Top 10 soft skills you need to work in finance

5 mins read
Soft Skills

over 2 years ago

When searching for a role in finance, it's often not what you know, but what you can offer. Job hunters have long been told to list, and give prominence to, technical skills on their CVs, but finance sector employers are increasingly looking for candidates with interpersonal abilities known as ‘soft skills'. Demonstrating these 10 characteristics will help candidates prove their value in the workplace.

​10 soft skills to help you prove your value in the workplace.

1. Communication

Earlier this year, analysis by LinkedIn showed that 57.9% of new hires who changed jobs in 2014-15 listed communication as one of their strong suits. Good communicators are in demand across a range of industries, and they're vital in fields that require employees to explain their specialist knowledge to others. An aptitude for number crunching won't get you far in finance if you can't justify and explain your calculations.

2. Negotiation

Whether you're closing a deal or managing expectations, it's important to know how to fight your corner without ruffling any feathers. An aptitude for negotiation will allow finance professionals to reach an agreement that benefits all parties. Failure to compromise effectively can create frustration and damage interpersonal relationships or, at worst, result in loss of revenue for a business. Having a demonstrable knack for negotiation will put you ahead in any financial enterprise.

3. Influencing

Finance professionals must be prepared to explain how their objectives are mutually beneficial and anticipate objections. If, for instance, an investment banker wants to sell off a stake in a joint venture, he or she must be able to show how this will benefit the bank – even if some colleagues disagree.

4. Critical thinking

A critical thinker objectively analyses or conceptualises a situation from a balanced perspective. Often, customers and clients will look to financial professionals to rationally evaluate a scenario – be it a ledger or the performance of a stock. In fast-paced business environments, a poorly thought-out decision can cost a company time and money. So the ability to make critically-informed choices is crucial for modern finance professionals.

5. Flexibility

Flexible employees are capable of weathering change and staying productive in high-pressure situations. Good stockbrokers provide the most dramatic example of this: their day-to-day work revolves around coping with constant fluctuation and determining the best course of action. However, cultivating a flexible mindset also means being able to see through the eyes of others and understand their motivations. A flexible finance professional will always ask: "Why might someone think this way?"

6. Resilience

Resilience refers to one's ability to bounce back after facing adversity. While this is an important skill in any workplace, it's especially important in high-pressure situations. Being able to cope with changing circumstances, having confidence in your ability to deliver and thinking carefully about what you're trying to achieve can prove valuable – particularly in financial roles.

7. Collaboration

It's no secret that top-level financiers are on the lookout for team players. A recent survey by Adaptive Insights showed that 70% of chief financial officers considered collaboration to be their top priority for 2016. In the financial sector, it has become increasingly common to work across multiple teams and geographies to achieve a shared goal. Someone who approaches group-working scenarios with an open mind and a willingness to listen will benefit any team.

8. Problem solving

Effective problem solvers identify the issue at hand, weigh up their options quickly and make a firm decision about the best course of action. Those who excel at problem solving can really drive an organisation forward and will earn the respect of their colleagues by offering meaningful input in even the toughest situations.

9. Dedication

Dedication is fierce commitment without the expectation of returns. Rather than becoming overwhelmed by a single task, dedicated workers will devote themselves from start to finish. Discipline, hard work and acceptance of delayed gratification are key ingredients in developing the dedication mindset.

10. Empathy

It's a common misconception that roles focused on data and numbers require a detached approach – empathy should never be undervalued in finance. Clients often seek financial advice during stressful life events, and dealing with someone who has suffered a loss requires a different approach from a couple seeking their first mortgage.

An empathetic person shows that he or she cares. In displaying understanding, finance professionals will also build trust in their relationships with co-workers and clients.

It's not enough to simply tell an employer you have the soft skills they're looking for. Instead, strive to demonstrate your skillset by offering up examples from previous job roles and highlighting talents you've developed outside of the workplace. Remember, employers are always seeking the right personality for the job – not just a list of positions and qualifications.

