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Financial Services: Engaging Active and Passive Jobseekers in Europe and Asia

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This is a latest industry related KGWI report on Engaging Active and Passive Jobseekers in the Financial Services Industry in Europe and APAC.

This is a latest industry related KGWI report on Engaging Active and Passive Jobseekers in the Financial Services Industry in Europe and APAC.

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  • 1. kelly Global workforce index™ ENGAGING ACTIVE AND PASSIVE JOB SEEKERS: FINANCIAL SERVICES & INSURANCE
  • 2. 2Kelly Global Workforce Index™ 3 Confronting employee ‘disengagement’ 6 Connecting employees in conversation 8 Opening the door to new talent 12 Social media and career networking 15 Online job boards lead the way 17 The employee preference in online job boards 19 Conclusion: Casting a wider net contents The Kelly Global Workforce Index (KGWI) is an annual global survey revealing opinions about work and the workplace. Almost 230,000 people across the Americas, EMEA and APAC regions responded to the 2014 survey. The topics covered in the 2014 KGWI survey include: • Engaging active and passive job seekers • Career development • The candidate experience from hiring to onboarding • Worker preferences and workplace agility A total of 31 countries participated in the survey, utilizing 20 different languages. Results span workplace generations, as well as key industries and occupations. This first installment, on the topic, Engaging Active and Passive Job Seekers, examines the nature of the contemporary job search process from a candidate’s perspective across the Financial Services & Insurance sector. It looks at the state of employee engagement among a group of workers who have been at the forefront of recent economic and financial upheaval. It also examines the way that employees are conversing about jobs and work and the role that online and social media play in these discussions. With these conversations taking place, the survey looks at some of the ways that ‘hidden’ job seekers can be identified and, perhaps, encouraged to become prospective candidates. The Kelly Global Workforce Index 2014
  • 3. 3Kelly Global Workforce Index™ Confronting employee disengagement Employees across the Financial Services & Insurance sectors have seen a lot of career instability, dislocation and downsizing since the onset of the global financial crisis in 2008. While conditions have improved markedly since then, there still remains a degree of fallout, reflected in the level of employee commitment to work.
  • 4. 4Kelly Global Workforce Index™ Globally, less than a third (30%) of those in Financial Services & Insurance say they are ‘totally committed’ to their current employers. This has implications for workplace morale and productivity. In the APAC region, this level of engagement (30%) is slightly higher than in EMEA (24%). Looking across countries in EMEA and APAC, the highest levels of engagement are in India and Norway (both 44%), Indonesia (39%) and Russia (35%), while the lowest are in Italy (3%), Hungary (8%) and UK (15%). How ‘committed’ or ‘engaged’ do you feel with your current employer? (% ‘Totally committed’ by Country) Employee engagement 0% 10% 20% 30% 40% 50% APAC 30% GLOBAL 30% EMEA 24% AUSTRALIA CHINA FRANCE GERMANY HUNGARY INDIA PORTUGAL RUSSIA SINGAPORE SWITZERLAND UNITEDKINGDOM NORWAY POLAND ITALY INDONESIA MALAYSIA
  • 5. 5Kelly Global Workforce Index™ Closely tied to the notion of employee engagement is the issue of how ‘valued ‘employees feel. An employee’s perception about value, or worth, impacts on a host of workplace performance outcomes. Globally, 40% of Financial Services & Insurance employees say they feel valued at work, but with a significantly higher rate in APAC (48%) than in EMEA (37%). The highest rates are in Russia (58%) and India and Indonesia (both 56%), while the lowest are in Italy (16%), Portugal (26%) and France (28%). To what degree do you feel that you are valued by your current employer? (% ‘Highly valued’ and ‘Valued’ by Country) Employee perception of value to employer 0% 30% 20% 10% 40% 50% 60% GLOBAL 40% APAC 48% EMEA 37% FRANCE HUNGARY INDIA PORTUGAL ITALY RUSSIA UNITEDKINGDOM NORWAY INDONESIA CHINA AUSTRALIA MALAYSIA SINGAPORE SWITZERLAND POLAND GERMANY
  • 6. 6Kelly Global Workforce Index™ Connecting employees in conversation One of the challenges for modern employees in many industries revolves around the issue of how they keep their future employment options open without actively canvassing a change of jobs. This means they need to have lines of communication at a firm or industry level. The survey directly asked employees how they like to be engaged by a prospective employer.
