Banking & Finance

At Johnson Search Group, we have a team of recruiters that specialize in the Banking & Finance industry. We are industry experts and help banking and financial institutions across the country source the best talent on the market. Here, we share Banking & Finance industry trends, discuss what’s happening in the market, and of course, talk about what jobs are hot!

Bonus Time Means It’s Time to Move On

Bonus Time Means It’s Time to Move On

With bonus season upon us for those in the banking industry, now is the time to start exploring other opportunities. Maybe you have been satisfied with your job, but the job has lost its excitement over the years. It might have been a leadership change, a merger, or just the organization’s lack of upward mobility that drove you to read this blog. Let’s jump into why bonus time is the perfect time to move on.

Changes caused by mergers & acquisitions

With the Merger & Acquisition activity increasing over the last few years, you might be affected by this. You have been with the bank for years, and you were happy, but now the new company is entirely different. They are changing everything about how you do your job and maybe even changing the areas that drive your passion. Or your new employer that acquired your company is putting their own people in your role. 

That can be so frustrating and discouraging. Keep in mind, I am not saying don’t be flexible and open to change, but sometimes that change is just too much. But now that you know what the new organization looks like, it’s time to take a serious look at the opportunities a headhunter is trying to discuss with you.

No upward trajectory

Lack of upward mobility is a real killer. This situation is one of the top reasons people are interested in making a move. Maybe you work with a strong company with a good leadership team. However, you have been in the same role for the last 5+ years (may be shorter or longer, depending on the role) and have been asking about moving up, but there is just never room. You got passed up for the promotion early on in your career because you just didn’t have enough time in the role, and now you are getting a little frustrated that you can’t move up (there are only so many leadership slots within a company after all).  

But you just had your review, and maybe a smaller bonus due to Covid, and the frustrations are heavier than they have been in the past. Now is the time to call that recruiter back that reached out to you over the last three months and talked with them about their current job orders. A good recruiter will be honest with you about what they have available and how they can help you. They might not have something today, but the squeaky wheel gets the grease, so keep checking back, and something will pop up sooner rather than later. Keep in mind that a good recruiter talks to 20-40 potential candidates per day, and a great recruiter talks to 60+ people per day. So they don’t always remember every detail about you and your background, but a little patience and good communication will go a long way.

Changes in leadership

Leadership changes are always challenging. You really understand your current boss and their direct line of leadership and what they expect from you. Now, someone gets replaced or leaves, and the company brings in a new leader that is not in line with you. Leadership can be a motivation killer or driver. We all want to work with the best leaders in the world, but we don’t always have this luxury. The new leader is probably excellent, but they just don’t mesh with you, which is typical. However, this is your opportunity to move on and find the leader that fits your needs.  

Your compensation

We all need money and want more of it, and sometimes, it drives our decisions. Either way, it’s bonus season, and the frustrations have mounted. This is the time to make that change. You have probably seen all the LinkedIn updates of professionals in your network changing jobs over the past couple of months. As recruiters, we have tons of companies looking for people right now, and they are looking for solid performers like you. So, when a recruiter, like me, gives you a call or sends you an InMail, let’s discuss what a change looks like for you.

How To Hire The Right IT Professionals For Your Team

How To Hire The Right IT Professionals For Your Team

Did you know that as a recruiter who works exclusively with banks and credit unions, I can help you find the right talent for key IT positions? IT truly keeps infrastructure going at banks and credit unions. A strong tech team makes a significant impact on how smoothly your day-to-day processes run. Additionally, they help you stay a step ahead of security, which is essential in today’s modern business environment. Not to mention, I think everyone can agree how crucial it is to have kind and thoughtful IT folks around during any acquisition or merger. This is why it is essential to hire experienced IT professionals that are also the “right” talent for your team. Finding candidates that fit the hard skills required and a culture fit with a customer-centric mindset can be challenging.

How We Can Help You Hire The Right IT Professionals

This is where I come in. I do that leg work for you, bringing highly skilled, qualified, kind, and caring IT professionals to the table. Some may have a background in the financial industry, and others might not. But I guarantee that anyone I submit will be qualified and excited to work at your financial institution. My team and I submit only the best candidates on the market, and we employ specific strategies to find exactly what you’re looking for.

