The document discusses talent attraction challenges in the banking industry. It notes that the industry struggles to attract top technology and digital talent. Banks need this talent to advance mobile banking and security. The document also finds that university students view work-life balance as a top priority, more so than job security. Additionally, banking students show relatively low interest in entrepreneurship compared to other fields, which can hamper innovation. The banking industry must understand these career goals of students to improve employer branding and attract top talent.
The Real Story Of Project Manager/Scrum Master From Where It Came?!
CGD | Talent attraction in the banking industry
1. TALENT ATTRACTION IN THE BANKING INDUSTRY 1
Talent attraction in the banking industry
WHAT UNIVERSITY STUDENTS LOOK FOR IN FUTURE EMPLOYERS AND THE IMPLICATIONS FOR COMPANIES THAT SEEK TO HIRE THEM.
TALENT INSIGHTS
SERIES
2. TALENT ATTRACTION IN THE BANKING INDUSTRY 2
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
When Dan Makoski left Google
in mid-2014 to become the
first-ever vice president of design
at Capital One, heads were turned.
3. TALENT ATTRACTION IN THE BANKING INDUSTRY 3
Makoski was a member of Google’s
secretive ATAP group – a band of
tech savants who are “some of
the most experimental hardware,
software, and interface designers
and engineers on the planet”,
according to Fast Company.
Capital One’s ability to lure
Makoski was unusual because the
industry has struggled for years
to attract top talent – particularly
technology and digital media
talent – to what some see as a
technology backwater.
“The banking industry has gotten
so much negative publicity through
the past several years, it has made it
more difficult to recruit people,” says
Bruce Livesay, CIO at First Horizon
National Corp. Catherine Bessant,
head of Bank of America’s global
technology and operations team,
puts it even more flatly: “It’s hand-
to-hand combat.”
And yet, attracting top talent is
exactly what the banking industry
needs to overcome its myriad and
systemic challenges in the coming
years. The most pressing talent
crisis for banks is related to hiring
technology skills due to seismic
changes in the industry:
• Banks are racing to adopt
mobile commerce and payment
solutions, and can only do so with
best-in-class technology talent.
American Express recruited Nik
Sathe away from his role running
Google Wallet to become Chief
Technology Officer, but this type
of poaching from top tech jobs is
highly unusual.
• Financial institutions are also
sprinting to keep ahead of IT
security threats, which are
constantly evolving and growing
more sophisticated.
• Online banking has become a
competitive litmus test for banks;
they strive to offer an online
experience that’s commensurate
with what consumers expect,
but most still fall far short of the
types of user experiences offered
by technology, media and retail
companies.
• Financial service firms are
laggards at social media – and
understandably so because of
industry regulations that limit
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
4. TALENT ATTRACTION IN THE BANKING INDUSTRY 4
what they can communicate to
customers and prospects. Yet
social media has become such a
critical channel, particularly for
Millennials, that banks now find
themselves struggling to use
these platforms effectively.
• Many banks have technology-
related “key-person risk”.
Key-person risk is when an
individual holds business-critical
information that cannot easily
be replaced. Many global banks
use legacy systems that rely
on mainframe and COBOL skills
– expertise no longer taught
in schools. Research from IBM
shows 71 percent of all Fortune
500 companies have their core
businesses on a mainframe and
92 of the top 100 banks in the US
still use mainframes.
In addition to the challenge of
recruiting tech talent, banks also
struggle to attract top talent in risk
management, data analytics and
HR/talent development, to name a
few. And like many other so-called
‘boring’ industries, banks simply do
not have strong employer branding
programs to attract, recruit and
retain the very best professionals.
Long known as a traditional,
innovation-poor industry, financial
institutions rarely tell their employer
brand story in an authentic,
engaging way. (It does not help
that the industry still suffers from
a lingering negative image after the
banking crisis.)
Even with all these challenges,
banks have a compelling story to
tell future employees. In few
industries is the role of technology
innovation such a differentiator as
it is in banking. From mobile
banking and online payment tools
to new ATM technologies and
virtual currencies – the industry
is undergoing a sea change in
how it interacts with customers.
On top of that, the forecast for
economic growth is very strong,
particularly in regions currently
underserved by banking. New
populations across the globe are
demanding financial products that
were once off-limits: mortgages,
investment services, small business
lending and retail banking.