  • 7. 7Kelly Global Workforce Index™ The strongly favored method (cited by 58%) is for periodic contact through phone calls, emails and messages from employers about relevant work opportunities. This method is greatly preferred in EMEA (58%) ahead of APAC (44%). Participation in a firm’s talent community is becoming more important, particularly in APAC where 20% have embraced the idea of talent communities, well ahead of employees in EMEA (10%). Participation in a firm’s social media network is preferred by 11% globally, while taking part in social and/or networking events with employees attracts about 10%. Which of the following best describes how you would like to be engaged by a prospective employer? (% by Region) Preferred method of engagement 0% 20% 40% 60% 80% OtherReceive updates on company's financial performance Participate in social events/networking opportunities with company employees Participate in the company's social media network Participate in the company's talent community/networking with others in online talent community pool Receive periodic contact regarding work that fits my skill set and interests EMEA APAC Global
  • 8. 8Kelly Global Workforce Index™ Opening the door to new talent Online talent communities are still a relatively new technique in talent pool management but they hold appeal in certain markets and are gaining traction in others. An online talent community is an interactive forum where individuals interact with company representatives and other community members. They will be informed about the business as well as hear about potential job opportunities. This study focused on employer/company-specific talent pools.
  • 9. 9Kelly Global Workforce Index™ Experience in online talent communities Globally in Financial Services & Insurance, 19% of workers say they have participated in employers’ online talent communities. The average across APAC is 25%, considerably above EMEA (11%). Across APAC, there are high rates in countries including India (37%) and Indonesia (35%), while in EMEA, the highest participation is in Russia (18%) and UK (16%). Have you had any experience participating in an employer’s online talent community? (% ‘Yes’ by Country) 0% 30% 20% 10% 40% GLOBAL 19% APAC 25% EMEA 11% FRANCE GERMANY INDIA PORTUGAL ITALY RUSSIA NORWAY INDONESIA SWITZERLAND AUSTRALIA SINGAPORE POLAND UNITEDKINGDOM HUNGARY CHINA MALAYSIA
  • 10. 10Kelly Global Workforce Index™ The advantages of online talent communities among those who have participated (19% globally) largely centre on access to jobs, cited by three-quarters. There is also an attraction to the idea of learning more about a company, cited by 46% globally. A total of 39% say they like learning what it is like working for a company from current and former employees. This is more of an attraction in APAC (47%) than in EMEA (36%). Advantages of online talent communities If ‘Yes’ to the previous question*, what do you like most about participating in an online talent community? (% Globally, multiple responses allowed) * Have you had any experience participating in an employer’s online talent community? 0% 20% 40% 60% 80% OtherAccess to trusted industry information Access to trusted career information/tips Access to relevant skill development information Learning what it is like to work for a given company, from current and former employees Learning more about a given company Access to job opportunities EMEA APAC Global
  • 11. 11Kelly Global Workforce Index™ The idea of participating in these online talent communities holds a certain amount of appeal for many employees, offering a glimpse inside a potential workplace. Globally, among the 81% who have no experience of online talent communities, 44% say they are either ‘very interested’ or ‘interested’ in becoming involved. However there is considerably higher interest in APAC (49%) compared with EMEA (38%). Interest is highest in India (66%), Indonesia (55%), Portugal (55%) and Malaysia (52%). Level of interest in online talent communities If no experience with online talent communities, how interested would you be in participating? (% ‘Very Interested’ and ‘Interested’ by Country) 0% 30% 20% 10% 40% 50% 60% 70% 0 10 20 GLOBAAPACEMEAGermanyUKFranceNorwayItalyRussiaSingaporeSwitzerlandAustraliaPolandHungaryChinaMalaysiaPortugalIndonesiaIndia GLOBAL 44% APAC 49% EMEA 38% FRANCE GERMANY PORTUGAL RUSSIA UNITEDKINGDOM NORWAY INDONESIA SWITZERLAND MALAYSIA SINGAPORE AUSTRALIA HUNGARY ITALY INDIA CHINA POLAND
  • 12. 12Kelly Global Workforce Index™ Social media and career networking Social media has taken on a new level of significance as a platform for discussion about work and career opportunities.
