KGWI: What Talent Wants - Finance

WANTSFINANCIAL AND INSURANCE SERVICES

WHAT TALENT

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C O N T E N T S

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Financial and Insurance Services: What workers want

Professional development: An important point of differentiation among employers

Did you know?A smooth application process: Regular, consistent communication is valued

In Financial and Insurance Services: It’s all about employer performance

The online talent community: Outside connections lead to inside relationships

Financial and Insurance Services talent: A snapshot

A cutting-edge work environment: The most current practices and technology attract top Financial and Insurance Services players

Kelly insight: There are six ways to give Financial and Insurance Services workers what they want

Structured on-boarding: The first 90 days make a difference

Career roadmaps: A green light in Financial and Insurance Services employee satisfaction

Multiple channels to access job information: Financial and Insurance Services workers use most channels actively

Competitive compensation: Still first in attraction but work–life balance and advancement can be dealmakers

candidates to connect with

the company, but develop

personalization features to

keep candidates engaged

and to differentiate your

company from others.

2. The channels for engaging

active and passive job seekers.

Workers peruse general online job

boards and company websites for

primary information about open

positions. More of them are using

social media and online talent

communities—not just automated

job listings—to monitor

companies and opportunities,

and to decide whether to

pursue employment. They want

comprehensive information

about compensation and

benefits, yet they also want

to understand the company’s

work environment—from

philosophy through to training.

Understanding the talent they

have and the talent they hope

to attract is the foundation for

creating effective strategies

in workforce planning, talent

analytics, and talent supply

chain management. It also keeps

human resources human.

Nearly 230,000 workers

participate in the Kelly Global

Workforce Index™. These surveys

shed light on their priorities

and desires for opportunity,

satisfaction, and growth in

the context of the current

business climate. The 2014

survey delves into six areas and

reveals actionable conclusions

that can inform and improve

corporate talent strategy.

F I N A N C I A L A N D I N S U R A N C E S E R V I C E S : W H AT W O R K E R S WA N T

Every year, Kelly Services conducts a comprehensive survey of talent issues in many industries the world over. It is one aspect of an aggressive campaign to help the world’s companies understand what attracts, engages, and motivates workers.

CONTENTS Å

1. The candidate application and on-boarding experience. Of respondents who applied for a new job in 2013, only half expressed satisfaction with the application and on-boarding processes. They want regular communication about application status, and after hiring, they expect more structure in learning about the company’s culture and business model. Improving this experience will generate both a competitive edge and goodwill that will serve companies even when a candidate is not chosen. For candidates who become employees, a positive experience in the first 90 days of employment will likely increase their engagement in their work and their long-term loyalty to the company.

Do this: Use cutting-edge technology to make it easy for

Do this: Make sure your

company’s online job listings

are dynamic and current,

giving candidates an idea of

what it’s like to work in your

company; embed regular

messages about employment

and company culture in social

media posts; and begin designing

a digital talent community

where candidates, both active

and passive, can experience

your company firsthand.

3. Career development. Most

workers would rather focus

on acquiring new skills than

on climbing the company’s

ladder. And while career

development conversations

may be the best way to

keep employees connected,

companies still have a long way

to go in providing roadmaps

for long-term opportunity.

Develop personalization features to keep candidates engaged and to differentiate your company from others

3

Competitive compensation and benefits, work–life balance, and opportunities for career growth. Financial and Insurance Services workers give employers high marks for corporate culture, reputation, and global international work opportunities. Companies get lower marks for competitive compensation and internal opportunities to move into other positions.

Do this: Devote attention to flexible employment arrangements, your competitiveness in employment packages, and internal mobility, ensuring you connect them to your employment philosophy.

skills may be in high demand. Yet

even happily employed workers,

through unprecedented digital

access and mobility, stay on top

of new job opportunities. Workers

are confident in their worth

whatever their current situation.

Do this: Ensure your

compensation packages are

competitive; build a talent

community that compels

self-assured, skilled workers to

watch your company closely;

and use every digital means

available to give workers access

to new internal positions, industry

news, and career advice.

5. Worker preferences. Financial

and Insurance Services workers

like a company with a global

Do this: Provide training and professional development activities that increase workers’ marketplace value—this will foster loyalty and support whether or not a worker is a lifelong employee, improving public reputation, branding, and customer relationships. You should also tie worker-centric training to company values as a way to differentiate your company from competitors.

4. Worker engagement. Nearly two-thirds of Financial and Insurance Services workers intend to look for a new job in 2015. Contributing factors may include searching for better opportunities, evaluating the general job market, and learning that their

presence and longevity. They

seek environments that deliver

collaboration, flexibility, the latest

technology and equipment,

and matrix-based operating

models. And they will choose

skill development and work–life

balance over higher pay and

climbing the corporate ladder.