Each year Universum surveys
the professional expectations of
one million career-seekers from
55 countries, and publishes dozens
of reports on the top issues
affecting global talent and the
companies that hire talent. In this
report, part of our Talent Insights
Series, we uncover what university
students look for in future banking
employers – and how companies
can translate these findings into
actionable steps for HR, recruiting
and C-level leadership. For the
financial services industry, the task
is both daunting and full of promise.
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
5. TALENT ATTRACTION IN THE BANKING INDUSTRY 5
Understanding and supporting Millennial career goals
5
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
6. TALENT ATTRACTION IN THE BANKING INDUSTRY 6
WHAT SOME MAY FIND SURPRISING IS THE HIGHER-THAN-AVERAGE
PURSUIT OF WORK-LIFE BALANCE IN HONG KONG, WHICH HAS THE
HIGHEST CONCENTRATION OF BANKS IN THE WORLD
6
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
7. TALENT ATTRACTION IN THE BANKING INDUSTRY 7
Work-life balance still
a top consideration
For the last six years, Universum’s
research has shown university
students’ top career goal is work-
life balance. One in two students
surveyed choose it as one of their
top three career goals – a ratio well
above any other in our research.
It’s an amazing data point in any
industry, but particularly in banking
where long work hours are the
norm in many subspecialties (e.g.
investment banking, institutional
investing and private equity).
Companies may be inclined to
minimize this finding, believing
balance is primarily the
responsibility of the employee
rather than the employer, but this
isn’t the case. Employers must
think carefully about how they can
help professionals find balance in
their lives, and how companies can
support quality of life issues for
all professionals, but particularly
younger professionals who place
a premium on it.
In nearly every country surveyed,
work-life balance is a top choice
among students; however, in
countries with strong family-
orientated leave entitlements such
as France, Denmark and Norway,
the choice is slightly less popular
(presumably because it’s seen as
more achievable in those countries).
What some may find surprising is
the higher-than-average pursuit
of work-life balance in Hong Kong,
which has the highest concentration
of banks in the world. In Hong Kong,
64 percent of students choose
work-life balance as a top career
goal, compared to 52 percent
of banking-bound students in
other countries.
Most think of work-life balance as
an issue important to professionals
TO HAVE WORK-LIFE BALANCE
52%
WHICH CAREER GOALS
ARE MOST IMPORTANT?
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
8. TALENT ATTRACTION IN THE BANKING INDUSTRY 8
with young families or aging
parents. Why then do Millennials
value it so highly?
Many Millennials have seen the toll
work life has taken on parents, as
well as the ravages of the financial
crisis on their parents’ net worth.
These are students and young
professionals who simply don’t
want to wait for retirement to enjoy
recreation, hobbies and family.
“They no longer believe in the myth
that working in rigid ways for long
hours necessarily pays off,” says
Lisa Horn of the Society for Human
Resource Management.
It’s also worth remembering
that what Millennials mean by
work-life balance is very different
to what Generation X associates
with the term. “For Gen X, work-
life balance is more to do with
flexibility than long hours,” says
Claudia Tattanelli, global director
at Universum. “For this generation,
however, it’s all about respect
for people. If employers allow
Millennials to be who they are,
value them for their originality
and understand there are other
things that are important to them
other than work - if they can feel
at home at work, then work
becomes one more thing in life
they do and love. Not something
separate from their life.
“According to a 2013 survey
by Universum, 85 percent of
Millennials want work to be part
of who they are, not just a way to
make a living. This is where banks
fail. It’s an industry rarely associated
with respect, or with providing
work-life balance.”
Millennials also think differently
about the workplace. They are digital
natives accustomed to accessing
social networks, email, education
and entertainment from anywhere
– whether at work, on the bus, at
TO BE SECURE OR STABLE IN MY JOB
45%
WHICH CAREER GOALS
ARE MOST IMPORTANT?
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
9. TALENT ATTRACTION IN THE BANKING INDUSTRY 9
school or even in bed. Explains Jody
Thompson, co-founder of Culture
Rx, a consulting firm that helps
companies adapt to more flexible
work styles: “We bring them into
the work environment and we
say, ‘Here’s this 6x6 square you’re
going to work in, with a desktop
computer… And here’s your phone
with your cord. You come in at eight
and you leave at five, and between
10 and noon, that’s when we’re
creative’.” For Millennials this
makes little sense.