  • 13. 13Kelly Global Workforce Index™ More than a third (37%) of Financial Services & Insurance respondents globally say that they rely on social media in their job and career decisions. However, the APAC region is well above the global average at 52%, compared with EMEA at 36%. The most prolific users of social media in career and/or employment decisions are China (70%), India (63%), Indonesia (54%) and Poland (52%). Do you use your social media network when making career/employment decisions? (% ‘Yes’ by Country) Use of social media networks in employment decisions 0% 30% 20% 10% 40% 50% 60% 70% GLOBAL 37% APAC 52% EMEA 36% FRANCE INDIA RUSSIA INDONESIA CHINA MALAYSIA UNITEDKINGDOM ITALY GERMANY AUSTRALIA NORWAY POLAND HUNGARY SWITZERLAND PORTUGAL SINGAPORE
  • 14. 14Kelly Global Workforce Index™ The uptake of social media means that it is occupying a newfound place as a direct job search tool, particularly at a time when traditional print advertising for jobs is declining in many markets. Globally, more than one-third (38%) say they are now more inclined to search for jobs via social media than through traditional means such as newspaper advertisements, online job boards or recruitment companies. APAC (55%) is well above the global average in terms of the use of social media for job searches. It is also well ahead of EMEA (36%). The preference for social media over traditional job search methods is most pronounced in India (71%), Indonesia (61%) and Malaysia (58%). Would you be more inclined to search for jobs via social media than traditional methods? (% ‘Yes’ by Country) Preference for social media as a job search tool * ‘Traditional methods’ includes newspaper advertisements, online job boards or recruitment companies. 0% 30% 20% 10% 40% 50% 60% 80% 70% 0 10 20 GLOBAAPACEMEAGermanyNorwayPortugalRussiaSwitzerlandUKHungaryAustraliaItalyPolandChinaSingaporeFranceMalaysiaIndonesiaIndia GLOBAL 38% APAC 55% EMEA 36% INDIA PORTUGAL RUSSIA INDONESIA CHINA MALAYSIA UNITEDKINGDOM ITALY GERMANY AUSTRALIA NORWAY POLAND HUNGARY SWITZERLAND FRANCE SINGAPORE
  • 15. 15Kelly Global Workforce Index™ Online job boards lead the way The way that Financial Services & Insurance employees secured their most recent job tells much about the changing face of recruitment and the differing trends in global markets.
  • 16. 16Kelly Global Workforce Index™ More than a quarter (26%) of respondents, globally, secured their most recent job via an online job board, a trend that is obvious across EMEA (28%) and APAC (25%). The use of recruitment/staffing companies and headhunters was the second most frequent method of securing work, at 19% both globally and in EMEA, but at a considerably higher rate (24%) in APAC. Direct approaches from employers/ recruiters are consistently 14–15% in all the regions. The use of word-of-mouth as a means of securing work is at a higher rate in EMEA (12%) than in APAC (7%). How did you secure your most recent job? (% top four methods by Region ) Most common method of securing work 0% 10% 20% 30% Word-of-mouthDirect approach from employer/recruiter Recruitment/ staffing company/ head hunter Online job board EMEA APAC Global
  • 17. 17Kelly Global Workforce Index™ The employee preference in online job boards With the growth in the use of online job boards to find work, there have emerged a number of differentiated offerings to meet specific target audiences.
  • 18. 18Kelly Global Workforce Index™ The preference among all respondents are general job boards that cater to a broad range of positions and industries. Globally, 81% prefer these, with both EMEA (91%) and APAC (86%) reflecting this pattern. Company-specific job boards also have a relatively strong following with more than one-third (35%) adopting these globally, with not dissimilar rates in EMEA (31%) and APAC (38%). Aggregator job boards, which gather a host of information and place it on a single site, are preferred by almost one-third globally (31%), but by significantly more in EMEA (27%) than in APAC (10%). Niche and/or association-specific job boards are the preferred choice of 11% in EMEA, and 18% in APAC. Which of the following types of online job boards do you most prefer for searching job opportunities and/or evaluating the marketplace? (% by Region, multiple responses allowed) Preferred online job boards 0% 20% 40% 60% 80% 100% Niche and/or association-specific job boards Aggregator job boardsCompany-specific job boardsGeneral job boards EMEA APAC Global
  • 19. 19Kelly Global Workforce Index™ The advent of digital and online communications has opened up a plethora of conversations about work and the workplace. Employers in the sector now have a number of avenues both to attract the most compelling talent and to convey information about their businesses as preferred places to work. Employers will be mindful that the turbulence in the industry over recent years has left some employees jaded and restless. While many employees may not be actively looking for alternative work, there are avenues they can use to explore opportunities and keep their options open. Online talent communities are one such platform. They facilitate informed conversations with past and current employees, providing prospective candidates with valued insights into the workplace. With the opening of multiple platforms in which to converse and exchange views, employers have an opportunity to make a contribution, to highlight key values, and to attract a wider array of candidates. Conclusion Casting a wider net
  • 20. 20Kelly Global Workforce Index™ About the kelly global workforce index The Kelly Global Workforce Index (KGWI) is an annual global survey revealing opinions about work and the workplace. Approximately 230,000 people across the Americas, EMEA and APAC regions responded to the survey. The survey was conducted online by RDA Group on behalf of Kelly Services. EXIT An Equal Opportunity Employer © 2014 Kelly Services kellyservices.com About Kelly Services® Kelly Services, Inc. (NASDAQ: KELYA, KELYB) is a leader in providing workforce solutions. Kelly® offers a comprehensive array of outsourcing and consulting services as well as world-class staffing on a temporary, temporary-to-hire, and direct-hire basis. Serving clients around the globe, Kelly provided employment to approximately 540,000 employees in 2013. Revenue in 2013 was $5.4 billion. Visit kellyservices.com and connect with us on Facebook,  LinkedIn, and Twitter. Download The Talent Project, a free iPad® app by Kelly Services.