Financial Services: How to Attract and Retain Talent - An Industry Perspective on Financial Services
 

Financial Services: How to Attract and Retain Talent - An Industry Perspective on Financial Services

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Our research about what attracts, motivates, and retains workers across different industries brought to light some striking differences. Although there is a strong pattern of voluntary attrition ...

Our research about what attracts, motivates, and retains workers across different industries brought to light some striking differences. Although there is a strong pattern of voluntary attrition across all industries and regions, the responses of some 170,000 employees, globally, provide valuable insights for employers seeking to retain and engage talent in these sectors.

This global industry perspective, taken from the 2012 Kelly Global Workforce Index findings, provides flight risk and engagement indicators across key industries.

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    Financial Services: How to Attract and Retain Talent - An Industry Perspective on Financial Services Financial Services: How to Attract and Retain Talent - An Industry Perspective on Financial Services Presentation Transcript

    • kelly Global workforce index ™how toattract andretain talentan industry perspective ONfinancial servicesBEN DECKER
    • introductionOur research about what attracts, motivates, look into the responses from nearly 9,000 workersand retains workers across different industries in the Financial Services sector, providing valuable,brought to light some striking differences. candid insight into the contributing factors thatAlthough there is a strong pattern of voluntary guide these workers and their career pursuits. Theseattrition across all industries and regions, the workers reveal both the specific corporate attributesresponses of some 170,000 employees, globally, that attract them to particular jobs, as well as issuesprovide valuable insights for employers seeking concerning job engagement and satisfaction.to retain and engage talent in these sectors. The scope of this study also offers a glimpseThis global industry perspective, taken from the into employees’ practical reasoning for leaving2012 Kelly Global Workforce Index findings, provides jobs and a guide to what employers can doflight risk and engagement indicators across key to help retain their best performers.industries. From there, we offer an even deeper Kelly Global Workforce Index™ 2
    • ≤ All industries: workforce flight riskDo you intend to look for a job with another organization within the next year? (% Yes) At any given time, a large section of the workforce 75% is in a state of flux. Globally, across all industries, two-thirds of workers (66%) said that they intended 2012 to look for a job with another organization within the next year. Although more positive for employers 70% than 2011 (69%), this represents a significant 69% 69% 2011 68% increase from the level in 2009 when 59% indicated 67% 67% they planned to look for a job elsewhere. 66% 66% 65% 2009 65% Across the industries we investigated, workers 64% 64% appear restless. While the IT and Natural Resources industries show a slight advantage, we found that the climate of today’s workforce has 60% 60% 60% eroded the retention of employees across the 59% 59% 58% board. The seemingly new norm has employees continuously keeping a finger on the pulse of the job market—waiting for the next, better opportunity. 55% Unless employers can offer meaningful work and ongoing opportunities for growth, workers today feel that it is in their best interest to keep their careers in a perpetual state of motion. 50% All Industries Financial Services Information Technology Life Sciences Natural ResourcesNote: The above question was excluded from the 2010 KGWI survey. 2009 2011 2012 Kelly Global Workforce Index™ 3
    • ≤ All industries: workforce engagement% of workforce that feels committed to current employer (% committed) Across all industries, employee engagement rates 80% have fluctuated over the past few years, with the strongest rates cited in 2010. Rates dipped lower 201twelve in 2011 in a possible response to the strengthening economy; they have since rebounded in 2012. 75% 74% 74% 201eleven 72% Fluctuations aside, today’s engagement rates might be viewed by some employers as a 70% 70% 70% positive sign—an indication that employees plan 200ten to stay put. However, given the fact that two- 67% 66% 66% thirds (66%) of workers say they plan to look for 65% 64% a new job next year, it seems contradictory that 63% nearly the same amount (63%) say that they feel 61% 61% committed/engaged with their current employer. 60% At the surface, this doesn’t appear to add up. 60% 59% 57% By digging a little deeper, however, we hope to shed some light on this paradox. Aside from salary/ 55% benefits, our research uncovered lack of opportunities for advancement and poor management rank highest in terms of what factors are most likely to cause an 50% employee to leave an organization. Could it be that All Industries Financial Services Information Technology Life Sciences Natural Resources although workers are engaged in their jobs, they see little opportunities for advancement if they stay? 2010 2011 2012 Kelly Global Workforce Index™ 4
