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  • 1. What talent wants BEN DECKER financial Services
  • 2. Introduction Every year, we conduct a large, global survey of workers to find out about their attitudes and feelings towards their work, the employment market and their employers. In this paper we discuss the overall trends in the 2013 survey responses, with a spotlight on those findings related to workers in the financial services sector. But first, a brief look at what’s changed over the past year. When comparing the results of our Kelly Workforce Index results over the past two years (2012 and 2013), it seems that workers feel a declining sense of happiness with, and meaning in, the work they are doing. They also showed an increased focus on financial reward and there has been a small increase (two percentage points) in the proportion of people working in contract and temporary roles. /02
  • 3. 2013: more likely to jump ship /03 Key differences in worker attitudes between 2012 and 2013 To what extent do you Do you actively look for Do you frequently think Which of the following feel your employment better job opportunities/ about quitting your current factors would drive your provides you with a evaluate the external job job and leaving your decision to accept one sense of meaning? market even when you are employer? (% Yes) job/position over another? (Salary & benefits) happy in a job? (% Yes) 6% LESS 6% more 6% more 7% more 47% 41% 49% 55% 37% 43% 19% 26% 2012 2013 2012 2013 2012 2013 2012 2013
  • 4. /04 Most workers are on the move
  • 5. Most workers on the move People change jobs often and have an ‘always looking’ mentality, regardless of how they feel about their current role or organization. This is the reality employers need to pay attention to—an employee’s loyalty is to their work, not the workplace. Across all industries and professions, almost half of all workers (47%) are in a role that’s less than 12 months old. Despite these recent changes that they’ve made, six in 10 (63%) say they intend to look for another job with a different employer this year. And, most workers (55%) admit that they still search for jobs even when they’re ‘happy’ where they are. What’s interesting about this is that just even with the high number of employees that have already switched jobs recently, many more are considering another move this year and it doesn’t seem to be for the reasons we may think. Two-thirds of the workers that intend to seek a job elsewhere this year say they ‘frequently think about quitting’ their job and their employer (43% out of the 63%). This indicates that most workers looking elsewhere are in fact doing so because they are significantly frustrated where they are. It’s more than mere dissatisfaction or a ‘grass is always greener’ mentality—it’s bigger and deeper than that. /05
  • 6. Most workers on the move /06 It’s this intense frustration about the work they do, not mere ambivalence, that requires greater focus from HR professionals and leadership teams worldwide. And, in understanding this frustration, the issue of genuine career development must be considered. Too many employees appear to find it easier to access advancement opportunities outside their own organization, hence the motivation to move regularly. How organizations identify and match growth and skill opportunities faster and more effectively to address talent (or potential talent) loss, is critical, particularly in the expanding Financial Services sector. How the Financial Services sector compares: Changed jobs in the past year Changed jobs to receive a higher compensation package 43% 16% Intend to change jobs this year Intend to stay in current role Frequently think about quitting 64% 18% 45%
  • 7. /07 Advancement and the desire for progress are linked
  • 8. jobs this year Intend to stay in current role 18% Advancement and the desire for progress are linked /08 Frequently think about quitting If so many workers are on the move each year, what is it that they are really seeking from employers and their jobs? And, is it possible to provide it? Although 21% of workers say poor salary and benefits would be the number one reason for them to leave a job, the same proportion say lack of opportunity for advancement would be the key issue, which again underlines the difficulty organizations appear to have in linking talent with opportunity in a timely and effective way. What we need to ask is, ‘Are employees really seeking promotions?’ Although it can seem this way at first glance, behavioural economist and regular TedTV presenter Dan 45% 4% MORE 26% 22% Employees in this sector felt less loyal towards their employer in 2013 than in 2012, compared to other industries. 2013 2012 Ariely makes a good argument for concluding otherwise. His research points to the fact that workers are simply seeking a sense of progress and recognition. Doing the same thing with the same outcomes leads to a sense that employees are not ‘going anywhere’ and nothing is changing. Cyclical and repetitive tasks and outcomes are exceptionally demotivating to workers and are major factors in attrition. Progress means different things to different people, but this also means there are many and varied ways to offer it. Even physically moving locations can provide a sense of progress, and 68% More workers in this 59% Sig em fee dem
  • 9. jobs this year Intend to stay in current role 18% Advancement and the desire for progress are linked /09 Frequently think about quitting some 74% of workers say they are willing to move houses for the right job. Of these, 28% 45% 4% MORE 5% MORE would happily move countries or continents for the privilege. The need for a strong global mobility strategy is important for several reasons, not least of all because it can provide valuable and compelling reasons for talent to stay put. However, many North America-based firms seem to see talent mobility as a one-way 26% process. While local US operations may export talent in an effort to build strong leaders Employees in this sector felt less loyal towards their employer in 2013 than in 2012, compared to other industries. for tomorrow, the receiving country often ends up investing the most in the talent’s experience without reciprocal investment. Multinationals must pay greater attention to developing a genuine ‘two-way exchange’ of talent and skill development, otherwise the true strategic value of global mobility will be muted. 22% 59% 54% Significantly more employees in this sector feel their skills are in strong demand in the market. Financial Services sector 2013 2012 With this in mind, it is up to HR leaders and business managers to better communicate the progress that workers and the business they are working for is making. How we do this depends on: • our ability to track progress in meaningful ways, both at a micro and macro level within the organization; and • how connected our organization really is to the customers and communities it serves. 68% More workers in this General population