Do this: Invest in work

arrangements tailored to the

preferences of your target

workers. When communicating

with workers, emphasize your

stability, flexibility, and a specific

structure for offering them

development and balance.

6. Employer performance.

Three factors drive employee

attraction and retention:

In communicating with workers, emphasize your stability, flexibility, and a specific structure for offering them development and balance

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CONTENTS Å

Yet, combined with greater customer expectations and greater regulation—both influenced and escalated by technology—the Financial and Insurance Services sectors will have to develop more effective hiring and retention strategies. There are three reasons for this problem, and they primarily revolve around talent.

The job opportunities in the Financial and Insurance Services sectors will grow significantly between 2015 and 2020, a positive trend in a wobbly global economy.

F I N A N C I A L A N D I N S U R A N C E S E R V I C E S TA L E N T : A S N A P S H O T

First, the talent supply is strained. There are not enough specialists in each discipline, from new graduates to veteran employees. Knowledge capital is walking out the door, and the replacements are not keeping pace.

Second, the talent identification and acquisition process needs an update. At the same time as the industry reinvents itself to get closer to customers and satisfy regulators, Financial and Insurance Services talent expects a compelling technological experience with recruiting, hiring, and on-boarding. Most companies are just not there yet.

Third, talent retention is just as tough as finding the right people. The most desirable Financial and Insurance Services candidates are agile with mobile technologies, looking aggressively for their next opportunities, and well-networked professionally via social media. Even after people are hired, companies will have to innovate to keep this talent engaged and satisfied with their work–life balance.

Today, workers have educated themselves on how to find hiring information and discern what might be the best situation for them. This is a workforce built for loyalty and productivity. It’s incumbent upon employers, especially in a demanding industry like Financial and Insurance Services, to create a work experience that engages employees from the start, and keeps them close in a relationship that extends beyond their departures—even their retirement.

This year’s Kelly Global Workforce Index results point to eight key areas in which Financial and Insurance Services employees are most interested:

• the online talent community• multiple channels of access

to job information• a smooth application process• structured on-boarding• career roadmaps• professional development• a cutting-edge work

environment• competitive compensation.

5

CONTENTS Å

CONTENTS Å

THE ONLINE TALENT COMMUNITY:

OUTSIDE CONNECTIONS LEAD TO INSIDE RELATIONSHIPS

6

T H E O N L I N E TA L E N T C O M M U N I T Y

ON PAR WITH THE GLOBAL AVERAGE

2% MORE THAN THE GLOBAL AVERAGE

ON PAR WITH THE GLOBAL

AVERAGE



58% 13% 11% 10% 7%LIKE TO PARTICIPATE IN SOCIAL EVENTS WITH

COMPANY EMPLOYEES

LIKE TO RECEIVE UPDATES ON A COMPANY’S FINANCIAL

PERFORMANCE

LIKE TO PARTICIPATE IN A COMPANY’S SOCIAL

MEDIA NETWORK

LIKE TO PARTICIPATE IN A COMPANY’S ONLINE TALENT COMMUNITY

LIKE PERIODIC CONTACT REGARDING WORK THAT

FITS THEIR SKILL SET

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CONTENTS Å

Ideal ways to be engaged by a prospective employer:

As talent communities gain traction, they show potential for reaching active job seekers and keeping employees. Among the most active participants in these new communities are Financial and Insurance Services workers. It’s an extension of their social networking and their preferred way of learning about and connecting to companies—the latter of which is an important precursor for them when applying for jobs.

• The majority (58%) of Financial


would like to be engaged by a

prospective employer through

periodic contact about work

that fits their skill set; 59% of

workers across all industries

agree. Financial and Insurance

Services workers in the Americas

and EMEA are significantly

more likely than those in

APAC (62% and 58% versus

44%) to prefer periodic contact

regarding work that fits their skill

set. This is ideal for far more

Baby Boomers (67%) than other generations (53% of Generation Y and 60% of Generation X).

• More than one in 10 Financial and Insurance Services workers would like to be engaged by a prospective employer by participating in a company’s talent community (13%) or social media networking (11%). Regionally, significantly more APAC workers (20%) feel that participating in a company’s talent community is an effective engagement tool, in sharp contrast to those in the

Americas and EMEA (13% in the

Americas and 10% in EMEA).

• While Financial and Insurance

Services workers’ participation

in employer online talent

communities is comparable to

the global average (19% versus

17%, respectively), workers in

APAC and the Americas are more

likely to participate in employer

online talent communities than

their counterparts in EMEA

(25% and 22% versus 11%).

• Among the 81% of Financial and Insurance Services workers who have not participated in an online community, just under half of those in APAC (49%) and the Americas (47%) expressed interest in participating in an online talent community—significantly more than those in EMEA (38%). And significantly more Generation Y and Generation X Financial and Insurance Services workers expressed interest in participating in an online talent community, than Baby Boomers (47% and 45% versus 39%).

