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

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.


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


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%


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


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: 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: 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



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


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®.

exit

iPad is a registered trademark of Apple Inc. An Equal Opportunity Employer © 2013 Kelly Services, Inc.

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.

http://www.kellyservices.com

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

Career

financial services industry

organizations financial performance

kelly services

current employer

candidate attraction

work life balance

poor salary

higher salary