At the start of this year, COVID-19 put hiring at a standstill for many industries. Unfortunately for those working in compliance, the financial services industry was one of them. As a result, the second quarter uptick in hiring that is common among these types of jobs was nonexistent. However, things are looking up. While the number of open compliance roles did take a hit, the third quarter is proving to be a positive one for job seekers.
If you’re currently searching for a compliance-related role, the good news is that hiring is happening. Based on trends we’re now seeing in the industry, here are three pieces of advice for your compliance job search from Melanie Marshak, Managing Director of Financial Services at The Execu|Search Group.
Your skillset is your skillset—keep it sharp
With more people looking for jobs due to furloughs, layoffs, or even the new-found comfort of taking interviews from home—employers have access to a greater pool of talent. This means that the competition amongst job seekers is high.
“Whether you’re currently employed or unemployed, it’s important to keep your skillset sharp,” says Melanie. “In the end, it will be your skills that will land you an interview and help you stay ahead of the competition.”
Important skills that hiring managers in compliance are looking for include being able to assess risks, manage conflicts, communicate clearly, and think analytically to solve problems.
There are plenty of companies that are comfortable hiring virtually
Given the commonality of long, in-person interviews in financial services, many may be wondering if waiting until we can all safely return to an office will yield better search results.
While some companies aren’t comfortable with virtual hiring, the truth is, many have adopted this new way of recruiting talent. Some searches may still be on hold, but continuing to apply to compliance jobs for the time being should not be considered a waste of time.
Patience is a virtue
There are usually multiple rounds of interviews for jobs in compliance, and they typically involve meeting many people within an organization over the course of a single day. Given the challenges we’re facing as a result of COVID-19, these interviews now need to be spread out. As a result, the interview processes are proving to be even more lengthy. To avoid burnout and becoming discouraged, Melanie suggests being as patient with your search as possible. She says, “An interview process for a candidate is taking twice as long, if not longer, so it’s important to play the long game when job searching. Try to be patient and persistent. Your hard work will pay off!”