    • ≤ Financial Services industry summaryWorkforce Flight Risk Workforce EngagementTrends over time Trends over timeSignificantly more workers in the Financial Services industry intend to look for a new job within the next year as Workers in the Financial Services industry are significantly less engaged today than they were in 2010.compared to 2009.2009: 60% 2012: 66% 2010: 72% 2012: 66%Compared to all industries Compared to all industriesAlthough two-thirds of workers in this industry intend to look for a new job with another organization However, when compared to workers across all industries, more workers in the Financial Services industry feelwithin the next year, their flight risk is on par with workers (on average) across all industries. committed or engaged with their current employer. 66% All industries: 66% Finance industry: 63% All industries: 66% Finance industry: % of workers who are % of workers who are % of workers that feel % of workers that feel likely to look for a new likely to look for a new committed or engaged with committed or engaged with job next year job next year their current employer their current employer Kelly Global Workforce Index™ 5
    • ≤ Financial Services industry: candidate attraction and acquisitionWhen considering applying for a job, what organizational attribute influences you the most? Similar to workers across all industries, workers in the 30% Financial Services industry are most influenced by an organization’s “corporate culture” and a “strong Financial Services industry Financial Services Industry market presence/leadership” when considering a All industries potential job opportunity. 25% All Industries Not surprisingly, workers in the Financial Services industry are unique in terms of the level of influence 20% an organization’s “financial performance” has on their decision to apply for a job; compared to the average across all industries, significantly more workers in the 15% Financial Services industry say that they are influenced by an organization’s “financial performance.” Workers in the Financial Services industry also 10% differ from workers overall in the significance of an organization’s “longevity” in their decision to apply for a job; significantly fewer workers in the Financial 5% Services industry are influenced by an organization’s “longevity” (11%) compared to workers overall (16%). 0% Corporate Strong market Financial Longevity Reputation for Corporate social Social media Other culture presence/leadership performance innovation responsibility presence Kelly Global Workforce Index™ 6
    • ≤ Financial Services industry: candidate attraction and acquisitionWhich of the following factors would drive your decision to accept one job/position over another? Not unlike other workers, when the time comes to 50% make a decision between jobs, two top factors drive the decision for workers in the Financial Services Financial Services industry Finance Industry industry: “personal growth/advancement” (36%) All industries and “personal fulfillment/work-life balance” (36%). 40% All Industries However, workers in the Financial Services industry differ from others in the weight they put on “compensation/benefits” when it comes to 30% making a decision between one job over another. Compared to the average across all industries (20%), significantly more workers in the Financial Services industry (23%) consider “compensation/benefits” as 20% a key factor when choosing one job over another. 10% 0% Personal growth/ Personal fulfillment Compensation/benefits Corporate sovereignty/ Other advancement (work/life balance) (high risk/high reward) good will Kelly Global Workforce Index™ 7
    • ≤ Financial Services industry: employee engagementWhat one factor makes you feel more committed or “engaged” with your job? The top factors that make workers in the Financial 35% Services industry feel more committed/engaged: Financial Services industry 1. More interesting and challenging work Finance Industry All industries 30% 2. Higher salary and benefits* 3. More meaningful responsibility All Industries 25% *Compared to workers (on average) across all industries (24%), significantly more workers in the Financial Services industry (26%) indicated 20% that “higher salary and benefits” would make them feel more committed or “engaged.” 15% 10% 5% 0% More Higher More A better More or More Opportunity for More support Other interesting salary and meaningful balance improved flexible telecommuting with health, or challenging benefits responsibility between training work (working fitness, and work work and arrangements from home or well-being from personal life remotely) employer Kelly Global Workforce Index™ 8
