There’s no denying it; the US economy is going through a time of uncertainty, with shockwaves still rippling through the nation as a result of the pandemic, the challenges of rising inflation, ensuing increases in the cost of living, and the war in Ukraine, just to name a few.
However, the outlook isn’t totally bleak.
The International Monetary Fund (IMF) projects that while the US economy will slow this year and into 2023, the country should avoid a recession if inflation decreases. There are, of course, risks that this may not be the case and the administration will need to implement robust measures to avoid it, but this shouldn’t stop financial services professionals who want to make a move from seeking new opportunities within the industry.
Why? I’ve outlined six reasons below.
6 reasons to consider new opportunities in Financial Services
1. Financial technology is rapidly changing
Technology is becoming increasingly disruptive in financial services. This transformation provides opportunities for business growth, and therefore new employment opportunities. Fintech start-ups continue to push boundaries, and in turn, that pushes the big players into new digital realms. The financial landscape is changing, financial services’ future is being rewritten, and firms need the people who can drive this change at an enterprise level.
For example, the blockchain is likely to become more embedded into financial operations over the next few years, which will create a need for human resources.
At Hanover, we’re seeing the need for technology leaders with financial services industry experience now more than ever, as companies look to adopt new technologies and stay ahead of the curve.
2. New financial strategies are being implemented
The economy is changing. We’ve seen a seismic shift over the past couple of years that financial institutions need to adapt to. This scale of change requires financial experts to navigate the waves, and also to plan for a brighter future.
As firms look to mitigate the effects of this shift, we’ve seen an increased need for specialists in mergers and acquisitions.
3. The way we work has changed
Not only has the economy changed – so too has the way we work. Hybrid work and work-from-home options have become more viable and widely accepted over the last couple of years, which means it’s now possible for you to land that dream job, even if it happens to be outside of your geographical area. This change has significantly broadened the job market, both for firms and for candidates.
With companies now offering different styles of flexible working, you can really take the time to think about the type that best suits your lifestyle needs and gets you feeling inspired to do your best work.
From there, you can determine whether or not your current company’s style aligns with yours. You might currently work 100% remotely, yet miss the fun banter with colleagues. Or you might be in the office full-time, or hybrid, but prefer to be fully remote. I personally enjoy the hybrid model and have found that many of my candidates do, too.
4. There’s a shortage of finance professionals
Your skills are in need. While it’s not thought that the financial services industry was too badly impacted by the “Great Resignation”, the industry hasn’t been immune. That’s coupled with the fact that there was already a shrinking supply of financial services professionals before the pandemic.
This means there are opportunities available for qualified financial experts at firms that need this niche talent, especially to support them in the complex work that is wealth management and banking.
5. The growth in data requires finance leaders
Data is growing, both in volume and complexity. By 2025, it’s estimated that there’ll be 175 billion terabytes of data globally. For financial teams, this means there’s a requirement for someone to manage, interrogate and use this data to provide actionable business insights and stay ahead of the competition.
According to a Deloitte report, CFOs cite data analytics and forecasting as the two skill sets they would most like to deploy in their team.
6. What you’ll gain from a move
If you’re considering a move, it’s especially important right now to look at a potential new employer’s outlook. Do they have the potential for success, and will you be able to drive their fiscal health?
Additionally, it’s important to ask yourself some career-based questions like, “What am I going to learn?”, “How will I add value?” and “Will this role enhance my career trajectory?”
Now ask yourself the same questions regarding your current role and organization. If a new opportunity could better align with your goals and ambitions for the future, now could be the right time to make that move.
If your firm needs to recruit senior-level finance, technology or talent acquisition experts, get in touch with me and let’s schedule some time for a call.