So, if you need experienced, qualified, and caring IT staff who will fit into your organization’s culture, let’s have a conversation. I want to learn the ins and outs of your team. I want to uncover precisely what you’re looking for in a candidate. Then, I will deliver a hire who brings the right experience and will be passionate about working for your team. Our goal is to help you hire long-term employees who love working for you!

Why Contractors Are an Excellent Asset in the Banking Industry

Why Contractors Are an Excellent Asset in the Banking Industry

Due to the banking industry’s current state, the mortgage space has been crazy busy for some time now. With Paycheck Protection Program (PPP) looking like it will be ramping back up, now may be the perfect time to avoid a natural lull that happens; the fatigue and overall tiredness that occurs over time. I hear it in the voices of potential candidates I speak to every day. Candidates have flat out told me that they are looking for a new opportunity because they need a change in pace; they are tired, worn out, and are looking because they want a change in scenery. How does an employer combat fatigue and retain their long-term, hard-working staff? Utilize some contract employees! Here are why contractors are an excellent asset in the banking industry.

Contractors offer flexibility

If you are worried about your team feeling burnt out or overworked because of the red-hot mortgage space, bring in some help. The market will only get busier as the pandemic concludes and interest rates remain low. Instead of risking losing some of your most valuable staff, you can bring in contractors to help with the workload.

Contractors can offer the support your team needs without any long-term strings attached or term commitments (unless, of course, you decide to bring them on full-time after their contract). Instead of spending a ton of money to bring on a new employee, you can hire a contractor to support your staff with a timeframe that fits your needs. You can hire them on a three-month contract term and decide to extend the term if you still need their help. You can also terminate the contract if you no longer need their assistance. It’s that simple. Using contract workers can come in and fill an immediate need for you, boost margins, productivity, and most importantly, provide support to your existing staff in a non-threatening way.

Want to learn more about utilizing contract staffing?

If you need a little extra help in the coming months, give me a call, and let’s talk about your hiring needs. Johnson Search Group can work with your company’s specific needs to keep your existing staff happy and boost production.

The 5 Hottest Banking Jobs in the New Year

The 5 Hottest Banking Jobs in the New Year

2020 has been a tumultuous year for many industries. The coronavirus has wreaked havoc on the labor market for most of the year, but business is finally returning to (a new) normal for many sectors. The banking space has been able to adapt and even flourish in certain areas. As a result, banks are making significant hiring pushes next year. Here are the five hottest banking jobs in the new year. 

Commercial Lenders

Typically, banks are always looking to add commercial lenders this time of year. If you are searching for greener pastures in the new year, now is a great time to start looking so you can make the change mid-first quarter. If you are a commercial lender, relationship manager, or business development officer and aren’t super happy with your current bank, reach out to me about making a move. I can help you make that career transition to a banking institution that will appreciate you.

Credit roles

Many of my banking clients are looking for additional help within the credit space. This hiring push runs from the entry-level credit analyst roles all the way up to Credit Administrators and credit executives. With the uncertainty in the market, banks are looking for additional talent in this space to help them stay profitable and continue their growth.

Information Technology

Technology is always changing, and innovations are constantly evolving in this space. Plus, with millions of people now working remotely, the demand for IT professionals is at an all-time high in the banking environment. With this new shift to working from home, information technology and information security are in a massive growth state.

Mortgage roles

Usually, the mortgage space is not an area we talk about at the first of the year. However, over the last two years, the mortgage market has been one of the hottest spaces in banking. All things mortgage as well, not just MLOs. We are seeing record numbers of processors, funders, and admin roles. With interest rates at a historic low, mortgages will be a significant revenue stream for banks in 2021.

Risk Management

With the coronavirus causing millions to work remotely, banks are bulking up their risk department to improve their institutions’ safety. This growth is occurring in all areas of risk, such as analysts, VPs, and even SVP-level roles. Some organizations are even hiring Chief Remote Working Officers to improve the safety of their at-home workers.