What this means for employers is
that work-life balance should not
be limited just to flexible schedules
or telecommuting – ideas that have
been around for a decade. Rather,
employers must think about other
ways they can support a balanced
work and play life, a topic we detail
in the recommendations section at
the back of this report.
The desire for job security and
stability varies by country
Universum’s research also shows
students drawn to the banking
industry value job security and
stability even more than their peers
in other industries. Nearly one in two
choose job security and stability as
a top career goal (they were allowed
to pick three). Companies must
treat this point with care, however,
because answers varied widely
country by country. In Singapore,
for example, 60 percent choose job
security/stability as a top career
goal, while in Germany only
34 percent choose it.
In Singapore, workers in financial
services are understandably
cautious about job tenure.
A report in 2013 from professional
staffing company Robert Half
found Singapore has the highest
rate of turnover in the finance
and accounting field. Singaporean
finance and accounting
professionals serve on average just
3.4 years in a role, well below the
global average of 5.2 years.
We suspect in many cases the
high interest in security and
stability reflects either a tenuous
economy and/or jobs market, or
local market conditions rather than
cultural factors. But it’s important
to remember that in the banking
sector, stability isn’t just about the
stability of the industry, but also
the type of environment that the
company offers. Millennials want to
learn through trial and error, and if
they feel secure that they can learn
and that their manager will support
them and protect them from risk,
they consider the environment safe
and stable. If, however, they see
their manager as someone ready
TO BE ENTREPRENEURIAL
OR CREATIVE/INNOVATIVE
VERSUS 33% NON-BANKING STUDENTS
23%
WHICH CAREER GOALS
ARE MOST IMPORTANT?
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
10. TALENT ATTRACTION IN THE BANKING INDUSTRY 10
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
to punish them or let them go for
making a mistake, they consider
that unstable.
Banking-bound students
show low interest in
entrepreneurship & creativity
We were startled by the
relatively low level of interest
in entrepreneurial or creative/
innovative work among students
headed to careers in banking. Just
one in four choose it as a top-three
career goal, compared to one in
three among all other industries.
(Consider that in the technology
industry, 35 percent of students say
they view it as an important career
goal.) For an industry that is stymied
by a lack of innovation and creative
thinking, this statistic is troubling
and one that leaders in the industry
should aim to influence.
Ultimately, banks’ ability to
innovate in areas such as mobile
payments, online banking tools
and even data and technology-
driven risk management depends
on their ability to recruit creative,
even entrepreneurial minds. The
industry needs more generalists
– professionals who may have
technical expertise but can also
think holistically about problems,
analyze data and discover solutions
that are different than what has
been tried previously. These are
individuals Eric Schmidt, ex-CEO
of Google, calls smart creatives in
his book, How Google Works.
Smart creatives excel at open-
ended questions and are
intellectually curious risk takers.
And they power the most
prestigious high-growth global
companies. As Schmidt and his
co-author Jonathan Rosenberg
write, smart creatives are “the
key to achieving success in the
Internet Century”.
FIGURE 1
11. TALENT ATTRACTION IN THE BANKING INDUSTRY 11
FIGURE 1
WHICH OF THESE CAREER GOALS
ARE MOST IMPORTANT TO YOU?
Banking industry versus others
RETURN
0% 10% 20% 30% 40% 50% 60%
To have work/life
balance
To have an
international career
To be secure or
stable in my job
To be entrepreneurial or
creative/innovative
To be dedicated to a cause or to feel
that I am serving a greater good
To be competitively or
intellectually challenged
To be autonomous
or independent
To be a technical or
functional expert
To be a leader or
manager of people
Others
Banking industry
41%
35%
13%
11%
21%
20%
23%
31%
23%
33%
37%
36%
52%
55%
45%
41%
42%
35%
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
12. TALENT ATTRACTION IN THE BANKING INDUSTRY 12
Qualities of an attractive employer
12
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
13. TALENT ATTRACTION IN THE BANKING INDUSTRY 13
Banking-bound students are much
more likely to seek out high future
earnings and a financially strong
employer. Professional training and
development is also a top priority.