T H E O N L I N E TA L E N T C O M M U N I T Y

8

CONTENTS Å

What workers like best about participating in an online talent community

Global average

Financial and Insurance Services workers

Access to job opportunities Learning more about a given company

Learning from current and former employees what it is like to work for a given company

Access to relevant skill development information

Access to trusted career information and tips

Access to trusted industry information

72%

43%

36% 35%32%

23%

75%

46%

39%36% 35%

23%

Nineteen percent of Financial and Insurance Services workers have participated in an online talent community; they like to do so because they can access job opportunities and learn more about companies.

• More Financial and Insurance Services workers like having access to job opportunities via a company’s online talent community than the global average (75% versus 72% globally). Financial and Insurance Services workers in the Americas like having access to job opportunities via a company’s online talent community significantly more than their APAC and EMEA counterparts (80% versus 70% and 67%, respectively).

• More Financial and Insurance

Services workers (46%) like

participating in an online talent

community to learn more

about a given company than

the global average (43%).

• Financial and Insurance Services

workers are more likely than

the global average (39% versus

36%) to participate in an online

talent community to learn what

it is like to work for a given

company. And significantly more

Financial and Insurance Services

workers in the APAC region like participating in an online talent community to learn what it is like to work for a given company (47% in APAC versus 37% in the Americas and 36% in EMEA).

• More Financial and Insurance Services workers (35%) like to participate in an online talent community to gain access to trusted career information and tips than the global average (32%).

• More APAC workers like having access to relevant skill development information (44% versus 35% in the Americas and 31% in EMEA) and access to trusted industry information (28% versus 21% in the Americas and 21% in EMEA).

• Among the Financial and Insurance Services workers who do not have experience participating in an online talent company, 44% are interested in future participation compared to only 39% globally.

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CONTENTS Å

MULTIPLE CHANNELS TO ACCESS JOB INFORMATION:

FINANCIAL AND INSURANCE SERVICES WORKERSUSE MOST CHANNELS ACTIVELY

M U LT I P L E C H A N N E L S T O A C C E S S J O B I N F O R M AT I O N


5% MORE THAN THE GLOBAL

AVERAGE


4% LESS THAN THE GLOBAL

AVERAGE

ON PAR WITH THE GLOBAL

AVERAGE

26% 19% 15% 11% 10%USED RECRUITMENT

COMPANIES OR HEADHUNTERS

WERE APPROACHED DIRECTLY BY THE EMPLOYER

OR RECRUITER

HEARD ABOUT THE JOB THROUGH

WORD OF MOUTH

SECURED THEIR MOST RECENT JOB FROM

EMPLOYEE REFERRALS

USED ONLINE JOB BOARDS

10

CONTENTS Å

Ways workers secured their most recent jobs:

Financial and Insurance Services professionals use the range of digital and analog choices available to help them landa new position. From online boards to recruiters to company websites, these workers use a variety of means to keep up with new job postings. Just as candidates use multiple sources to secure jobs, hiring organizations must take advantage of the same resources to find and engage talent.

• Among the various ways Financial and Insurance Services workers secured their most recent jobs, they most frequently used online job boards (26%), which is on par with the global average (25%). Generation Y is significantly more likely than other generations to use online job boards to secure their jobs (versus 25% of Generation X and 22% of Baby Boomers).

• More Financial and Insurance Services workers (19%) secured their most recent positions via recruiting agencies, staffing companies, and headhunters than the global average (14%). Regionally, far more Financial and Insurance Services workers in APAC (24%) landed their most recent jobs via these resources than those in EMEA (19%) and the Americas (18%).

• Fewer Financial and Insurance Services workers (11%) secured their most recent jobs through word of mouth than the global average (15%). More workers in both the Americas (11%) and EMEA (12%) secured their most recent jobs through word of mouth than those in APAC (7%). And more workers in APAC (14%)

secured their most recent jobs from employee referrals than their regional counterparts (10% in the Americas and 9% in EMEA).

• Over the past few years, Financial and Insurance Services workers outpaced all other workers in using professional resources to secure employment.

Online job boards, such as U.S.-based CareerBuilder or Monster, are a preferred avenue to reach prospective employees. Financial and Insurance Services workers like them, too.

• While various job boards are available to workers when searching for jobs, significantly more Financial and Insurance Services workers (81%) prefer general job boards such as CareerBuilder or Monster than the global average (76%). Financial and Insurance Services workers in EMEA and APAC prefer the general job boards more than their counterparts in the Americas (91% and 86% versus 72%), and Generations X and Y prefer them more than Baby Boomers (82% and 83% versus 73%).