Are you ready to make a career move?

So, those are the five hottest banking jobs we’ll see in the new year. There might be a few areas that are not as busy, but overall, banking institutions will be off to a hot start in the new year. Employers are finally making a comeback from COVID-19, and business is, for the most part, back to normal (except for the retail front levels). If you are in banking and considering making a career transition, now is the time to accept that recruiter’s call and have a discussion with them about your next career move. It might just be the best thing that happens to you in 2020.

Banking Jobs On The Rise In 0221

Banking Jobs On The Rise In 2021

It’s that time of year where we start to look towards what’s next. Banks nationwide are putting together projections for the new year and trying to craft a hiring strategy. Admittedly, this is a little more challenging than it has been in the past with the tumultuous market and unpredictable economy. So, which banking jobs are poised to be strongest in 2021? 

Mortgage Professionals

It practically goes without saying that the mortgage industry will continue to be hot into the new year. Considering interest rates and housing markets all over the country, mortgage departments will continue to be a constant revenue stream that will keep associates busy and engaged. And these professionals are a hot commodity as banks try to keep up with a continually growing demand. 

Business Development Professionals

Through discussions with my clients, I have found that banks anticipate building upon their Business Development talent. They believe these roles are key to making significant progress in 2021. So, which kind of relationship builder are you looking for? There are really two schools of thought around this. First, there are hardcore numbers people who will show so much “activity” it’s a little bit crazy. They will inevitably show results in the end, but do clients get lost in the numbers?

The other type of business development professional takes a quieter approach. They may not show the same level of activity, but these relationship-builders tend to take the time to build long-lasting relationships. They find the right clients, have real conversations, and lead with experience, knowledge, and trust. Which is more successful in the end? I guess that’s a matter of personal opinion. However, I can tell you is that I have seen a preference shift towards the latter. So what does that say about the industry as a whole, and where is it going?

2021 will be a strong year for the banking industry

Based on our experience, 2021 is going in a great direction, with banks focused on building foundations of genuine caring, relationship building, and trust. 

What kind of banking jobs will you be hiring for in 2021? Let’s get the conversation started about how I can bring you the talent you need, people who can build a base of trust, generate referrals, and recruit added business.

The Most Valuable Trait in the Banking Industry

The Most Valuable Trait in the Banking Industry

When thinking about the most successful people in the banking industry, which characteristics are you looking for as a hiring manager? Probably things like “dynamic,” “agile,” and “flexible.” But what do these words really mean? And how do candidates with these soft skills outshine the rest?

What are hiring managers looking for?

I’m hearing from my clients that they are looking for adaptability – people who are not afraid to roll with the punches and make the necessary changes in today’s challenging labor market. In the banking industry, you must have the mindset to embrace change. Traditionally, this is an industry where people do things a certain way because “that’s how we have always done them.” Unfortunately, that will not cut it in today’s world.

Don’t be afraid of change

People who are able to adapt to change quickly and possibly even step outside of their comfort zone will be more successful in this industry. That’s the true takeaway. It’s an overall attitude and a willingness to be flexible and embrace change.

Candidates that are flexible are more marketable. By illustrating that you are open to change, you are becoming a more valuable asset for a prospective employer. Hiring managers are looking for candidates who will not be stuck in the past; they want workers that will look to the future and welcome the challenge that uncertainty brings. With many people working remotely for the foreseeable future, flexibility will be greatly appreciated by every hiring manager.

Do you need help attracting these professionals?

So, are you looking for banking professionals that welcome change and the challenges it brings? People, who aren’t afraid to adopt a new process or way of doing things? In this market, you need candidates that have the ability to rethink and restructure, those dynamic, agile people who can pivot on a dime. Give me a call; I recognize these qualities and can find them for you.

mortgage industry

Attracting Talent in the Mortgage Industry

It’s no secret. If you’re currently in the mortgage industry or have been at some point within the last 3-5 years, you’ve probably been contacted recently by a lender, financial institution, or a recruiter, like myself. You may be turned off to hearing about new opportunities because of the plethora of jobs being thrown your way. However, you may be missing out on an excellent opportunity that can jumpstart the career change you’ve been needing.

