As financial firms struggle to develop digital marketing programs, many face tough competition for workers.
The U.S. economy is considered to be at or near full employment, making it difficult to recruit skilled workers at a time when digital marketing is quickly growing. Unemployment is at a low rate of only 4.3% and the number of job openings climbed in April to 6 million, the highest level since the government started tracking the information in 2000, according to an article from Newsmax.
The labor shortage hasn’t gone unnoticed. Among small businesses, 61% of respondents to a U.S. Bank survey said they are experiencing either moderate or extreme difficulty with hiring employees. According to SmartInsights, demand for many types of digital marketers is above average and the strongest for digital advertising, content creation and curation, social media, and email positions.
The problem is likely to be even worse for financial firms because the industry is highly regulated, so digital marketers need to have unique skills.
With these challenges in mind, some recruiters are tapping artificial intelligence (AI) to scour the internet for job candidates who may not be actively seeking a career change, reports Business2Community.
The technology follows individuals' digital footprints and even comments on social media to find job candidates. Artificial intelligence is also being used to ensure that job postings are not written in a manner that alienates candidates. In one example, the technology spots advertisements that are written in a way that may discourage female applicants.
It’s not uncommon, of course, for some businesses to make other blunders with job postings. A scan of online job listings reveals many employers who say workers must thrive in fast-paced, demanding work environments, handle multiple projects simultaneously, form a consensus among different constituents, establish priorities, and produce high-quality work while meeting tight deadlines.
It's understandable that employers set high standards for employees. The problem with many job postings, however, is that they don’t specify that employees can enjoy an attractive work-life balance and other possible benefits, such as the potential for career advancement.
With the challenges of recruiting workers, some employees may need to rethink job descriptions for new candidates. That’s especially true when considering that many younger, tech savvy employees would trade off compensation for being able to enjoy different experiences, such as having enough free time for social functions on weeknights or other outings.
In a similar manner, many employers are embracing flexible work hours and telecommuting. Those perks are particularly attractive to young tech savvy employees, with 61% of millennials in a recent survey saying work flexibility increases their loyalty to their employers, according to Forbes.
Recruiters at some firms are taking a lesson from their digital marketing departments' playbooks. Inbound marketing, which entails drawing prospects to a firm’s website, is being modified as inbound recruiting, according to a white paper (PDF) from efinancialcareers.
Cutting edge employers such as Goldman Sachs are creating content that can lure job candidates to their webpages and then eventually entice individuals to apply for positions. In some cases, the content includes testimonials from employees and profiles of individuals who have advanced in their careers.
HubSpot, which is considered to be a pioneer of inbound marketing, is also making a push into inbounding recruiting by provided in-depth information about the process on its website.
With tight competiton for workers, financial firms need all the advantages they can get.