The True Cost of Delayed Hiring
Last year, banks lost billions due to delayed hiring.
The consequences of an unfilled role range from missed revenue to stalled projects to unnecessary risk. These consequences compound like interest – they grow over time. Yet most BFIs do not consider lost revenue opportunity, risk or project delays and they continue operating with slow moving hiring practices. (Calculate the true financial impact of your open positions with our vacancy cost calculator.)
The message is clear, outdated hiring practices hit the bottom line.
Hiring Bottlenecks Stunt Growth Momentum
Financial institutions operate in an environment where opportunities appear and disappear within market cycles measured in days. Your hiring timeline needs to match this reality.
The Impact to Revenue of Empty Desks
Vacant banking roles cut directly into revenue. Each vacancy means lost clients, fewer cross-sell opportunities, and missed expansion targets. Conversely, a major bank added 200 strategic commercial bankers within 200 days and surpassed revenue goals YOY.
Your Competitors Aren’t Waiting
While your hiring committee debates candidate fit, fintechs move faster - securing both top talent and new clients. Fintech companies are expected to increase their workforce by more than 30% by 2030 as they scale digital services and product innovation. Their average time-to-hire is currently 33 days. In comparison, financial institutions average 45 days. This difference affects access to top candidates. High-performing professionals often accept offers within two weeks of entering the market. Organizations that move faster are better positioned to engage and secure talent before it’s lost to competitors.
Compliance Gaps Are a Liability
Unfilled compliance roles raise exposure to regulatory penalties. Missed filings, incomplete assessments, and delayed audits can result in significant fines. In 2023, TD Bank was fined over $9 million, followed by a $1.2 billion agreement with U.S. regulators for anti-money laundering (AML) compliance failures. These gaps were linked in part to operational breakdowns and capacity shortfalls. In financial institutions, compliance staffing is a direct line to risk mitigation. When roles sit vacant, the consequences can escalate quickly.
Why Top Banking Talent Won't Wait for Your Approval Process
The most qualified banking professionals have multiple options. They evaluate potential employers based on their experience throughout the recruitment process.
The Candidate Experience Reality
Top performers in BFIs expect professional, responsive hiring processes. When your process takes eight weeks and involves six interview rounds, you signal organizational dysfunction to candidates who can easily find opportunities elsewhere. A staggering 70% of candidates have considered quitting an application because the hiring process dragged on, and most of those who withdraw do so within two weeks, typically accepting other offers.
Decision-Making Speed Signals Organizational Competence
Candidates judge your organization's operational efficiency by how you manage recruitment. Slow hiring decisions suggest slow business decisions, creating doubt about your institution's ability to compete effectively in fast-moving markets.
Intelligent Hiring Tech Is Reshaping the Talent Function
Most financial institutions already use ATS platforms, but foundational tech alone no longer delivers a competitive edge. Today’s hiring strategies rely on AI-powered tools that reduce delays, improve decision quality, and scale processes across high-volume roles.
These integrated tools like:
Conversational AI for screening and scheduling
Talent orchestration platforms with predictive analytics
Smart video assessments that reduce bias and improve consistency
These tools automate candidate engagement, prioritize top applicants, and eliminate the administrative friction that slows down internal teams. Executive-level financial services hires frequently cost over $28,000 per role when accounting for sourcing, internal time, and lost productivity. Technology that integrates compliance monitoring, bias detection, and real-time reporting isn’t optional for BFIS, it’s a baseline requirement for efficient, high-quality hiring.
Standardized Evaluation Frameworks Speed Decisions
When evaluation criteria vary from one interviewer to the next, decisions slow down and outcomes suffer. Inconsistent hiring processes lead to misaligned expectations, poor-fit hires, and increased turnover risk. Clear, role-specific frameworks improve decision speed and help teams make confident selections that support long-term retention. Use our attrition calculator here.
The Robertson RPO Solution: Hiring Speed That Drives Business Performance
Delayed hiring comes at a cost- missed revenue, increased risk, and lost opportunities. Robertson helps financial institutions move faster with structured, proven recruitment methods designed for regulated industries.
Our clients regularly achieve 45–55% reductions in time-to-hire within the first quarter. This speed is made possible by deep intake alignment, standardized evaluation frameworks, and technology-enabled processes that eliminate delays.
For banks and financial institutions, the ability to hire quickly and with precision is strategic. When the right talent is in place faster, commercial initiatives accelerate, compliance risk decreases, and recruiting costs stay under control.
Ready to remove hiring delays and unlock growth potential? Let’s talk about how we can help your team move faster.