99% of Financial Services Sector Embraces AI and Automation Amidst Hiring Challenges

The Financial Services Edition of GoodTime’s 2024 Hiring Insights Report highlights the sector’s strategic adoption of AI and automation to address critical hiring challenges, including talent retention, unrealistic compensation expectations, and integrating hybrid work models.

San Francisco – February 27, 2024

The 2024 Hiring Insights Report: Financial Services Edition, released today by GoodTime, uncovers critical shifts in the financial services sector’s approach to hiring. Amidst a competitive landscape, 99% of surveyed talent acquisition (TA) leaders in financial services are utilizing automation or AI to secure top talent and enhance personalization in the hiring process.

Key findings from the report:

• Hiring goal attainment in the sector increased by 4 percentage points.
• Top challenges include talent retention, compensation expectations, and candidates no-showing.
• 46% of financial services companies conducted layoffs in 2023.
• 88% of financial services TA leaders plan to invest in additional hiring technology in 2024.

The financial services sector’s response to hiring challenges:

Amid volatile market conditions, there’s a wave of enthusiasm as the sector’s leaders capitalize on cutting-edge technologies to sharpen their competitive edge in securing top talent.

• Embracing AI and automation: Key focus areas include application and resume screening, creating interview questions, and writing job descriptions.
• Improving the candidate experience: Focusing on personalization and efficient scheduling to win top talent.
• Standardizing hiring processes: To enhance efficiency and ensure fairness.

“Financial services companies face unique hiring challenges in a market that continues to shift. Our report shows a clear trend towards the adoption of AI and automation, not as a replacement for human interaction, but as a tool to enhance it,” said Ahryun Moon, CEO & Co-Founder of GoodTime. “By automating mundane tasks, financial services firms can focus more on building meaningful relationships with candidates, which is crucial in a competitive talent market.”

To download the full report, visit goodtime.io.

About GoodTime

GoodTime helps talent acquisition teams hire up to 50% faster by automating interview scheduling, candidate communications, and more. Hundreds of the world’s leading companies including Slack, Sony Interactive Entertainment, Lyft, Shopify, and HubSpot trust GoodTime to accelerate their hiring process while maintaining a best-in-class candidate experience.

With advanced features like multi-day and panel interview scheduling, SMS and WhatsApp communication, workflow automation, intelligent interviewer selection, and powerful data and benchmarking reports, we’re helping enterprise companies cut their time-to-hire in half.

Learn more at goodtime.io.

Media Contact

For more information or to arrange an interview with Ahryun Moon, please contact:

Jake Link

press@goodtime.io

Unlock finance’s top hiring strategies in 2024

Our study of 105 financial services TA leaders reveals how to hit your hiring goals in a challenging market.

Get the report

About the Author

Jake Link

Jake Link is a business process automation expert and Director of Content for GoodTime. He draws on over 10 years of experience in research and writing to create best-in-class resources for recruitment professionals. Since 2018, Jake's focus has been on helping businesses leverage the right mix of expert advice, process optimization, and technology to hit their goals. He is particularly knowledgeable about the use of automation and AI in enterprise talent acquisition. He regularly engages with top-tier recruitment professionals, distilling the latest trends and crafting actionable advice for TA leaders. He has advised companies in the tech, legal, healthcare, biosciences, manufacturing, and professional services sectors. Outside of work, you can find Jake exploring the coastline of Massachusetts' North Shore with his dog, Charlie.