How to secure top finance talent without draining your HR budget

Let’s face it: the competition for finance talent is relentless, with companies everywhere trying to outbid one another. Yet, the smartest organisations know it’s not just about offering sky-high salaries. How can you attract top-tier talent without triggering a budget crisis? What strategies can make you stand out when cash isn’t your only bargaining chip? And are there ways to keep great people loyal, even if a rival dangles a bigger paycheck?

You’re about to discover how to secure finance’s sharpest minds while keeping your costs in check. This article will guide you through practical, effective steps that go beyond conventional wisdom. Here’s what you’ll get:

Table of contents:

• Understanding the modern finance hiring market
• Building an employer brand that speaks for itself
• Designing compensation packages that go further
• Using technology to do more with less
• Making professional development irresistible
• Prioritising diversity and inclusion for better results
• Partnering with experts (when it counts)
• Building lasting candidate relationships
• Key takeaways for immediate action

Understanding the finance hiring market

Picture the classic approach to hiring in finance: post a job ad, sift through resumes, and hope your offer is enough. But this one-size-fits-all thinking no longer works, especially as demand for finance professionals surges. According to Boutique Recruiting, 93% of firms plan to invest in recruitment tech by 2025. Why? Because skilled candidates are in short supply, and competition isn’t slowing down.

More companies are investing in tech and talent to stay ahead. Regulatory pressures, digitisation, and new financial products mean you need professionals who can adapt and innovate. This keeps salaries high and turnover risky. But it also opens the door for creative, budget-friendly approaches.

Leverage employer branding

Now, let’s shift the focus: What if you could attract talent by making your company irresistible for reasons that go beyond money? This is where employer branding pays off-literally. Think about it. When a finance star scrolls through LinkedIn, why should your firm stand out? A compelling Employee Value Proposition (EVP) tells them exactly what they gain by joining you.

Your EVP goes beyond mission statements. It’s about showing real impact, both inside and outside your company. Do your employees grow? Does your work matter in the community? Firms living their values attract the best people, often without needing to boost salaries.

Consider fintech startups that have lured top analysts away from banks, simply by promising a dynamic culture and a clear mission. When you tell your story well-and back it up in the workplace-talent comes looking for you.

Design competitive compensation packages

Next, let’s adjust the lens. Salary matters, but it isn’t the whole story. You don’t need to lead the pay tables to win top finance talent, but you must be competitive and creative.

First, conduct salary surveys to know what the market pays for similar roles. Use resources like Warner Scott to benchmark fairly. Then, think beyond the base. Equity, bonuses, and especially flexible work arrangements can tip the scales in your favour.

Take the example of a mid-size accounting firm that cut its turnover in half by offering remote work and performance bonuses. Their base salaries were average, but the added flexibility and incentives kept their team happy-and cost less than big raises.

Use recruitment technology

Shift your focus again. What if the secret to smarter, cheaper hiring lies in technology? Recruitment software now does much more than sort resumes. It can pinpoint candidates who fit your company culture and compliance requirements, streamlining your process and cutting costs.

According to Warner Scott, firms using data-driven recruiting fill positions faster and keep quality high. Imagine using predictive analytics to find candidates likely to stay long-term or digital assessment tools to weed out mismatches early. Less manual work means HR spends far less on hiring for each position.

Make professional development irresistible

Let’s look from another angle: Why do some finance professionals turn down higher salaries elsewhere? Often, it’s the promise of growth. Investing in your people’s futures can outweigh another company’s cash.

Offer clear career paths, education stipends, or mentorship programs. ClearCompany shows that employees stick with companies willing to invest in their development. It builds loyalty, reduces churn, and you spend less on constantly replacing staff.

One regional bank drew in young analysts by covering CFA exam fees and offering internal mobility. The result? More applications, higher engagement, and a stronger bench-all without inflating salaries.

