With jobs in the finance industry expected to grow 10% by 2026, it’s important that recruiters have hiring strategies in place to find passionate people ready to join their company. The U.S. Bureau of Labor projects the Millenials’ labor force will increase by nearly 4.5 million over the decade.
We’ll break down key recruiting challenges in the equipment finance industry and share strategies in recruiting young professionals.
1. Build a business case for the equipment finance industry
From a recruiting perspective, it’s important to frame up the industry for young professionals. The equipment finance industry is an ever-growing field and economic driver for the U.S. According to Equipment Leasing and Finance Association (ELFA), “Equipment finance not only contributes to businesses’ success, but to U.S. economic growth, manufacturing and jobs. Nearly 8 in 10 U.S. companies – 79% use some form of financing when acquiring equipment.”
2. Don’t only look for finance backgrounds – expand your talent pool
Young professionals think you have to have a strong finance or accounting background to get into the industry, but that’s not true. In reality, companies need to have a diverse workforce. Equipment finance companies are looking for strong backgrounds in finance, credit and analytics, marketing and database, legal, originations, and communication. Furthermore, when recruiting, it’s important to emphasize that once you get into the industry, there are several avenues for growth and challenges.
3. Recruiting young professionals with diversity
Although the equipment finance industry has traditionally been comprised of predominantly white males, the industry is starting to shift its focus to improving diversity representation in the workplace. Diversity within a company allows for a variety of talents and skills to work together. With different perspectives and backgrounds coming together, this will help drive your business into the future.
4. Focus on the entire young professional workforce
When companies think of young professionals, they often think of college graduates. However, young professionals can range from ages 18-39. Recruiters should also be focusing on the candidates that are looking to transition after they have already been in the workforce for a few years. Additionally, the equipment finance industry is a good industry to transition into. You don’t have to start in the industry right after college.
5. Finding other ways to be involved in the industry
The industry is a lot more diverse with different opportunities for young people to think about. When you think about the equipment finance industry, it’s not just one position – it’s a variety of positions that create a good organization. For example, within LTi, we have different roles and responsibilities that help our employees evolve and grow in tandem with the business and industry. Helping young people find new and different opportunities within the industry offers them a holistic experience and exposure to grow in their careers.
6. Set your young people up with mentors right away
Companies need to have mentors within the organization. Mentors foster and promote professional development for new hires. As an organization, it is our job to teach them, explain to them what they need to know, and then allow them to demonstrate their skillset after that.
Building a Better Equipment Finance Workforce
Finally, the number of retired Baby Boomers rose more from 2019 to 2020 in prior years with about 28.6 million Baby Boomers exiting the workforce.
Every year as Baby Boomers continue to exit the workforce, younger workers become more critical to the future of your business. Having a solid recruitment strategy in place now will allow your business to flourish. Their career aspirations, thirst for learning, and knowledge of new technologies will help shape the future of the equipment finance industry.