention, yet it's amazing how frequently it gets swept under the rug. From my perspective, the impact on both candidates and employers is not only significant but shockingly overlooked. Why do we tolerate this blatant disregard for basic professional courtesy? It’s time we call out the hiring managers and companies who think it’s acceptable to leave candidates hanging without any communication. This practice isn't just a minor hiccup; it’s a glaring symptom of deeper systemic issues within our corporate culture. Ghosting candidates reveals a lack of respect and efficiency that should make us question the integrity and competence of the organisations perpetuating it.  Let’s not mince words - this behaviour is unacceptable and demands immediate change. If companies want to attract top talent, they need to start treating all candidates with the respect they deserve. For the candidates that have put time and effort into applying and interviewing for a role, ghosting can feel disheartening and invalidating. Sometimes it can also lead to negative reviews, deterring future applicants and companies risk losing great candidates simply because they failed to communicate. Remember, word gets around quickly in professional networks! For employers, ghosting can reflect process inefficiencies and communication breakdowns within the hiring team. It’s a sign that there might be deeper issues at play. Not only that, but it can demoralise recruiters and reflect poorly on the company's culture. I speak for all executive search specialists when I say no one wants to be part of a team that’s known for poor candidate treatment! When it comes to the reasons ghosting happens, some are understandable, but it doesn't make it right. High application volumes and limited resources to manage these can make it challenging to respond to every candidate, and inefficient systems can lead to communication failures. Sometimes, internal delays and changing priorities disrupt timely candidate updates. This is where transparency can make a big difference. To overcome these challenges, organisations need to make sure they set clear expectations and provide regular updates throughout the hiring process. Even a simple acknowledgement goes a long way. It's also important to streamline hiring processes and use technology to automate updates. This can alleviate some of the burdens on the HR team. (Speak to me if you want to chat about how to implement this!) At the end of the day I think there's an easy rule that we should all live by when hiring; treat candidates the way you’d want to be treated. I believe we should all strive for a hiring process that values transparency and respect. If you'd like to talk about this topic in more detail, drop me a DM. #Ghosting #ExecutiveSearch #HumanResources

I remember going to Nemesis Inferno as a kid. Nerves tingling, holding my dad's hand, heart in mouth until we took off. Then by the end of the ride I always thought to myself - that was amazing, let's do it again! That's what customer experience should be about. Taking the consumer on a journey to make them want to come back again. The sooner that banks embrace the sheer granularity required to deliver unfailingly outstanding customer experiences, the higher the levels of customer retention they will enjoy in the long run. Personally, I couldn’t agree more with the sentiment of this post from International Banker. Without a doubt banks should be positioning the customer experience at the forefront and at the centre of their goals and objectives. But are they?? Would love to hear your opinion on this one! https://lnkd.in/eXmxvh_s #Banking #FinanceSector #FinancialSector #CustomerExpectations

Last week a client asked me what I thought about the use of the "Open to Work" banner on LinkedIn and it got me thinking. Sometimes this feature can stir up quite a bit of debate and controversy. On the surface, it might appear to be a straightforward tool designed to help job seekers, but when you dig deeper, you'll find that opinions on its effectiveness and appropriateness are sharply divided. For some, the banner is a beacon of hope, a powerful way to signal availability and attract attention in a crowded job market. However, others argue that it can inadvertently send the wrong message, suggesting desperation or a lack of success in landing a job through traditional means. From my perspective as an executive search specialist, here are my Pros and Cons when it comes to using the Open to Work banner: Pros: - Visibility: Using the banner can boost your exposure, making it easier for recruiters and companies to recognise your availability. - Networking: It encourages connections, potentially leading to new opportunities and collaborations. - Clear Intentions: It helps recruiters and clients understand your current career goals, streamlining the hiring process. Cons: - Perception: There might be a perception that you're struggling to find work, which could influence how some recruiters view your candidacy. - Awkward Situations: If you haven't informed your current employer about your job search, using the banner could create uncomfortable situations. - Irrelevant Offers: You might receive an influx of irrelevant or unsolicited job offers and messages, which can be overwhelming. - Selective Disclosure: Some job seekers prefer to disclose their job search status selectively rather than publicly. I think overall it's a mixed bag, and ultimately, it boils down to personal preference and individual circumstances. To the client that enquired, I recommended taking the following balanced approach. 1. Use Discretion: • Selective Activation: Consider activating the "Open to Work" status only for recruiters, rather than displaying the banner to everyone. • Targeted Messaging: Reach out to connections and recruiters directly without using the banner, maintaining a more discreet approach. 2. Optimise Your Profile: • Comprehensive Profile: Ensure your LinkedIn profile is fully updated with your skills, experiences, and achievements, making it attractive to recruiters even without the banner. • Active Engagement: Participate in LinkedIn discussions, share industry insights, and engage with your network to increase visibility without the need for a banner. 3. Alternative Signals: • Subtle Indicators: Update your headline or summary to indicate openness to opportunities without explicitly using the banner. I'd really love to hear your experiences and thoughts on this topic! Drop me a message in the comments below. #OpenToWork #Recruitment #ExecutiveSearch

