Talent Scarcity in the Financial Industry

When a company faces a wave of retirements, the challenge isn’t just replacing employees—it’s retaining institutional knowledge, maintaining culture, and ensuring continuity.

A client recently shared this after a year of major transitions:

"Our office has experienced significant ‘brain drain’ with the retirement of three senior accountants—and another on the way. While we haven’t yet addressed that final replacement, I feel confident that we’ve found the right people to fill the other roles, and our future is bright because of it. Your assistance in generating quality candidates with various recruiters really helped us solidify the personal attributes we needed in our hiring process. All of this was made possible by the position descriptions you created for us. Your feedback during the interview process was invaluable in evaluating candidates."

They’re not alone. Finding quality talent remains the No. 1 recruitment challenge for 71% of companies in the financial sector. The ongoing talent shortage is driven by several factors:

👴 Baby Boomer retirements are accelerating workforce gaps.

📉 Skills gaps leave critical roles unfilled, even when candidates are available.

🔍 Low labor participation rates make it even harder to attract qualified talent.

Companies that want to overcome these challenges need more than just a hiring process—they need a hiring strategy. Thoughtful position descriptions, a clear understanding of what makes a great candidate (not just a qualified one), and a structured interview process can make all the difference.