• Similar to the global average (33%), more than three in 10 (35%) Financial and Insurance Services workers prefer company-specific job boards when job searching. Workers in APAC and the Americas are significantly more likely to prefer company-specific job boards than those in EMEA (38% and 37% versus 31%), while Baby Boomers are significantly more likely to prefer company-specific job boards than Generations X and Y (38% versus 34% each).

• About three in 10 (31%) Financial and Insurance Services workers prefer aggregator job boards—such as U.S.-based Indeed or Simply Hired—which is on par with the global average (33%). Workers in the Americas are significantly more likely to use aggregator job boards than those in EMEA and APAC (40% versus 27% and 10%), while Baby Boomers are significantly more likely to use aggregator job boards than Generations X and Y (38% versus 33% and 27%).

M U LT I P L E C H A N N E L S T O A C C E S S J O B I N F O R M AT I O N

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CONTENTS Å

What types of online job boards are most preferred for job searching or evaluating the market?

Global average


General job boards like CareerBuilder or Monster*

Company-specific job boards Aggregator job boards like Indeed or Simply Hired*

Niche or association-specific job boards—focusing on IT or

science, for example

76%

33% 33%

14%

81%

35%31%

11%

*The names of online job boards vary by country; those depicted here operate in the United States.

• Fewer Financial and Insurance Services workers prefer niche or association-specific job boards than the global average (11% versus 14%). Notably fewer Financial and Insurance Services workers in EMEA and the Americas prefer niche or association-specific job boards than those in APAC (11% and 10% versus 18%).

A SMOOTH APPLICATION

PROCESS:REGULAR, CONSISTENT COMMUNICATION IS VALUED

12

CONTENTS Å

The application process remains a key step in engaging talent. Not only does it figure into their first impression, but the entire process can change the way a worker perceives a potential employer. Among Financial and Insurance Services workers who applied for jobs during the past year, some were satisfied with the job application process. However, after they began the interview phase, frustration mounted due to employers’ insufficient communication.

• Half (50%) of the Financial


surveyed expressed satisfaction

with the application process,

which on par with the global

average. Workers in the

Americas expressed higher

satisfaction with the application

process than those in APAC

and EMEA 56% versus 45% and

44%). And more Generation

Y Financial and Insurance

Services workers were satisfied

with the application process

than Generation X workers

and Baby Boomers (52% versus 49% and 47%).

• More than three-quarters (78%) of Financial and Insurance Services workers who expressed satisfaction with application process did so as a result of the ease of submitting their résumés electronically, similar to the global average (77%). More than eight in 10 (84%) workers in the Americas noted the ease of applying or submitting their résumés electronically as a factor contributing to their satisfaction

with the application process,

compared to less than seven in 10

in APAC (69%) and EMEA (68%).

• Compared to the global average more Financial and Insurance Services workers expressed satisfaction with the application process as a result of clear, regular communication being provided about their application status (49% versus 45%) and/or their status following an interview (36% versus 33%). Clear, regular communication about application status and

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CONTENTS ÅA S M O O T H A P P L I C AT I O N P R O C E S S

the status following an interview contributed to satisfaction with the application process for more workers in APAC (58% and 50%) than those in the Americas (48% and 34%) and EMEA (48% and 35%).

• The majority of Financial and Insurance Services workers who expressed dissatisfaction with the application process did so as a result of the lack of clear, regular communication about the status of their application (70%), compared to only 65% globally.

Global average


What factors contributed to your satisfaction with the application process?

Easy to apply and submit résumé electronically using various electronic devices

Clear job description and requirements

Clear and regular communication or updates regarding whether the application was being considered

Clear and regular communication regarding the status of the

application following the interview

Awareness of pay and salary range

77%

52%

45%

33% 32%

78%

53%49%

36% 34%

STRUCTURED ON-BOARDING:THE FIRST 90 DAYS MAKE A DIFFERENCE

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CONTENTS Å

Almost six in 10 (58%) Financial and Insurance Services workers reported that their employers have a planned on-boarding process. The experience generally helps workers form a positive impression of the company. This value-adding practice could be influential for employees when deciding whether to stay or go during the first 90 days.

• More Financial and Insurance Services workers in APAC and the Americas said their companies had a planned approach to assimilation than those in EMEA ( 63% and 61% versus 52%).

• Further, more Generation Y workers said their companies had a planned approach to assimilation than Generation X

workers and Baby Boomers

(61% versus 56% and 55%).

• Most Financial and Insurance

Services workers (83%) felt that

their experience during the first

90 days of employment positively

affected their impression of the

company, which is comparable

to the global average (80%).

