Financial Management Jobs: Solutions for 2022 HR Challenges
Like many industries, the pandemic has accelerated digitalization trends in financial management jobs. Remote, telecommuting, and hybrid work is becoming long-term solutions for a number of positions in the industry. While this offers many advantages, it also creates some challenges in terms of hiring and managing employees. Triton can help.
Human Resources Burnout
The pandemic has been stressful for just about everyone, but financial services workers have been particularly impacted by volatile markets and the threat of artificial intelligence replacing their jobs.
meQuilibrium, a company that analyzes stress and burnout in the workplace, compiled a study on the impact of the pandemic on employees in eight different industries. They found that employees in the finance/insurance sectors suffered a 32 per cent decline in motivation during the pandemic.
In one survey, two thirds of employers said maintaining morale has been a challenge. It has mostly fallen on HR departments to try and manage morale during these difficult times on top of other duties like transitioning to remote work, which has understandably been a challenge.
Triton’s background check solutions can easily integrate into HR software and applicant tracking systems, making hiring and onboarding processes—and the lives of HR professionals—easier.
Threats from Within
Given the nature of financial management jobs, there is a danger of internal fraud. In the Association of Certified Fraud Examiners’ (ACFE) 2020 global study, cases of fraud in the banking and financial services industry accounted for nearly 20 per cent of all occupational cases. The average loss amounted to USD 1,546,000.
And now with remote work, there is less oversight, meaning there is a greater amount of trust in employees. On top of the financial losses of internal fraud, the impact to a company’s reputation in this industry is devastating. Employers in the financial services sector can’t afford to not do their due diligence.
Criminal background checks, reference check verifications, and employment history verifications are each important steps for vetting candidates. However, in the financial industry, extra steps must be taken because, according the ACFE, only 3 per cent of perpetrators had a prior fraud conviction.
Credit check verifications provide a snapshot into an individual’s financial behaviour, a strong indicator of whether they’re trustworthy in the financial services industry. The ACFE lists living beyond their means and financial difficulties as the two most common red flags of fraudsters.
Outsourcing your pre-employment screening duties to Triton will ensure financial services employers are hiring trustworthy candidates while making the lives of their HR professionals easier, letting them focus on helping employees through the challenges of this new normal and performing at a high level. To learn more, contact us today by phone at 1-855-790-7516, by email at firstname.lastname@example.org, or by visiting our website.