  • 10. Advancement and the desire for progress are linked People want meaning in their work. And this requires organizations to analyze their own mission and progress to help each and every employee feel connected to the company. When our own research shows that just four in 10 workers worldwide (41%) feel they gain a sense of meaning from their work, something serious is lacking in many workplaces. Even a small, incremental sense of change and advancement can make a big difference. /10
  • 11. /11 The right people in the right jobs
  • 12. The right people in the right jobs /12 People do need to love what they do. Sounds obvious, but how Changed jobs in 43% the past know are in a job they don’t really like. We’re many people do you year Changed company they work for or their boss, we’re not talking about the jobs to receive a higher 16% talking about people who actually like to do the tasks that are part compensation package of their specific Intend to change skill-set. What is a little disheartening is that very few people who have moved jobs recently have 18% found what they areIntend to stay in for. Just 48% say they are happy or very happy in really looking current role Frequently think 53% 64% jobs this year their new role. 55% Workers in this sector are more likely to report being happy or very happy in their job. 45% The key reasons for about quitting not feeling satisfied by their job change appear to be that: • The job differs from what was expected (17%) 5% MORE • The opportunity for advancement and personal growth is not as expected (16%) 4% MORE 5% MORE • The work is not as challenging or interesting as expected (14%) In fact, just 52% of workers globally say they are happy or very happy in their job, which 22% underlines the critical nature of finding the right fit for the role and for the organization Workers that are dissatisfied with their new role in this sector are more likely to feel that the role ‘differs’ from what was expected. 26% 22% 59% 54% more generally. Too much focus on specific skill-sets or previous experience may fail to Employees in this sector felt less loyal towards their employer in 2013 than in 2012, compared to other industries. Significantly more employees in this sector feel their skills are in strong demand in the market. Financial Services sector 17% Financial Services sector Other sectors Of those who have recently changed jobs in the sector, 53% say they are happy or very happy in their new role.
  • 13. compensation package Intend to change jobs this year 64% The right people in the right jobs Intend to stay in current role Workers in this sector are more likely to report being happy or very happy in their job. 18% Frequently think about quitting 45% address the fact that job satisfaction, retention and motivation come down to personal 5% MORE factors and that these are sometimes overlooked in the recruitment process. 4% MORE Across all industries, just 29% of employees say they would be very likely to recommend 5% MORE their employer to a colleague or friend looking for work, and they provide a mean rating of just 6.8 out of a possible 10 points. This clearly shows that employers often fail to 22% differentiate themselves to employees—workers feel that employers are ‘much the same’ and few companies know how to target the key 26% 22% satisfaction change this perception. Employees in this sector felt less loyal towards their employer in 2013 than in 2012, compared to other industries. and engagement issues 59% to 54% Significantly more employees in this sector feel their skills are in strong demand in the market. Financial Services sector 2013 2012 68% General population 17% Workers that are dissatisfied with their new role in this sector are more likely to feel that the role ‘differs’ from what was expected. Financial Services sector Other sectors /13 Of thos recently c the secto are happy in the
  • 14. /14 Engagement, connection and trust
  • 15. to other industries. 2013 Engagement, connection and trust Meaning and satisfaction in our work does stem, at least in part, from our connectivity with others. This is what makes organizations tick, it’s what collaboration is all about, and it’s actually a very big part of why we keep turning up to our jobs. 2012 68% So, it should be no surprise that 63% of workers say their direct manager or supervisor has a very significant impact on their satisfaction and engagement at work. And, it seems that many workers (37%) would like more transparency from their managers in the way they communicate. It also seems that connectivity with the outside world, and an ability to have clear ownership and trust in the way that employees use technology, and in particular social media, is a key point for many. Six in 10 employees (61%) feel it is important to very important to be given the flexibility to use their personal technology while at work. For 37% of workers, the ability to use employer-provided technology for both work and personal use would highly influence their decision to accept a particular job or position. While employers may shake their heads at this idea and feel it’s a ‘small’ issue to which they should not have to agree, it goes to the heart of how trusted employees feel they More workers in this sector say their direct manager has a significant impact on their satisfaction at work. /15