• Close to half (48%) of Financial and Insurance Services workers felt their experience during the first 90 days of employment definitely made a favorable impression. Regionally, more workers in the Americas felt that their experience during the first 90 days of employment definitely made a favorable

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CONTENTS ÅS T R U C T U R E D O N - B O A R D I N G

Did your current employer have a planned approach to assimilate you into the organization once you were hired and/or placed?*

Did your experience during first 90 days with your current employer positively affect your impression of the company?*

Global average


Yes, definitelyYes Yes, somewhatNo No

55%

45%

58%

42%45%

35%

20%

48%

35%

18%

*Based on workers who had applied for a new job within the past year.

impression than those in APAC and EMEA (52% versus 46% and 42%). And more Generation Y workers felt this experience definitely made a favorable impression than Generation X workers and Baby Boomers (51% versus 46% and 44%).

CAREER ROADMAPS:A GREEN LIGHT IN FINANCIAL AND INSURANCE

SERVICES EMPLOYEE SATISFACTION

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CONTENTS Å

Many Financial and Insurance Services workers feel that they can grow with their current employers if they are given the tools to learn new skills and advance their careers. These factors are key to retention.

• Three in 10 (31%) Financial and Insurance Services workers felt that their employers have clear career path options available, which is comparable to the global average (29%). Significantly more workers in APAC and the Americas felt their employers provide clear career path options than those in EMEA (40% and 32% versus 25%). And more Generation Y and Generation X workers agree that their

employers provide clear career

path options than Baby Boomers

(35% and 29% versus 24%).

• Consistent with the global

average (36%), Financial and

Insurance Services workers are

likely to view their employers in a

positive light in terms of providing

opportunities to grow or advance

their careers (36%). Significantly

more workers in APAC and the

Americas indicated that they

have opportunities to grow and

advance their careers with their

current employer than those in

EMEA (44% and 38% versus 30%).

And more Generation Y

(40%) and Generation X (35%)

Financial and Insurance

Services workers felt they

have opportunities to grow

and advance their careers

with their current employers

than Baby Boomers (29%).

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CONTENTS ÅC A R E E R R O A D M A P S

5Very clear

career path options

5Strongly agree

1No clear

career path options at all

1Strongly disagree

4 4Don’t know Don’t know3 3Rating of 4 and 5 combined

Rating of 4 and 5 combined

2 2

Global average


15%

19%22%

16%16%17%

8% 8%

25% 25%

31%

36%

14% 14%

To what degree do you have clear career path options available with your current employer?

To what degree do you agree or disagree that you have opportunities to grow or advance your career with your current employer?

14%

20%

23%

17%15% 15%

12% 12%

23% 23%

29%

36%

13% 13%

PROFESSIONAL DEVELOPMENT:

AN IMPORTANT POINT OF DIFFERENTIATION AMONG EMPLOYERS

18

CONTENTS Å

Financial and Insurance Services workers want to continue learning new skills so they can take advantage of new career opportunities. They value mentoring and avail themselves of training, whether their employers provide it or they arrange it themselves.

• Significantly more Financial and Insurance Services workers (31%) were satisfied with the career development resources offered by their current employers than the global average (28%). Far more Financial and Insurance Services workers in the Americas and APAC were satisfied with the career resources offered by their employer than those in EMEA (35% and 34% versus 23%). Generationally, more Generation Y and Generation X Financial and Insurance

Services workers indicated

satisfaction with the career

resources offered by their

employer than Baby Boomers

(34% and 30% versus 25%).

• Compared to the global

average, significantly more


workers took advantage of

employer-provided training (49%

versus 46%), mentoring (31%

versus 27%), career tests (28%

versus 25%), and professional

career coaching (24% versus

20%) last year. Significantly

more workers in APAC and

the Americas used employer-

provided training (54% and 52%

versus 44% in EMEA), mentoring

(41% and 35% versus 21% in

EMEA), career tests (29% and

31% versus 24% in EMEA), and

professional career coaching (30%

and 27% versus 17% in EMEA).

• Many Financial and Insurance

Services workers consider skill

development so important

they have stepped up to pay

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CONTENTS ÅP R O F E S S I O N A L D E V E L O P M E N T

for training themselves (31%). More Financial and Insurance Services workers in the EMEA region sought or paid for training themselves than those in the Americas and APAC (35% and 30% versus 27%). And more Generation X workers and Baby Boomers sought or paid for training themselves compared to Generation Y workers (33% each versus 28%).

Global average


Resources used within the last year to prepare for career development opportunities

Employer-provided training Training sought out or paid for myself

Mentoring Career tests Professional career coaching Other

46%

32%

27% 25%

20%

7%

49%

31% 31%28%

24%

5%

A CUTTING-EDGE WORK ENVIRONMENT:

THE MOST CURRENT PRACTICES AND TECHNOLOGY ATTRACTTOP FINANCIAL AND INSURANCE SERVICES PLAYERS

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CONTENTS Å

There is a strong indication that Financial and Insurance Services workers prefer a highly collaborative environment and flexible work schedules, but they also want to use cutting-edge technology to get the job done. Employers who deploy myriad workplace features may have the most success in attracting and retaining talent.

