financial services: how to attract and retain talent - an industry perspective on financial services
DESCRIPTION
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.TRANSCRIPT
how to attract and retain talentan industry perspective on financial services
kelly Global workforce index™
ben decker
Kelly Global Workforce Index™ 2
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. From there, we offer an even deeper
look into the responses from nearly 9,000 workers
in the Financial Services sector, providing valuable,
candid insight into the contributing factors that
guide these workers and their career pursuits. These
workers reveal both the specific corporate attributes
that attract them to particular jobs, as well as issues
concerning job engagement and satisfaction.
The scope of this study also offers a glimpse
into employees’ practical reasoning for leaving
jobs and a guide to what employers can do
to help retain their best performers.
introduction
3Kelly Global Workforce Index™
all industries: workforce fliGht risk
≤
do you intend to look for a job with another organization within the next year? (% yes)
2009 2011 2012
50%
55%
60%
65%
70%
75%
2012
2011
2009
Natural ResourcesLife SciencesAll Industries
59%
69%
66%
Financial Services
60%
67%
66%
Information Technology
59%
65%
64%
58%
69%
67%
60%
68%
64%
At any given time, a large section of the workforce
is in a state of flux. Globally, across all industries,
two-thirds of workers (66%) said that they intended
to look for a job with another organization within
the next year. Although more positive for employers
than 2011 (69%), this represents a significant
increase from the level in 2009 when 59% indicated
they planned to look for a job elsewhere.
Across the industries we investigated, workers
appear restless. While the IT and Natural
Resources industries show a slight advantage, we
found that the climate of today’s workforce has
eroded the retention of employees across the
board. The seemingly new norm has employees
continuously keeping a finger on the pulse of the
job market—waiting for the next, better opportunity.
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.
Note: The above question was excluded from the 2010 KGWI survey.
4Kelly Global Workforce Index™
all industries: workforce enGaGement
≤
Across all industries, employee engagement rates
have fluctuated over the past few years, with the
strongest rates cited in 2010. Rates dipped lower
in 2011 in a possible response to the strengthening
economy; they have since rebounded in 2012.
Fluctuations aside, today’s engagement rates
might be viewed by some employers as a
positive sign—an indication that employees plan
to stay put. However, given the fact that two-
thirds (66%) of workers say they plan to look for
a new job next year, it seems contradictory that
nearly the same amount (63%) say that they feel
committed/engaged with their current employer.
At the surface, this doesn’t appear to add up.
By digging a little deeper, however, we hope to
shed some light on this paradox. Aside from salary/
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
employee to leave an organization. Could it be that
although workers are engaged in their jobs, they see
little opportunities for advancement if they stay?
% of workforce that feels committed to current employer (% committed)
50%
55%
60%
65%
70%
75%
80%
201twelve
201eleven
200ten
Natural ResourcesLife SciencesAll Industries
70%
57%
63%
Financial Services
72%
59%
66%
Information Technology
70%
61%
67%
74%
61%
64%
66%
60%
74%
2010 2011 2012
5Kelly Global Workforce Index™
trends over time
compared to all industries
trends over time
workforce engagement
Significantly more workers in the Financial Services industry intend to look for a new job within the next year as compared to 2009.
Although two-thirds of workers in this industry intend to look for a new job with another organization within the next year, their flight risk is on par with workers (on average) across all industries.
Workers in the Financial Services industry are significantly less engaged today than they were in 2010.
63%66% 66%66% All industries: % of workers that feel committed or engaged with their current employer
All industries: % of workers who are likely to look for a new job next year
Finance industry: % of workers that feel committed or engaged with their current employer
Finance industry: % of workers who are likely to look for a new job next year
compared to all industriesHowever, when compared to workers across all industries, more workers in the Financial Services industry feel committed or engaged with their current employer.
2009: 60% 2012: 66% 2010: 72%
workforce flight risk
financial services industry summary
≤
2012: 66%
6Kelly Global Workforce Index™
financial services industry: candidate attraction and acquisition
≤
Similar to workers across all industries, workers in the
Financial Services industry are most influenced by
an organization’s “corporate culture” and a “strong
market presence/leadership” when considering a
potential job opportunity.
Not surprisingly, workers in the Financial Services
industry are unique in terms of the level of influence
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
Financial Services industry say that they are influenced
by an organization’s “financial performance.”
Workers in the Financial Services industry also
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
Services industry are influenced by an organization’s
“longevity” (11%) compared to workers overall (16%).
when considering applying for a job, what organizational attribute influences you the most?
0%
5%
10%
15%
20%
25%
30%
Financial Services Industry
All Industries
OtherSocial media presence
Corporate social responsibility
Reputation for innovation
LongevityFinancial performance
Strong market presence/leadership
Corporate culture
All industries
Financial Services industry
7Kelly Global Workforce Index™
financial services industry: candidate attraction and acquisition
≤
which of the following factors would drive your decision to accept one job/position over another?