Do you want the secret sauce to consumer banking? Believe it or not, it's sustainability. Today’s consumers are reshaping the banking landscape with their expectations for fast, transparent, and personalised experiences. Convenience and speed are no longer just nice-to-haves; they are critical competitive advantages. As I reflect on our journey in working with so many organisations within the financial sector, it's clear that these demands are pushing businesses we work with to innovate and rethink how they serve their customers. But speed and convenience aren't the only game-changers. There's a significant shift towards sustainable and ethical banking practices. More than ever, consumers are favouring institutions that align with their values on social and environmental issues. This isn't just a trend - it’s a movement towards a more conscientious way of banking. If you’d like to discuss how we can help to ensure that your team are committed to not only meeting but exceeding these expectations feel free to get in touch with me today. We strive to provide a seamless, efficient experience. For us, it’s about building trust, fostering long-term relationships, and making a positive impact on the world. I say here’s to driving change and setting new standards in banking! #Banking #Innovation #Sustainability #CustomerExperience

Covid-19, remember when that was a thing?! Well, while I was partaking in my morning scroll I stumbled across this article which explains exactly how the pandemic sped up digitisation in the banking sector. I’ve been kind to you all and summarised here for a quick read, but do take a look at the full article if you get chance (I’ve linked it below for you). In my experience, many banks had already started including some or all of the below, but Covid has made it clear how key these four areas are to making digital work for customers and banks. 1. Redefining customer experience: Putting customers and their needs to the forefront to build solutions with staying power. Banks should look at co-creating with customers frequently and often in a proposition lifecycle. 2. Taking a mobile-first view: From contactless banking to account access, customers expect product and service accessibility from portable devices, at a moment’s notice. 3. Developing a data strategy for personalisation: Building solutions means knowing what data you have, what data you need, what questions you need to ask of that data, and how to interpret the answers. Centralising any existing datasets is key. 4. Selecting the right technology platforms: When building new services into operations with extensive legacy processes and assets, and subject to high levels of regulatory scrutiny as banking, choosing which platforms to use and how to use them is essential. I think overall, central to success will be advanced technology and a digital ecosystem that takes costs out while delivering better products and customer experiences. If you want to make sure you have the right people in the right place to implement these changes and new technologies then drop me or one of our expert team a message today. https://lnkd.in/eN4R48tf #Banking #FinanceSector #FinancialSector #CustomerExpectations

UK fintechs are gradually changing the face of finance and banking. They’ve helped to boost the economy and are pulling their weight when it comes to increasing financial security. But with economic factors such as interest rate changes, inflation, and economic downturns or booms significantly influencing the sector, they cannot afford to slow their growth and momentum. This article explores how fintechs are shaping a brighter future for the UK and how they are playing a transformative role in the banking sector. A really interesting and positive piece (despite the challenges!), I think you’ll enjoy this one. https://lnkd.in/eViTQazP #FinTech #BankingSector #FinancialServices

I think this year more than ever before it has become clear that the banking sector in the UK is facing a number of challenges. In order to thrive banks must be flexible, innovative, and customer-focused in 2024 and beyond. I’ve just read an article which outlines 5 main challenges affecting the banking industry right now: 1. Fraud and financial crimes 2. Ethical concerns 3. Fintech development 4. Economic uncertainty 5. Online banking I’d love to know, in your experience, are there any challenges you’d add to this list? And as a side note, if you’d like to discuss fortifying your team with the right people to ensure your organisation is up to facing these challenges, drop me a DM today. https://lnkd.in/eGJ7k69E #Innovation #BankingSector #FinTech

“Fintech firms are recognised as innovation drivers in the financial services field and are predicted to play a significant role in the financial services industry. It is argued that conventional banks need to keep up with the pace of innovation to stay competitive in the market, as fintech firms appear to be growing faster, generating higher revenue and having high prospects of success." After I read this article I surmised that the emergence and growth of fintech firms in recent years in the financial services industry could be generally attributed to the following drivers: - The advancements in digital technologies - Changing customers’ needs and expectations   - The impact of COVID-19 - Reduced barriers for market entry - Expanding investments in fintech sector over the last decade In short, I think it’s safe to say that the banking sector’s adoption of advanced technology is a key differentiator against competitors and a critical factor to ensure financial sustainability. You can read the full article here. https://lnkd.in/e4KiaBnt #FinTech #FinancialServices #Innovation