• More than any other characteristic, Financial and Insurance Services workers prefer to collaborate with their peers. Similar to the global average, close to six in 10 (58%) felt the ideal workplace provides a highly collaborative environment.

• More than half of the Financial and Insurance Services workers surveyed (56%) viewed flexible work arrangements, such as remote options or flexible work schedules, as a highly

desirable feature, more than

the global average (54%). Far

more Financial and Insurance

Services workers in the Americas

and APAC viewed flexible

work arrangements as a highly

desirable feature than those in

EMEA (63% and 60% versus 44)%.

• Technology and virtual teams

are also ideal work environment

features, as at least four in 10


workers desired exposure to

the latest technologies (42%) and virtual teams (40%). More Financial and Insurance Services workers in the Americas and APAC want exposure to latest technologies than those in EMEA (46% and 42% versus 37%), while significantly more workers in APAC and the Americas want virtual teams than those in EMEA(47% and 43% versus 30%). And more Baby Boomers want exposure to the latest technologies than Generation X

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CONTENTS ÅA C U T T I N G - E D G E W O R K E N V I R O N M E N T

and Y workers (46% versus 43% and 41%), while more Generation X workers and Baby Boomers want to work on virtual teams than Generation Y workers (42% each versus 37%).

• More Financial and Insurance Services workers (25%)—compared to the global average (21%)—felt a competitive environment, where the rewards and risks are high, is an ideal feature.

Highly collaborative environment and

cross-functional teams

Flexible work arrangements,

such as remote work options and flexible schedules or hours

Competitive, where the rewards and

risks are high

Exposure to the latest technologies and top equipment

Highly individualized work with limited

teamwork and limited opportunites

to collaborate

Global average


57%54%

21%

44%

18%

58%

Virtual teams

37%40%

56%

25%

18%

Matrix-based organizational structure

29%31%

42%

Traditional work arrangements,

9–5 schedule for all

32% 31%

Rapid pace of constant change

32% 33%

Culture of innovation and creativity

where the status quo is challenged

39% 39%

Traditional hierarchy-based organizational

structure

27% 28%

Ideal work environment features

COMPETITIVE COMPENSATION:

STILL FIRST IN ATTRACTION BUT WORK–LIFE BALANCEAND ADVANCEMENT CAN BE DEALMAKERS

22

CONTENTS Å

Compensation, work–life balance, and opportunities to advance are the leading factors that Financial and Insurance Services workers weigh up in their employment decisions. There is no doubt that each factor holds independent significance, but it’s the blend of the three that drives these workers and can sway them from one employment opportunity to another.

• Financial and Insurance Services workers are more likely than the global average (88% versus 84%) to cite salary, benefits, and other financial incentives as a main attraction factor. More Financial and Insurance Services workers in APAC and the Americas felt that compensation is a top attraction factor than those in EMEA (91% and 88% versus 85%).

• Two-thirds of Financial and

Insurance Services workers

(66%) felt that opportunities for

advancement are a key attraction

factor, significantly more than the

global average (62%). Seventy-

one percent of Financial and

Insurance Services workers

in the Americas considered

opportunities for advancement

as a top attraction factor, which

is significantly more than their

regional counterparts (65% in

APAC and 60% in EMEA).

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CONTENTS ÅC O M P E T I T I V E C O M P E N S AT I O N

• Two-thirds (66%) of Financial and Insurance Services workers cited work–life balance as a key attraction factor, which is similar to the global average (64%). Regionally, more workers in APAC and the Americas cited work–life balance as an attraction factor than those in EMEA (77% and 69% versus 63%).

• When looking at other significant differences, Financial and Insurance Services workers are more likely than the global average to cite corporate culture (42% versus 34%), corporate reputation (41% versus 34%), and international opportunities (27% versus 24%) as attraction factors, but less likely to cite environmental friendly and responsible practices (30% versus 34%).

Salary, benefits, or

other financial incentives

Opportunities to work with

knowledgeable colleagues

Work–life balance

Corporate values match

own

Flexible work arrangements

Opportunities for

advancement

Training and development

programs

Global average


Factors that drive workers to take one job or position over another

84%

46%

64%

34%

42%

62%58%

88%

Corporate reputation

34%

41%47%

International opportunities

24%27%

66%

35%

43%

Derive more sense of meaning

from work

28%29%

Corporate sovereignty

and goodwill

17%18%

66%

Environmentally friendly and responsible

practices

34%30%

Corporate culture

34%

42%

Diversity and equal

opportunites

28% 28%

60%

Exposure to top-notch equipment

29% 27%

Commun-ication and

feedback from the application

process

42% 42%

Non-traditional perks like an athletic facility, etc

24% 26%

Retention factors are similar to attraction factors; most Financial and Insurance Services employees are focused on compensation and opportunities for advancement. Given the similarities, employers may want to go beneath the surface to understand how other factors are driving workers’ decisions to leave an organization, or change jobs or careers.

