If you thought the financial services industry was cutthroat before the pandemic, now it’s getting even tougher. The COVID pandemic took an odd turn just around April and while everyday people were in furlough or in danger of being furloughed, big companies’ share prices soared and continued doing so until today. Through massive government spending across the globe, and particularly in the US, EU and UK, profitable corporations not only maintained their pre-Corona profits but rather managed to make more profit than ever before (while startups enjoyed more investments, at a higher valuation, than ever before).
Amidst this perfect storm of events, the financial sector services stood out even further than other profitable companies. The massive swings in asset prices, combined with the fear of the unknown, and the fact most people were at home in front of their computers almost 24/7, drew a slew of new investors and speculators.
This tremendous growth and skyrocketing valuations of companies in this sector, has lead to a huge recruiting demand across the board, and particularly with Fintech companies (such as Wise, UK’s biggest startup that just started trading on the LSE, and is one of a multitude of money transfer company offices in London).
How to use this surge of demand in financial services?
- Stay aware of the situation and stay up to date about financial sector news that will hint a certain company is hiring.
- Don’t be afraid to cross over within the financial sector industry. While services like a stock brokerage, credit card issuer, a savings app and a money transfer service may seem unrelated to you – employers look at people with a broad financial background positively.
- Be sure to read comprehensively about the company you are interviewing with. Don’t settle for large publication articles and the companies’ own website but instead read about competitors as well.
- When demand soars, it may be a good opportunity to apply for positions you would have normally thought are above your experience level. Don’t be afraid to apply for managerial positions without managerial experience too.
- Show willingness to work above and beyond what the role requires of you. In dire times, companies are looking for… dire people, in a good way (for the employer).
- While most HR professionals will recommend avoiding the deadly sin of submitting your CV multiple times to the same employer, this may be a good thing to send your CV every few months to employers who are recruiting heavily – their standards may change and your CV might have fallen between the cracks. This is the time to dare.
As competition intensifies, it is also reasonable to ask for higher wages than you would previously ask for, and as more companies go on a successful floatation in the stock market – it’s OK to inquire about stock option plans.