    • ≤ Financial Services industry: employee engagementWhat factor would be most likely to cause you to leave your organization? Across the board, the top three factors that 25% would be most likely to cause workers to leave are “poor salary and benefits” (21%), “lack of Financial Services industry IT Industry opportunities for advancement” (21%), and “poor All industries management” (20%). These top three factors 20% hold true for workers in the Financial Services All Industries industry as well, but for these workers, “lack of opportunities for advancement” was cited as the top reason (24%), followed by “poor salary and 15% benefits” (21%), and “poor management” (19%). 10% 5% 0% Lack of Poor salary/ Poor Inadequate Poor staff Stress Poor Lack of Concern Other opportunities benefits management work/life morale communication flexible with for balance work corporate advancement arrangements reputation Kelly Global Workforce Index™ 9
    • ≤ Financial Services industryemployer recommendationsCandidate Attraction/Acquisition Employee Retention• If your firm has a solid financial history and positive • When hiring in the Financial Services industry, • Given that one of the keys to worker engagement • Because employees have come to expect projections, make sure you share this information organizations need to be—predictably—well in the Financial Services industry is salary and perpetual career movement, employers in the upfront with promising candidates. Compared to prepared to offer competitive compensation benefits, be sure to leverage spot bonuses and Financial Services industry need to pay particular attributes like the longevity of your organization, and benefits packages. While workers in this other financial incentives to recognize and reward attention to the career and skill development the “dollars and sense” of joining your team is what industry look at the personal factors like growth top performers. Also, make sure that you are expectations of their employees. These workers is important in attracting workers in the Financial opportunities and work/life balance first, compared prepared to discuss the competitive salary/benefit are eager to advance in their careers. Remember, Services industry. to workers on average, they are more influenced by environment during performance reviews to prove advancement doesn’t always have to equate to the compensation/benefits package. So, do your how your firm stacks up against other organizations. a promotion. Advancement can take the forms homework, and make sure the plan you present is of lateral moves, international assignments, on the mark. new leadership roles, additional training or certification, or the ability to master new skills. Kelly Global Workforce Index™ 10
    • ConclusionOne thing is clear: not all employees are the same. to certain organizations, keep them engaged inFor some, it’s all about flexibility and personal their work, and, ultimately, keep them loyal togrowth and advancement. For others, like those their respective organizations. Learning what thesein the Financial Services industry, it’s more about factors are and understanding ways to influencemeasurable, financial outcomes—sharing in the them may give employers in the Financial Servicesbenefits of what they help create. Different industries industry the crucial competitive edge they need tohave different workforces; those workforces have win and retain the critical talent they seek in theirunique attitudes and motivators that attract them constantly evolving, ever-competitive industry. Kelly Global Workforce Index™ 11
    • About the AuthorBEN DECKER serves as global solutions manager for Kelly Services®, with a special focuson consumer goods and services. As a strategic consultant, he is focused on identifyingthe workforce trends and labor supply/demand dynamics impacting these complexindustries. Ben has spent the past 10 years of his career working for Kelly® in areas ofservice, implementation, sales, and consulting. These experiences have helped him navigatesolutions and services to meet unique client needs. Ben holds a Bachelor of Arts degree inbusiness administration with minors in human resource management and economics fromthe Haworth College of Business at Western Michigan University.About the kelly global workforce indexThe Kelly Global Workforce Index is an annual survey revealing opinions about work and the workplace.More than 168,000 people across the Americas, EMEA, and APAC regions responded to the 2012 survey.This survey was conducted online by RDA Group on behalf of Kelly Services®.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-classstaffing on a temporary, temporary-to-hire, and direct-hire basis. Serving clients around the globe,Kelly provides employment to more than 560,000 employees annually. Revenue in 2012 was $5.5 billion.Visit kellyservices.com and connect with us on Facebook, LinkedIn, and Twitter.Download The Talent Project, a free iPad app by Kelly Services.iPad is a registered trademark of Apple Inc.An Equal Opportunity Employer © 2013 Kelly Services, Inc.kellyservices.com EXIT Kelly Global Workforce Index™ 12