  • 16. Engagement, connection and trust would be inside an organization. Clearly, there are specific privacy and security issues that apply in the finance and banking sector, which may limit the opportunities for staff use of specific technology. However, balancing risk with return is what financial organizations are built on, and this capability and mindset must be challenged to embrace new collaboration and technology tools as well. For younger workers in particular, arbitrary or outdated rules regarding social media and technology (no matter how well-meaning) can significantly damage the employment brand. /16
  • 17. /17 The opportunity to work hard (yes, really)
  • 18. The opportunity to work hard (yes, really) in to er package ge /18 Few people say they are leaving their current job and employer 43% because of money. In fact, they are more likely to say they are seeking greater personal development opportunities, personal fulfilment, 55% 16% more interesting and challenging work or more responsibility (47% combined) than more money (13%). 53% 27% 64% People consistently say they want a challenge more than they want money or a 18% promotion, Workers in this sector are Of those who have being happy or very in the sector, 53% say they yet this is rarely the basis of how people are more likely to report In fact, it’s recently changed jobs in matched to roles. usually quite the opposite. Employers tend to seek employees in their job. knowledge and or very happy with all the happy are happy nk experience required to do the job from the outset, and seem to promise advancement in their new role. 45% after they’ve proven they can do what they have said they can. The mismatch arises when Slightly more workers in this sector say their satisfaction at work would be assisted by their direct manager offering more 'public recognition'. employees, already well-equipped to do the tasks assigned them in a new role, perform 5% MORE well and are then not offered advancement or new challenges due to lack of availability 4% MORE within the organizational structure. This is when talent starts walking out the door. 4% MORE 5% MORE n this sector l towards er in 2013 , compared ustries. Clearly, the financial and banking sector faces the real and unavoidable barrier of ‘Chinese walls’, erected within organizations to protect consumers from potential conflicts of 22% 17% interest. The sharing of talent information must always be done within this context, and Workers that are dissatisfied finding ways to better match talent with opportunity despite theserole in this with their new valid restrictions may 59% 54% sector are more require innovation, or even external management of some HR tasks.likely to feel Significantly more employees in this sector feel their skills are in strong demand in the market. Financial Services sector that the role ‘differs’ from what was expected. Financial Services sector Other sectors 33% 29% More workers in Financial Services felt that personal growth and advancement was they key issue in deciding whether to take one job over another. Financial Services sector Other sectors
  • 19. 64% The opportunity to work hard (yes, really) 18% Workers in this sector are more likely to report being happy or very happy in their job. 45% Of those who have recently changed jobs in the sector, 53% say they are happy or very happy in their new role. Slightly more workers in this sector say their satisfaction at work would be assisted by their direct manager offering more 'public recognition'. Being challenged and having the ability to learn is key to all kinds5%workers, of MORE 4% MORE but particularly to talent. Being fully engaged with what you do requires effort, 4% MORE concentration, it needs 5%feel special and like it’s worth your effort to be there instead to MORE his sector owards in 2013 ompared ries. of somewhere else. 22% 17% When asked what a manager could do to improve their satisfaction at work, 53% 33% Workers Although there of workers said they would like more training opportunities.that are dissatisfied are with their new role in this financial and logistical barriers to implementing large, technical and formal training sector are more likely to feel that the role ‘differs’ from Significantly more models, workers are seeking insight and coaching as much as specific technical skills. what was expected. employees in this sector feel their skills are in strong Organizations can provide training in less formal ways, which can be equally beneficial Financial Services sector demand in the market. 59% 54% staff seeking to learn and move roles. Financial Services sector to Other sectors General population The value we place on our work is strongly correlated with how much (meaningful) effort we need to put into it and how much ownership we have of the end product/outcome. 29% More workers in Financial Services felt that personal growth and advancement was they key issue in deciding whether to take one job over another. Financial Services sector Other sectors /19
  • 20. /20 Responsibility and feeling needed
  • 21. is sector are to report py or very their job. Slightly more workers in this sector say their satisfaction at work would be assisted by their direct manager offering more 'public recognition'. 5% MORE are dissatisfied w role in this ore likely to feel ‘differs’ from pected. ervices sector ors Of those who have recently changed jobs in the sector, 53% say they Responsibility and feeling needed are happy or very happy in their new role. Slightly more workers in this sector said they felt very committed to and engaged with their current employer. Financial Services sector Other sectors 4% MORE A number of theorists, organizational psychologists and even philosophers have explored the connection between satisfaction at work and the impact it has on someone or something else. 33% 11% MORE 32% MORE 29% It seems that, the more disconnected we become More workers in Financial from seeing the outcomes and Services felt that personal output of our work, the less satisfying we find it. This is precisely the conclusion that growth and advancement British philosopher Alain de Botton came to in his was they key issue in and Sorrows book The Pleasures of Work. After investigating the ups and downs More workers in this sector say they feel valued by their employer. deciding whether to take of one jobdifferent professions, many over another. Botton 63% 31% More people in this sector would prefer pay for productivity. 55% 44% More also agreed that this was the way their salary was structured. himself concludes that those with direct relationships Financial Services or with great personal to products, sector Pay for productivity Financial Services sector Other investment in their work, find their jobs most rewarding. sectors Overtime pay Other sectors The key here is in the effort and responsibility workers are asked to invest in their job. This is not about long hours (and in fact, this has been proven to erode satisfaction) but instead it is about the sense that employees have about how much their organization and team really needs them. This is backed up by our own research. We found that most people prefer to be paid for productivity not for the amount of hours they work (57% compared to 36%), and many agree or strongly agree (46%) that they would perform better if they were rewarded more in line with their effort than their hours worked. /21
