Technology is not solving all the challenges in wealth management. Some people in our industry, especially those looking for work, report becoming increasingly disheartened by the increasing use of technology.
“Job seekers are increasingly reporting being disheartened by the automation of recruitment in our industry,” notes Sally Humphris, Executive Director of specialist wealth management industry recruiter SUPER Recruiters.
“We are hearing an increasing number of complaints from skilled people applying for roles and not getting a response – even when they have all the skills and experience.
“The reason why they – in fact most of us – don’t get far is that most of us don’t understand how the job search algorithms, those digital search matching terms used in online job applications, actually work. A job ad can elicit hundreds, even thousands, of responses and many of the applications will be unsuitable. But all must be digitally or manually screened by a recruiter to identify a shortlist of appropriate candidates. You have probably noticed how some recruiters use digital technology to search LinkedIn profiles, as exemplified by those LinkedIn notes that say you appeared in so many searches this week.”
Ms Humphris notes there is a switch away from such technology by technology firms themselves! And that local human resources teams should heed this.
“Amazon has abandoned its long-standing project to use artificial intelligence to automate parts of its recruitment process as it could not stop the process discriminating.
“At the other extreme, many of the HR departments in wealth management still base their decisions on gut instinct rather than facts!
“There needs to be a better balance by wealth management firms seeking staff,” Ms Humphris said today. “Algorithms and automation cannot substitute for someone who can identify and match proven performance, cultural fit, skills and personality traits with what wealth managers need.”
She suggested that while the industry disclaims that past performance is not a guarantee of future performance, this is often just what HR departments need to do, to look for proven performers.
“HR departments recognise that good people can make a big difference to their performance and culture. But using technology alone won’t find them.”
About SUPER Recruiters
We have disrupted the traditional recruiting process by turning it around and focusing on referred and proven candidates. Being best-connected means we know those candidates who have good industry track records and who can deliver results adding value to an organisation. The best candidate could be engaged in an existing role and we determine who is prepared to, or should move to another organisation. We understand the differences between candidates actively looking and those who need to be enticed to move, knowing how to manage these substantial differences. We then determine if the candidate/s have an appropriate cultural fit. We only recommend candidates that we would employ ourselves and only in roles that we believe are worthy of them. We can do this because we are bespoke, independent and specialise in our industry alone. We all know hiring the ‘wrong’ person is one of the greatest risks organisations face, costing time, money and other good people. Don’t risk it.