How to identify your own skills:

Reflect on your reactions to tense situations at work and compare them to those of managers and co-workers you admire.

Prepare answers to interview questions that screen for soft skills, such as those about workplace experience in problem solving and collaboration.

Ask current or past colleagues to evaluate your strengths and weaknesses. They may be able to offer insights you hadn't previously considered.

Consider your strengths in relation to the job you want to apply for so you can be confident about the criteria you already fulfil and areas that you can develop on the job.

How to acquire new skills:

  • Make a conscious effort to improve your soft skills every day – remember, they're attributes to develop, not innate qualities.

  • Take up skill-building hobbies in your leisure time. Something as simple as a cooking class might prepare you to prioritise tasks and work under pressure.

  • Ask for help and feedback from colleagues and senior staff in your workplace.

  • Enrol in a course designed to build soft skills, such as those offered by Reed.

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To help you decide on the type of support you might offer your employees, we have created a menopause template outlining what menopause is, who it affects, common symptoms and some practical steps that might be considered to help people manage their symptoms at work – from flexible working to desk fans and access to quiet wellbeing spaces.

In June 2023, Reed conducted a snap survey of 1,000 employed women in the UK aged 45-54 who are experiencing the menopause. When questioned whether they felt their symptoms affect them at work physically, 74% agreed – while a shocking 77% said they felt their symptoms impact them mentally.

And while 44% state they are comfortable talking to their employer about menopause, an almost equal number – 42% – are not, suggesting more needs to be done to support workers.

According to the survey, 46% of people said their employer does not have a menopause policy in place, while 28% didn’t know. Using our template can remove the doubt and uncertainty among staff and instil confidence in receiving support when needed.

Our editable workplace menopause policy template includes:

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Menopause can no longer be swept under the carpet – our policy template can be used as a guide to update your current policy, or will allow you to create a policy if you don’t already have one.

How to ace your video interview
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How to ace your video interview

​​Use the following video interviewing tips to help you secure your next role.

There are two types of video interview

Live interviews are what you would expect – a video call with the interviewer which is very similar to a face-to-face interview, but slightly different. Some may feel more relaxed knowing that they are speaking face-to-face with a person, even if it’s only through a screen.

Pre-recorded interviews provide you with questions you must answer by recording yourself. These interviews are usually recorded with specialist software, such as Shine, and you will have a certain number of attempts to answer each question.

Check your tech

Test your microphone, camera and internet connection before you start, and make sure your device is compatible with the software your interviewer is using. Making a test call will give you piece of mind that everything is set up correctly.

In case of any unexpected audio issues, or your connection drops, ensure you have the interviewer’s contact number so that you can continue your interview over the phone. Don’t forget to fully charge your device or have it plugged in to avoid any potential disruption from a low battery.

Just as you would in a face-to-face interview, you must also check that your phone is on silent and any notifications are off.

Framing

To frame yourself well, position yourself in the centre of the screen, with the camera at eye-level, an arm’s length away. If you give the illusion of eye-contact by looking at the camera, you will seem more engaging to the interviewer. The interviewer will have a better impression of you, and will be more engaged in your answers.

It is most important to choose a location where you won’t be disturbed and are least likely to pick up noise from your surroundings. Choose a space which is not too dark or too bright and remove anything from behind you that you wouldn’t want your employer to see, such as dirty clothes.

Body language and appearance

Be as professional as possible, both in how you dress and in your body language – remember that this is your potential employer. Even if the interviewer can’t see all of you, dressing well will put you in the right mindset for a job interview and you will make a much better impression.

Other than your facial expression and hand gestures, your non-verbal communication is limited, so it will be more difficult for the interviewer to pick up positive body language. Ensure you don’t fidget too much, avoid covering your mouth, and make sure to smile.

Our YouTube channel has a fantastic series of interviewing advice videos detailing the dos and don’ts for candidates.

If you’re looking for a new career opportunity, contact your local office via email or over the phone.