  • 22. Responsibility and feeling needed /22 On top of this, when asked what would make them more committed to their job, some 4% MORE 32% said, ‘The opportunity to do more challenging and interesting work’. A further 14% said, ‘More meaningful responsibility’. And just 45% of people say they feel valued by 27% their employer.53% 55% Quite deliberately, organizations have become adept at industrializing tasks, processes and even decisions—sometimes to the point that there’s very little opportunity for this sector are ely to report appy or very n their job. individuals to deeply influence and affect significant change. This is what organizations Of those who have Slightly more workers in recently changed jobs in this sector say their do best:the sector, 53% say they they take out the individual factors to streamline, replicate and scale each and satisfaction at work would are happy along the way, the feeling of just being another cog in a big wheel has be assisted by their direct every action. Butor very happy in their new role. manager offering more become the norm. This is perhaps particularly the case in those more technically driven 'public recognition'. 48% 68% 64% Slightly more workers in this sector said they felt very committed to and engaged with their current employer. More workers in this sector say they feel valued by their employer. Financial Services sector Other sectors operations inside financial and banking institutions, such as IT and operations, where the micro-management of projects and their associated costs is done right down to 5% MORE 4% MORE the ‘task level’. Yes, most organizations say they want talent—the kind that can innovate, effect change 11% MORE 32% MORE and think outside the box—but they are not always well set up to utilize it. More % meaningful responsibility built into tasks, processes and decisions is what many more job 33% 29% descriptions need if organizations are to at are dissatisfied ew role in this permanently and on a contingent basis. more likely to feel e ‘differs’ from xpected. Services sector ctors extract real value from the talent they hire, both More workers in Financial Services felt that personal growth and advancement was they key issue in deciding whether to take one job over another. 63% 31% More people in this sector would prefer pay for productivity. 55% 44% More also agreed that this was the way their salary was structured. Financial Services sector Pay for productivity Financial Services sector Other sectors Overtime pay Other sectors
  • 23. conclusion Time and again, our research into worker behaviors and attitudes shows a significant gap between what employees really seek and what most employers are providing.. However, the gap isn’t always a result of the factors HR teams and leadership teams assume it is. Instead of offering new benefits or higher pay, or even flexible working options, as if this will bridge the divide, the issues at stake for people’s genuine commitment to and satisfaction with their work is far deeper than this. And, not least of all, because most workers already expect flexibility to be a given. In fact, most employees expect that issues such whether they can use the work laptop for personal email or whether they can work from home are no longer relevant. They’ve already made the connection between these issues and the productivity outcomes. Yet, it appears many employers are some way from agreeing. As a result, workers consistently reveal that they have a deep disconnection from what their job really contributes to customers, communities and the progress of their organization more generally. People want to make a difference, and they are willing to work hard to achieve it. They don’t want to focus on ‘small’ issues or be an easily replaceable cog in a well-oiled but meaningless wheel. /23
  • 24. conclusion Addressing these challenges requires HR departments and leadership teams to think differently about how they market themselves to the talent they already have, and the talent they are seeking. But above all, it requires them to think differently about the kind of work they ask their people to do, and how much genuine responsibility they give them to do it. That’s what talent really wants. /24
  • 25. For more thought leadership go to talentproject.com About the Author BEN DECKER serves as global solutions manager for Kelly Services®, with a special focus on Financial Services and Insurance. As a strategic consultant, he is focused on identifying the workforce trends and labor supply/demand dynamics impacting these complex industries. Ben has spent the past 10 years of his career working for Kelly® in areas of service, implementation, sales, and consulting. These experiences have helped him navigate solutions and services to meet unique client needs. Ben holds a Bachelor of Arts degree in business administration with minors in human resource management and economics from the Haworth College of Business at Western Michigan University. 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 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. This information may not be published, broadcast, sold, or otherwise distributed without prior written permission from the authorized party. All trademarks are property of their respective owners. An Equal Opportunity Employer. © 2013 Kelly Services, Inc. EXIT