The mortgage industry will remain hot in 2021

According to Housing Wire, mortgage rates will continue to stay low in 2021, and the talent pool for mortgage candidates is scarce. Ideally, companies can always find experienced candidates who can hit the ground running. However, this hasn’t been the case. There must be something enticing candidates to entertain a new opportunity in the mortgage industry.

In my recruiting experience for these positions, people are mainly looking for fair compensation (inclusive of benefits), flexibility, and stability. These candidates are being contacted multiple times a week by financial institutions in desperate need of their skills. So, for these candidates to entertain a career change, it must be an attractive offer.

What mortgage candidates are looking for

Whether it’s a mortgage company, bank, or credit union, most companies need to offer a base pay along with additional incentives like a per file bonus or enticing bonuses. Most competitive mortgage companies attracting the best talent are using per file bonuses, retention bonuses (to avoid attrition), and other financial incentives.

Remote work flexibility

These candidates need to have some sort of remote work flexibility. Depending on the role’s criticality, the company should cast their recruiting net wide, so there are more candidate options. Especially in today’s environment, some candidates need to work from home to be with their kids or simply don’t want to spend hours commuting every day. This is beneficial for both employers and candidates because hiring managers can tap into better talent pools if they are not restricted to local markets.

Offer stable working environments

Stability is going to be so important to candidates in the mortgage industry. It’s not a stable industry in and of itself, but offering a candidate stability during slow times will be paramount. People want to know that they won’t be out of a job six months down the road.

These three points are things that I implement in my recruiting process. I like to ask candidates why they’re looking for a new opportunity or what would get them to be interested in a new opportunity. This allows me to understand if a candidate will be the right fit for my clients.

If your mortgage team is struggling to find the right candidates in this market, you are not alone. Reach out to me today, and let’s discuss a potential partnership. I specialize in recruiting for banks and credit unions. My team and I can help source the right candidates in the mortgage industry for your company.

blockchain

How Blockchain is Shaping the Financial Services Industry

The financial services industry continues to evolve with our ever-changing world of technology. Most people have heard the term ‘blockchain’ before, but what does it mean? And how is it revolutionizing the financial services and banking industries? Here is a brief overview of blockchain and how it is shaping the finance industry.

What is blockchain?

In the simplest sense, blockchain is a chain of blocks. However, these blocks are not a traditional one; they are a block of digital information, aka a digital transaction. These “blocks” are stored in a public database, which is called the “chain.” So, in laymen’s terms, blockchain is a string of digital transactions and contain information such as time, dates, dollar amounts, etc.

How is this technology benefiting the financial industry?

Blockchain has been out for about ten years now; however, more recently, banks and credit unions have evolved and started using this technology as it provides a more secure transaction process. The DLT, or “distributed ledger technology,” is safer because of self-sovereign identity. This system doesn’t rely on any centralized authority as it is a portable form of identification. Thus, it makes it almost impossible for anyone to hack into and steal information. This added security is clearly beneficial to banking institutions and credit unions because it allows for safe and efficient transactions of customer data.

Blockchain can also reduce “Know Your Client” expenses. Rather than regularly having associates update clients’ information, blockchain can instantly update their information, which lowers costs and time for you and your client. 

Blockchain also offers “smart contracts.” These contracts are a code on top of a block that automatically executes with set terms and conditions. Smart contracts get rid of the middleman and can help you “exchange money, property, shares, or anything of value in a transparent, conflict-free way.” 

Need help building your IT team?

It’s no wonder that banks and credit unions are shifting their efforts to blockchain technology to reduce costs, save time, and make transactions more secure. If your institution is looking for talent to facilitate this technological transition for your organization, reach out to me. My team and I will work with you to find the best IT talent in the market. Reach out to me today, and let’s work together!