• Compensation is a key factor

that would drive Financial and

Insurance Services workers to

leave an organization or change

jobs or careers, as more than six

in 10 (61%) attributed salary and

benefits as the reason they would

leave their jobs. This is on par

with the global average (60%).

More Financial and Insurance

Services workers in APAC and

EMEA attributed salary and

benefits as a reason they would

leave their jobs than those in the Americas (67% and 62% versus 58%). More Generation Y workers cited salary and benefits as a reason they would leave their jobs then Generation X workers and Baby Boomers (66% versus 59% and 51%).

• Lack of advancement opportunities is also a key in driving Financial and Insurance Services workers to leave their jobs—more

24

CONTENTS ÅC O M P E T I T I V E C O M P E N S AT I O N

than the global average (44% versus 41%). Workers in the Americas and APAC are more likely to leave their jobs due to the lack of advancement opportunities than those in EMEA (46% each versus 42%).

• Forty-eight percent of Generation Y and 46% of Generation X workers are likely to leave their jobs due to the lack of advancement opportunities than Baby Boomers (34%).

• Current management is a retention factor for more Financial and Insurance Services workers than the global average (31% versus 28%). Far more Financial and Insurance Services workers in APAC noted current management as a retention factor than those in the Americas and EMEA (44% versus 29% and 28%).

Salary, benefits, or

other financial incentives

Current management

Opportunities for

advancement

StressWork–life balance

Major life-changing

event

Staff morale Skill fit and interest in

the job

Global average


60%

28%

41%

26% 24%21% 20%

18%22% 20%

Flexible work arrangements

18% 18%18%

36%33%

61%

Training and development

programs

31%

44%

Commun-ication and feedback

27%

22%

14% 15%

Corporate values

14% 16%

Outlook for current area of expertise

is limited

37%

16% 17%

Inability to derive sense of meaning from work

12% 13%

International opportunities

11%13%

Corporate reputation

35%

15% 15%

Career opportunities in emerging industries

13% 18%

Corporate culture

11% 11%

Diversity and equal

opportunities

Factors that drive workers to leave an organization, or to change their job or career

IT’S ALL ABOUT EMPLOYER

PERFORMANCE

25

CONTENTS Å

Financial and Insurance Services workers are generally pleased with their work–life balance. This is a strong foundation for employers, and it’s a call to action: Employer performance is clearly the deciding factor when workers are presented with multiple employment options.

Just as companies continually monitor employee performance to foster high levels of productivity and top-quality work, it’s important to turn the spotlight on employer performance in Financial and Insurance Services. In this industry, employer performance is turning into a key point of differentiation.

Around six out of 10 Financial and Insurance Services workers rated their employers highly in the following areas:

• Work–life balance (67%): Workers in the Americas and APAC were more likely to indicate work–life balance than those in EMEA (69% and 68% versus 64%).

• Diversity and equal opportunities record (61%): Workers in the Americas and APAC were more likely to indicate diversity and equal opportunities than those in EMEA (68% and 60% versus 47%).

• Competitive compensation and benefits (59%): Workers in the Americas and APAC were

more likely to indicate high performance than those in EMEA (62% and 59% versus 54%).

• Clear, cohesive direction and corporate strategy (58%): Workers in APAC and the Americas were more likely to rate their current employers higher in terms of providing clear, cohesive direction and corporate strategy than those in EMEA (62% and 61% versus 49%).

In looking at other significant differences, Financial and Insurance Services workers

I T ’ S A L L A B O U T E M P L O Y E R P E R F O R M A N C E




67% 61% 58%PREFER A CLEAR,

COHESIVE DIRECTION AND CORPORATE STRATEGY

PREFER A GOOD DIVERSITY AND EQUAL OPPORTUNITY RECORD


59%PREFER COMPETITIVE

COMPENSATION, BENEFITS, AND OTHER FINANCIAL

INCENTIVES

PREFER WORK–LIFE BALANCE

are more likely than the global average to rate employers highly in employment education opportunities (53% versus 50%), recognition and reward programs (48% versus 42%), and non-traditional perks (36% versus 32%), but less likely to rate them highly for environmentally friendly and responsible work practices (56% versus 61%) and opportunities to be involved in interesting, meaningful work (55% versus 60%).

26

CONTENTS Å

• More than half of the Financial


surveyed would give up higher

pay and/or career growth and

advancement for the opportunity

to learn new skills (57%) or for a

greater work–life balance (52%),

equal to the global averages.