Prioritise diversity and inclusion

Here’s a perspective too many overlook: A diverse team isn’t just the right thing to do; it’s a magnet for top talent and innovation. When you prioritise diversity, equity, inclusion, and belonging (DEIB), you reach a larger talent pool-and often, you don’t have to pay a premium for it.

Diverse finance teams solve complex problems faster and appeal to a broader client base. ClearCompany notes that companies with inclusive reputations attract stronger candidates. Make your diversity goals public, hold leadership accountable, and you’ll find more candidates interested, often at the same salary levels.

Partner with recruitment experts

Still, there’s another way to stretch your budget: Know when to call for backup. Specialist recruitment agencies, can tap into talent you’d never find alone. They save time, cut down on hiring missteps, and can help you build a long-term hiring strategy.

For example, a fintech company that needed compliance officers fast worked with a niche agency. They filled five critical roles in three months, with a lower overall spend than a prolonged in-house search.

Build lasting candidate relationships

Finally, remember: People aren’t just applying for jobs-they’re looking for trust. Building strong relationships with candidates pays off, especially when the market is tight.

Stay in touch after interviews, send tailored updates, and show up at industry events. Boutique Recruiting suggests that regular, personalised communication keeps your company top of mind. When the time is right, those candidates will think of you first.

A small investment in networking-hosting a finance breakfast, supporting a charity run-can cement your reputation as an employer of choice, without big HR spending.

Key takeaways

• Invest in your employer brand and EVP to attract top finance talent without raising pay
• Use market data to design creative, flexible compensation that appeals to candidates
• Leverage recruitment technology for efficient, cost-effective hiring
• Prioritise professional development and clear career paths to boost retention
• Focus on diversity and inclusion to expand your talent pool and improve results

When you combine these strategies, you create a hiring approach that stands out in a crowded market-while your HR budget stays healthy. Each shift in perspective uncovers new savings and opportunities. It’s not about outspending the competition; it’s about outsmarting them.

So what will you do to make your recruitment process both effective and affordable? How can you show finance professionals that your company is worth joining-for reasons that matter to them? And in a sector full of talent wars, are you ready to win with more than just money on your side?

FAQ: Securing Top Finance Talent on a Budget

Q: How can we attract top finance talent without offering the highest salaries?
A: Focus on building a compelling employer brand and Employee Value Proposition (EVP), highlighting your company’s values, impact, and workplace culture. Enhance your compensation packages with non-monetary benefits like flexible work arrangements, professional development opportunities, and career advancement paths to make your offers more attractive without raising base salaries.

Q: What cost-effective strategies can improve our recruitment process?
A: Leverage recruitment technology to streamline hiring, improve candidate quality, and reduce costs. Invest in data-driven tools to identify trends and the best-fit candidates. Additionally, partner with specialised recruitment agencies to access wider talent pools and strategic hiring insights without significantly increasing your HR budget.

Q: How important is diversity and inclusion in attracting finance professionals?
A: Prioritising diversity, equity, inclusion, and belonging (DEIB) is both a strategic and ethical imperative. Diverse teams foster innovation and problem-solving, making your company more appealing to top candidates. Promote inclusive values in your branding and recruitment processes to attract a broader and more talented candidate pool.

Q: What role does professional development play in talent retention?
A: Offering clear opportunities for growth, such as training, continuing education, and defined career paths—can be a significant draw for finance professionals. Investing in employee development not only attracts top talent but also increases retention by fostering loyalty and long-term commitment.

Q: How can we maintain strong relationships with potential candidates?
A: Engage candidates with regular, personalised communication and participate in relevant industry networking events. Building and nurturing these relationships enhances trust and increases the likelihood of securing top talent when positions become available.

Q: Should we consider working with recruitment agencies, and how do they help?
A: Yes, partnering with specialised recruitment agencies can give you access to a broader talent pool and expert advice on developing cost-effective hiring strategies. Agencies often have established networks and can introduce you to qualified candidates, saving you time and resources in the recruitment process.