Banking Technology In The Wave Of The Pandemic

Banking Technology In The Wave Of The Pandemic

Did COVID-19 force the financial industry to warp into the future in just a matter of months? It may seem crazy, but the pandemic pushed banking technology into the future! And in the end, it will be extremely beneficial. Almost overnight, employers implemented hiring freezes, many office workers began working from home, and bank lobbies were closed or reduced to appointment only. The banking industry completely shifted its gears to keep the wheels turning. 

Sounds dramatic, right? Well, massive growth can come from the most uncomfortable of places. And I think we would all agree that the last six months have felt a little uneasy, to say the least. From the largest to the smallest, financial institutions across the country are being innovative and resourceful during these challenging times. The industry as a whole needs to take a moment and recognize these accomplishments and give themselves a huge (probably virtual) pat on the back. 

Banking Technology To The Rescue

How did we overcome such an obstacle and transition into an unprecedented win in a matter of months? Technology. In fact, the last decade of growth in the banking tech space created the perfect space for rapid innovation. Robust online banking systems allowed everything from virtual tellers, online helpdesk chats, mobile deposits, transfers, and more. Think of the position we would be in right now if we had to survive the last six months in the mid-’90s? The “natural growth” in terms of infrastructure, security, front and back end system integrations, and let’s not forget the dreaded merger. You know, the same “growth” everyone is always joking about? How everything is continually changing in banking? Well, all of that is what set the industry up for this success!

That same, inevitable (sometimes painful) constant change in infrastructure is precisely why giant steps forward could build out a more efficient business model when it counted. 2021 is now full of renewed energy and hope because of the pandemic’s massive jolt in momentum. The financial industry was forced to innovate and is now better poised than ever to take on the future. As a result, financial institutions are able to streamline their processes and offer better customer service. These banking technology innovations are helping financial institutions across the nation to future-proof their services and provide better experiences to all.

Need help building your banking team for the future?

If you are looking to have a breakout year in 2021, making strategic hires now will be key. Contact me at 630.206.5056 or tbashore@nulljsirecruit.com. Let’s have a conversation about goals for your team and how we make that a reality together!

Artificial Intellingence (AI) In Banking

Artificial Intelligence (AI) In Banking

I had a conversation recently with an industry leader regarding Artificial Intelligence (AI) in banking. Among other things, we discussed how smaller banks should really be thinking about how to utilize and implement AI in their models. More prominent institutions are already using this technology. In fact, nearly 30% of all financial models have already adopted AI. However, there is still a vast opportunity for local banks to benefit from this advancement.

Putting AI In Banking On The Map

About ten years ago, there was a huge hiring push for Ph.D.’s in math and statistics to build models within the banks and implement purchased models into the existing systems. Banks needed those incredibly intelligent people to help them understand how they can “predict” future outcomes to assist in planning and fulfilling their regulatory obligation. Now we are at a point where those areas play a much smaller role in the bank, and they no longer need the massive influx of Doctorates, as many of those models are now AI models. This has caused a hiring gap as banks have room to be selective in their hiring pool. As such, the large collection of local candidates is taking priority over those requiring sponsorship.

How Banks Can Find A Balance With AI

Financial institutions will always need those crazy smart financial model developers and validators, but their focus has changed. Banks are now looking for candidates with the base knowledge of financial models, who can also work with business line leaders to determine primary wants and needs. They are focused more on profitability and how the bank can reduce expenses and increase profit. They are now looking for more people who can speak both the statistical “language” and the line “language” and can be the in-between person to help them determine what they want and how to implement that technology. And often, that means researching and finding the best AI models that can do what they need at that moment.

Due to the fact that AI will reduce staff in certain areas, profitability will definitely be improved. However, banks will need additional headcount in other areas that can focus on customer service and customer experience. Obviously, AI is a great technological advancement. However, companies will need to strategize how to implement it to best suit their customers as competition heats up. Competitors are willing to invest in improving the banking experience, and the customers will follow.

If you’re looking to boost your team’s presence in the AI space, let’s have a conversation. I can help you build a custom hiring plan tailored to your needs. From temporary contract to permanent placement, we’ll assist you in establishing your presence in the market.