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Employers are not required by law to conduct appraisals and reviews, but they do benefit all parties. If all the feedback you give your team members is through one annual appraisal, you’re doing your team a disservice and aren’t unlocking their full potential. Feedback should be far more regular to match the fast-paced environments we now work in.

The value of appraisals

Recently, appraisals have been considered a dying practice by many employers who deem it a tick-box exercise with little value. However, when done well, and more frequently, these reviews are crucial for the development of your employees and have multiple benefits for both parties:

-Ensuring employees understand their role and your expectations for them

-Determining to what extent employees are meeting those expectations

-Providing support and having an honest two-way discussion

-Acknowledging and rewarding good performance

-Nurturing your employees’ career progression

-Increasing engagement and longevity

A manager’s responsibility is to empower their people to do their work to the best of their ability and nurture their successes. Performance reviews are a chance to engage team members with regular, one-to-one, honest discussions. It’s not only a chance for the professional to receive feedback from you, but an opportunity for them to raise any concerns they have and to tell you what support they might need.

Without appraisals, employees will still be evaluated, but without the same transparency and objectivity. It will simply exclude employees from the process. This could make them feel out of control of their own futures and unaware of what they can do to improve. Providing honest feedback, even if it is a hard conversation to have, allows them the opportunity to upskill themselves and for you to show you want to help them improve.

Conducting a successful performance review

Firstly, all parties involved need to understand the process and why it’s being conducted in the first place. What do you want to achieve from this meeting? Appraisals need to be structured to be effective. Performance template examples, like the template we have designed, can help you with this.

Every appraisal should:

Be as regular as your team needs it to be– The regularity of your performance reviews will depend entirely on your company, team and management style. With most companies changing much more rapidly, and employees learning in more fast-paced environments, annual appraisals will not be as useful as a more regular performance review. When it comes to feedback, little and often is the way to go.

You might decide that once a month is best for your team members. However, it’s best to be flexible, and if monthly reviews aren’t working for individuals, try checking in with them more regularly than others. It’s all about the employee and your own judgement.

Provide effective feedback– Fundamentally, all feedback must be honest and constructive. Without honesty, it will have no value to the person receiving it – positive or negative. Whether their performance has been excellent or less than satisfactory, you need to advise them on the next steps they should take to improve or grow further. All feedback must focus on the future and how your employee can move forward, rather than dwelling on past failures or becoming complacent following their successes.

Set SMART goals– One of the most common mistakes employers make is setting vague goals. Employers must provide their employees with SMART (specific, measurable, attainable, realistic, time-bound) goals, that they can focus on achieving ahead of their next review. For example, you may want one of your employees to ‘make more sales’ but this doesn’t give them guidance or direction on how to achieve what you want them to.

To turn this into a smart goal, it might become something like: ‘make eight sales a month, for six months, until you reach 48 sales by the end of this year’. Outlining the main goal, and the smaller steps they need to take to achieve their goals by a set deadline is much better for motivation and productivity. It’s also easier to measure and help them to stay on track to achieve their overall goal.

Be a rewarding experience for employees– Appraisals should be an experience employees look forward to. They should leave feeling that their hard work and progress since the last review has been acknowledged and rewarded by their employer. If the response hasn’t been so positive, they should leave with an awareness of how to improve, through honest and constructive feedback and SMART goals.

Be personalised to individuals– Each member of your team will have a different way of working and different needs. This should be accounted for in your performance reviews. Ideally, you would have a standardised performance review template that can be adapted to each person in your team. A one-size-fits-all approach doesn’t always work.

If any of your team members have health issues which are affecting their work, take that into consideration and do your best to support them. It is illegal to discriminate against someone for their protected characteristics such as disabilities or neurodivergence. Likewise, be mindful of any personal issues your employee may be struggling with that may have a short-term impact on their performance. You must provide reasonable adjustments where possible to help them improve their performance.

Download our free performance review template to help you ensure your next review has a positive impact on your employees.