Category: Financial Services

The Real Cost of Slow Hiring within the Financial Services Industry

The Cost of Slow Hiring in the Financial Services Sector: Managing the Pain Point and Prioritising Staff Care and Retention

In the fast-paced and competitive Financial Services (FS) industry, a delay in hiring can create significant pressure on existing employees while a suitable replacement is found.  This “pain point” not only affects the workload and morale of the current team but also increases the risk of stress and burnout.  Despite the presence of numerous qualified and talented candidates in the market, the slow hiring process within the FS sector exacerbates the pressure on existing employees.  In this article, we explore the cost of slow hiring, the importance of staff care and retention, and how Mosaic Search & Selection can help speed up the hiring process by providing a bespoke recruitment service for leadership roles.

The Pressure on Existing Employees

When a valuable team member resigns, it initiates a series of challenges.  Existing employees often find themselves burdened with additional responsibilities to cover the workload gap, from working overtime to taking on more projects or reports, leading to increased stress and potential burnout. The pressure to maintain productivity levels while coping with the demands of an understaffed team can negatively impact morale, job satisfaction, and overall performance.

Slow Hiring Process and the “Pain Point”

A typical timeframe of up to six to twelve months from resignation to onboarding is not uncommon in the FS sector especially at the senior level, causing prolonged uncertainty and instability within the team. The delay in finding a suitable replacement not only hampers productivity but also affects team dynamics and can lead to increased tension and frustration. Despite the presence of a wealth of brilliant candidates in the market, slow hiring processes from delays in sign offs to advertising the role, can create a bottleneck, prolonging the search for the right talent.

Recognising Staff Care and Retention as a Business-Wide Responsibility

In an industry as competitive as Financial Services, staff care and retention should be viewed as a business collective strategy and responsibility.  It is crucial for FS companies to acknowledge that the well-being and satisfaction of their employees at all levels directly impact overall business success.  By investing in the development and welfare of their workforce, companies can create an environment conducive to high performance, innovation, and long-term growth.

Nurturing Your Team for Success

To address the challenges posed by slow hiring processes, businesses must take proactive steps to nurture their existing teams. Here are some key strategies to consider:

  1. Transparent Communication:  From the moment an employee announces their resignation, if appropriate, maintain open and transparent communication about the hiring process.  Keep the existing staff informed about the progress, potential timeframes and efforts being made to find a suitable replacement.  This transparency builds trust and minimises uncertainty, fostering a sense of support and collaboration.
  2. Prioritise Work-Life Balance: Encourage a healthy work-life balance by promoting flexible working hours & location, providing support for personal obligations, and fostering a culture that values well-being.
  3. Professional Development: Offer training programs, mentorship opportunities, and career growth initiatives to enhance skills and job satisfaction, thus reducing the urge to seek alternative employment.
  4. Recognise and Reward: Recognise the contributions and achievements of existing employees through regular feedback, performance evaluations, and rewards. This reinforces their value to the organisation and motivates them to maintain their commitment.
  5. Temporary solution: Look into hiring a short-term contracted or free-lance person to cover the workload while the search for a permanent placement is underway, freeing up existing staff to focus on their core responsibilities.

By nurturing your team and investing in staff care and retention, you can create a positive culture that attracts and retains top talent.

Streamlining the Hiring Process with Mosaic Search & Selection

To expedite the hiring process and reduce the burden on existing employees, a specialist executive search company like Mosaic Search & Selection can become a trusted partner to your business and provide a tailored recruitment solution for your leadership roles.  By streamlining the search for top candidates and significantly shortening the hiring timeframe, you can benefit from our extensive networks, industry expertise, and efficient processes to identify the right talent swiftly. 


The real cost of a slow hiring process in the Financial Services sector can be significant, impacting productivity, team morale, and overall business performance. However, by partnering with Mosaic Search & Selection, organisations can effectively reduce these costs through our thorough recruitment process.  We take the time to understand the unique needs and culture of your business by streamlining the hiring process and ensuring a thorough selection of qualified candidates.  We can help find the right person faster, minimising the financial and operational impact of a prolonged vacancy.  With Mosaic Search & Selection’s expertise and commitment to excellence, you can navigate the challenges of hiring with confidence and secure the talent needed for sustained success.  Contact us today, we’d love to hear from you.


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