Not unlike other workers, when the time comes to
make a decision between jobs, two top factors drive
the decision for workers in the Financial Services
industry: “personal growth/advancement” (36%)
and “personal fulfillment/work-life balance” (36%).
However, workers in the Financial Services
industry differ from others in the weight they put
on “compensation/benefits” when it comes to
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
a key factor when choosing one job over another.
0%
10%
20%
30%
40%
50%
Finance Industry
All Industries
OtherCorporate sovereignty/good will
Compensation/benefits (high risk/high reward)
Personal fulfillment (work/life balance)
Personal growth/advancement
All industries
Financial Services industry
8Kelly Global Workforce Index™
financial services industry: employee enGaGement
≤
The top factors that make workers in the Financial
Services industry feel more committed/engaged:
1. More interesting and challenging work
2. Higher salary and benefits*
3. More meaningful responsibility
*Compared to workers (on average) across all
industries (24%), significantly more workers in
the Financial Services industry (26%) indicated
that “higher salary and benefits” would make
them feel more committed or “engaged.”
what one factor makes you feel more committed or “engaged” with your job?
0%
5%
10%
15%
20%
25%
30%
35%
Finance Industry
All Industries
OtherMore support with health, fitness, and
well-being from employer
Opportunity for telecommuting
(working from home or
remotely)
More flexible work
arrangements
More or improved
training
A better balance between work and
personal life
More meaningful
responsibility
Higher salary and
benefits
More interesting
or challenging work
All industries
Financial Services industry
9Kelly Global Workforce Index™
financial services industry: employee enGaGement
≤
Across the board, the top three factors that
would be most likely to cause workers to leave
are “poor salary and benefits” (21%), “lack of
opportunities for advancement” (21%), and “poor
management” (20%). These top three factors
hold true for workers in the Financial Services
industry as well, but for these workers, “lack of
opportunities for advancement” was cited as the
top reason (24%), followed by “poor salary and
benefits” (21%), and “poor management” (19%).
what factor would be most likely to cause you to leave your organization?
0%
5%
10%
15%
20%
25%
IT Industry
All Industries
OtherConcern with
corporate reputation
Lack of flexible work
arrangements
Poor communication
StressPoor staff morale
Inadequate work/life balance
Poor management
Poor salary/benefits
Lack of opportunities
for advancement
All industries
Financial Services industry
10Kelly Global Workforce Index™
candidate attraction/acquisition
• Ifyourfirmhasasolidfinancialhistoryandpositive
projections, make sure you share this information
upfront with promising candidates. Compared to
attributes like the longevity of your organization,
the “dollars and sense” of joining your team is what
is important in attracting workers in the Financial
Services industry.
• WhenhiringintheFinancialServicesindustry,
organizations need to be—predictably—well
prepared to offer competitive compensation
and benefits packages. While workers in this
industry look at the personal factors like growth
opportunities and work/life balance first, compared
to workers on average, they are more influenced by
the compensation/benefits package. So, do your
homework, and make sure the plan you present is
on the mark.
financial services industry
≤
employer recommendations
employee retention
• Giventhatoneofthekeystoworkerengagement
in the Financial Services industry is salary and
benefits, be sure to leverage spot bonuses and
other financial incentives to recognize and reward
top performers. Also, make sure that you are
prepared to discuss the competitive salary/benefit
environment during performance reviews to prove
how your firm stacks up against other organizations.
• Becauseemployeeshavecometoexpect
perpetual career movement, employers in the
Financial Services industry need to pay particular
attention to the career and skill development
expectations of their employees. These workers
are eager to advance in their careers. Remember,
advancement doesn’t always have to equate to
a promotion. Advancement can take the forms
of lateral moves, international assignments,
new leadership roles, additional training or
certification, or the ability to master new skills.
Kelly Global Workforce Index™ 11
One thing is clear: not all employees are the same.
For some, it’s all about flexibility and personal
growth and advancement. For others, like those
in the Financial Services industry, it’s more about
measurable, financial outcomes—sharing in the
benefits of what they help create. Different industries
have different workforces; those workforces have
unique attitudes and motivators that attract them
to certain organizations, keep them engaged in
their work, and, ultimately, keep them loyal to
their respective organizations. Learning what these
factors are and understanding ways to influence
them may give employers in the Financial Services
industry the crucial competitive edge they need to
win and retain the critical talent they seek in their
constantly evolving, ever-competitive industry.
conclusion
12Kelly Global Workforce Index™
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.
about the kelly Global workforce index
The 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®.
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kellyservices.com
about the author
BEN DECKER serves as global solutions manager for Kelly Services®, with a special focus
on consumer goods and services. 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.