Challenges in Attracting and Retaining Workforce in Financial Sector

Running head: HRM
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Overview
Nowadays, there are different challenges for the financial company is to retain the valuable and
talented workforces. The management can control the issue of workforces to prevent from
quitting the company within no time to higher extent. However, it cannot put complete full stop
on it. This essay discusses the key challenges in attracting and retaining a workforce in the
financial sector. In this week, different weeks discussion is used such as week 5 i.e. recruitment
and selection, week 6 i.e. employee relations challenges, week 8 i.e. performance management,
week 10 i.e. motivation, rewards,and compensation, and week 11 i.e. employee turnover and
retention.
Key challenges in attracting and retaining a workforce in the financial sector
Week 5 Recruitment and selection
The key challenge of training and developmentis the failure of attracting talented candidates as it
could create difficulty in retaining and attracting the workforce in the financial sector. In this
way, the candidate driven market could be used in which candidates are approached by different
recruiters. It becomes very complex for recruiters to influence talented candidates. The top
applicants can try to pitch and may not be around while a company decides for extending the
offer after different weeks of interviews (Ibidunn, Osibanjo, Adeniji, Salau, &Falola, 2015). In
addition, delay in the hiring procedure could create an issue in recruitment procedure thereby it
may lose the top talent. Declining time to hire become a complex situation as a financial
institution is juggling with the high amount of candidates at once as well as conducting
interviews may take a high amount of time to set up (Burns, et. al., 2014).
Lack of understanding between the hiring manager and a recruiter is becoming key challenges of
training and development in retaining workforces in the financial sector. For instance,

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incompetency for addressing the feasible skills develops in the prospective applicants and
choosing the best method to source the right talent (Syed, & Kramar, 2017). Apart from this,
retaining the millennials in the employees for higher time period could be challenging for a
company. Millennials are creating to dominate the work bubble as the baby boomers initiate to
retire (Bussin, & Van Rooy, 2014).The weird things regarding millennials are that they want
technology and tend to favor their personal requirements more than that of the company they
perform for. In such a manner, the company can do regular feedback as well as open
communication. The challenge for the recruiters is that these Millennials has a tendency for
performing the job-hopping that may generate workload as they have to look for applicants for
the same position more regularly.
Incompetency to use data effectively is key challenges of training and development in attracting
and retaining a workforce in the financial sector (Terera, &Ngirande, 2014). There are a high
amount of recruiters who are proficient in practicing the technology technique to their benefits,
however, they do not have the competency to significantly practice the information. There is
dominant significance for recruiters to be competent to employ the information for making better
recruitment decisions and improve their procedures. However, there are hardly occurrences.
Complexity in balancing the speed of hire together with the quality of hire is another challenge
of training and development for attracting and retaining a workforce in the financial sector
(Connell, Nankervis, & Burgess, 2015). It is assessed that recruiters may face one of the
biggestissues while it comes to balancing the speed of hire as well as the quality of hire. The
company can recruit a candidate as soon as possible as there is always an urge to get the best
talent possible that frequently take time. Gaining the speed of recruitment is one of complex task
for the recruiters (Wallace, Lings, Cameron, & Sheldon, 2014).

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Lack of efficiency at the time of recruitment procedure is key challenges of training and
development in attracting and retaining a workforce in the financial sector (Cappelli, 2015).
Furthermore, tasks such as sourcing potentially talented applicants and reviewing their resumes
can take maximum times. There are the highamount of recruiters who invest time on these
managerial tasks. It could be utilized in sending applicants for final selection to the client. It may
lead the recruiters to gain use of applicant tracking system (Haider, et. al., 2015).
Failure to offer superlative applicant experience is key challenges of training and development in
attracting and retaining a workforce in the financial sector. When recruiters are incapable to offer
the superlative applicant experience at the time of hiring procedure then it may generate a bad
impact on the overall corporate branding of the company. Recruiters should end the hiring
procedure adequately by applicants, even if they are disallowing them. When a company is not
performing that then it would have anunfavorable impact on generating a talent pool for the
prospect (Hejase, Hejase, Mikdashi, &Bazeih, 2016).
Week 6 Employee relations challenges
Legal issues are key employee relation challenges in attracting and retaining a workforce in the
financial sector. Employee relations concern originated from different concepts of employment
and labor regulation. There are certain legal concerns like discrimination, workplace harassment,
and equal opportunity are among the workforce relations concerns that an employer must face. In
addition, employers are required to research the discrimination and harassment allegation within
an organization and offer possible remedies for the situation (McGinnis Johnson, & Ng, 2016).
Employers should reasonably accommodate the employees who require modification of job
responsibilities due to pregnancy and disability.This regulation governs the legal aspect of