Unpacking LinkedIn’s 2023 insights for corporate financial services sales teams

unpacking-linkedins-2023-insights-for-commercial-financial-sales-teams

The world of talent acquisition and management has been in a state of constant flux. With emerging technologies, evolving job descriptions, and the recent economic turbulence, companies and talent leaders need to be at the top of their game.

In its recent Global Talent Trends 2023 report, LinkedIn has offered invaluable insights that paint a comprehensive picture of the current talent landscape. 

But how does this trend affect sectors like banking? Let’s take a deeper dive into sales roles within the Commercial Banking and Financial Services industry.

The Evolving Labour Market

Hiring Paces are Slowing Down:

While hiring continues globally, the pace has seen a decline. Talent leaders, such as Karin Kimbrough at LinkedIn, advise businesses to adopt agility in their talent strategies, suggesting that now might be the time to focus on nurturing internal talent. This echoes in Financial Services, where internal mobility has seen an increase.

Intensified Job-Search Efforts:

Globally, job seekers are intensifying their application efforts. This means roles that are highly specialised, such as Payments & Transaction Banking Specialists, might see a higher number of applications, making the selection process even more rigorous.

AI’s Growing Influence:

Job posts mentioning AI, especially generative AI, are experiencing a surge in applications. This trend underlines the importance of roles that leverage advanced technologies in the banking sector, having a strategy in place for sales teams is imperative, NAB chief data and analytics officer Christian Nelissen has “No doubt, AI will change the way we work,” by actively developing ways for its staff to tailor messages to particular customer groups. In a recent article NAB says “AI will cut the drudgery for its bankers”.

It is however crucial to use AI in the right areas. Global Treasurers and Group CFOs expect and indeed deserve much more than a tweaked AI generated email or amended AI based boiler plate presentation. The client insights led “Sales Acceleration Workshop” helps solve this delicate balance between banker efficiency and sales proposal differentiation.

The Need for Career Development

Declining Confidence in Career Progression:

The majority of the global workforce feels less confident about their career progression than they did a year ago. However, as LinkedIn’s Senior Director of Talent Development, Stephanie Conway points out, the emphasis should be on personalised career development rather than mere titles.

Focus on Skill Development:

Rather than chasing job titles, employees are advised to focus on the skills they wish to acquire. This resonates with specialised roles where a diverse skill set, such as sales, analytics, and product knowledge, can be more valuable than a title.  Coaching can be a great tool for focused skill development. Whether addressing specific challenges, refining particular competencies, or conquering the complexities of venturing into new industries and customers, a tailored coaching approach provides the roadmap for success.

The Impact on Commercial Banking Sales

Internal Mobility and Role Dynamics:

Companies are leaning towards promoting talent from within. For roles such as Corporate Financial services sales, this means recognising and elevating potential candidates from inside the organisation who have pre-existing knowledge of company processes and client relationships.

Upskilling is Crucial:

With the increasing emphasis on internal talent nurturing and development, upskilling becomes a cornerstone. The Commercial Banking Sales role, with its myriad of responsibilities, can benefit immensely from structured training programs such as the “Realise the Revenues Workshop“. The emphasis on upskilling can streamline onboarding, improve productivity and generate revenues by ensuring candidates are prepared for niche areas.

Building a Collaborative Talent-Management Model:

Integrating talent acquisition with talent development means that the recruitment process might involve collaboration across multiple departments. This holistic approach can lead to a better assessment of potential candidates based on current skills and upskilling adaptability.

Leveraging Existing Client Networks:

Companies investing in upskilling might already have an internal pool of candidates with strong client relationships – a critical asset for the Corporate Financial services sales role.

In conclusion, the global talent landscape is undergoing significant changes. By understanding these shifts and integrating innovative training programs, businesses can ensure that roles such as the Corporate Financial Services Sales role evolve to meet the demands of the modern job market.

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