More Financial and Insurance

Services workers in both APAC

and the Americas would give

up higher pay and/or career

growth and advancement for the

opportunity to learn new skills

(65% in APAC and 57% in the

Americas versus 54% in EMEA)

or for a greater work–life balance

(62% in APAC and 54% in the

Americas versus 45% in EMEA).

• Nearly two-thirds (65%) of


workers will actively look for a

new position within the next year,

significantly more than the global

D I D Y O U K N O W ?

average (61%). More Financial and Insurance Services workers in EMEA will actively look for a new position within the next year than those in APAC and the Americas (69% and 64% versus 62%).

• Nearly half (46%) of the Financial and Insurance Services workers surveyed actively look for better job opportunities or evaluate the external job market, even when happy in their jobs. This is on par with the global average of 47%. Regionally, Financial and Insurance Services workers in EMEA and APAC are more likely than those in the Americas (53% and 50% versus 41%) to actively look for better job opportunities or evaluate the external job market.

• Significantly more Financial and Insurance Services workers felt that they are in a position of

high demand in the marketplace

than the global average (57%

versus 53%). Far more workers in

the Americas and APAC felt they

were in a position of high demand

in the marketplace than those in

EMEA (62% and 56% versus 48%).

• More Financial and Insurance

Services workers prefer to work

for a global company than the

global average (42% versus

35%). Further, and on par with

the global average, Financial


prefer to work for an established

company with longevity (43%

versus the 41% global average).


workers in APAC and EMEA are

more likely than those in the

Americas to prefer to work for

a global company (65% and

50% versus 29%) and prefer

to work for an established

company with longevity (44%

and 48% versus 39%).

• A larger proportion of


workers (21%) prefer to work for

Fortune 100 and 500 companies

than the global average (16%).

More workers in APAC prefer

to work for Fortune 100 and

500 companies than those

in the Americas and EMEA

(33% versus 21% and 17%).

• Nearly three-quarters (72%) of


workers were willing to move

for the right job, which is on par

with the global average (70%).

More workers in APAC and EMEA

are willing to move for the right

job than those in the Americas

(82% and 73% versus 68%).

• Seven in 10 (70%) Financial


said they use social media

websites as their primary

method of networking (on par

with the 71% global average).

APAC Financial and Insurance

Services workers are more likely

than those in the Americas and

EMEA (77% versus 70% and

67%) to use social media as their

primary method of networking.

• Nearly four in 10 (38%)


workers are inclined to search

for jobs via social media rather

than using traditional methods,

which is comparable to the global

average (36%). More APAC

workers are inclined to search

for jobs via social media than

those in EMEA and the Americas

(55% versus 36% and 34%).

27

CONTENTS Å

As complex as competing for high-quality performers has become, workers can be met on their terms without employers sacrificing their company’s core values and practices. Here are six things you can do as an employer to relate to the workforce dynamically and with satisfying results. At the same time, you will add definition and character to your workplace.

1. Deliver an exceptional

application and on-boarding

experience. Make your company irresistible by personalizing the hiring process through both technology and well-prepared staff members. Emphasize that you value engagement and highlight the factors that differentiate your company from others in your industry.

K E L LY I N S I G H T : T H E R E A R E S I X WAY S T O G I V E F I N A N C I A L A N D I N S U R A N C E S E R V I C E S W O R K E R S W H AT T H E Y WA N T

2. Participate in every possible

digital channel and be mobile-

friendly. The rise of social media and user-centric digital design has raised workers’ expectations for better and more up-to-date company information. Figure out where your employees and hiring targets spend their digital time, and make an effort to relate to them there. Most importantly, create a talent community that lives online yet is completely authentic to your workplace. Give workers a reason to pay attention to what you do and inspire them to join you.

3. Personalize the career path. Workers clearly see themselves as valuable in terms of the skills they

possess and new practices they can learn. Spend strategic time working out what your company can do to nurture every worker’s professional development. This cultivates loyalty and strengthens your company’s culture. It also ensures that your workforce is at the top of its game and ready to share the message that your company is a good place to work.

4. Fight to make your workplace

remarkable. Employees expect competitive pay packages and transparent employment policies. By emphasizing these two areas alone, your company will attract appropriate attention and build a positive image organically. Word gets around.

5. Determine how you can

please your workers. Learn the preferences, not just the needs, of your workforce. Think about how you can provide a stable yet flexible work environment that blends challenges and opportunities. Show your workers how this environment will help them grow and develop.

6. Develop your persona as

an employer. Articulate all the qualities that define your company’s approach to operating in and serving your market. Be ready to define how you are different from others in your industry and how you got to be that way. Give employees and candidates a reason to connect with your employment philosophy.

The 2014 Kelly Global Workforce Index™ revealed that workers expect to connect with employers—and potential employers—across a variety of channels and in real time.

28

CONTENTS Å

29Kelly Global Workforce Index™ 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 people 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.

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.

CONTENTS Å

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