Just over half of students choosing
banking as a career say they want
to work for leaders who support
their development. Employers
must weigh these findings with
caution, says Tattanelli. “If it’s true
the banking industry needs more
industry outsiders, creating talent
attraction programs for students
already aiming for a career in
banking is not enough. For high-
demand fields on which financial
institutions’ future success depends,
employers must find ways to attract
students aiming for industries like
technology and digital media.”
And based on the research, these
non-banking students prioritize
issues like innovation and creativity
to a much higher degree than their
peers headed for banking.
What do students aiming for a
career in banking look for in future
employers and future roles?
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
14. TALENT ATTRACTION IN THE BANKING INDUSTRY 14
The most influential channels for banking students
14
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
15. TALENT ATTRACTION IN THE BANKING INDUSTRY 15
IN THE UNITED STATES THERE IS NO MORE IMPORTANT
CHANNEL FOR YOUNGER MILLENNIALS THAN YOUTUBE –
WHICH THEY WATCH MORE OFTEN THAN TELEVISION
15
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
16. TALENT ATTRACTION IN THE BANKING INDUSTRY 16
Students use social media more
often in Hong Kong (where
63 percent depend on it) and much
less often in France (42 percent)
and Switzerland (43 percent).
Employers should take note of
students’ high dependence on
employer websites – a channel that
up until recently was thought to
be waning in importance. Just two
years ago, digital media experts
were cautioning companies that
websites were less relevant because
consumers spend so much time on
social media. There was pressure
to move communications away
from websites (i.e. owned media)
and instead focus on networks
like Facebook, Twitter and LinkedIn
to engage with candidates. The
oft-repeated mantra was, “Feed
the social graph”.
But banks must double-down
on websites because they are
still the best place to create a
The Universum study also asked
students what channels they use
most to seek out information
about potential employers.
The top answers, not surprisingly,
are employer websites (63 percent),
social media (56 percent) and
career fairs (51 percent).
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
17. TALENT ATTRACTION IN THE BANKING INDUSTRY 17
media-rich experience about what
it means to be an employee of
your organization, what to expect
in a typical day, and profiles of
professionals in roles you have a
hard time filling. Microsites can
offer a 360-degree view of life at
work in a way that’s much more
comprehensive and informative than
is possible using rented space from
LinkedIn or Facebook.
Also, employers should think
carefully about how they leverage
social media because Millennials,
for the most part, use networks very
differently to those in leadership
positions inside organizations.
While many big brands view LinkedIn
or Facebook as top employment
channels, Millennials think
differently. In the United States, for
example, there is no more important
channel for younger Millennials than
YouTube – which they watch more
often than television.
Using Facebook and LinkedIn for
recruiting is important, but it’s
now seen simply as a foundational
activity. Banks must experiment
with a wider array of social channels,
particularly if they are to recruit
top talent from other industries.
GE, for example, uses Pinterest to
share pictures of Badass Machines
and YouTube to host a new series
about humanistic technology called
Invention Factory. It is an expert at
sharing content that positions
GE as deeply innovative and
creative, without ever having to
come out and say so.
FIGURE 2
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
18. TALENT ATTRACTION IN THE BANKING INDUSTRY 18
FIGURE 2
TOP FOUR CHANNELS TO LEARN ABOUT
POTENTIAL EMPLOYERS
Banking industry
RETURN
Employer websites Social media
63% 56%
Career fairs Job boards
51%
Employer presentations
on campus Career guidance websites
43% 41%
Career and job-related apps
27%
44%
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
19. TALENT ATTRACTION IN THE BANKING INDUSTRY 19
Implications for employers
19
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
20. TALENT ATTRACTION IN THE BANKING INDUSTRY 20
RISING NEEDS IN RISK MANAGEMENT, CYBERSECURITY, REGULATORY
COMPLIANCE, DIGITAL MEDIA AND USER EXPERIENCE MEAN BANKS
MUST RECRUIT TALENT FROM OUTSIDE OF THEIR TYPICAL CHANNELS
20
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
21. TALENT ATTRACTION IN THE BANKING INDUSTRY 21
Appeal to emotions
Post-crisis, it appears the banking
industry is afraid of its own shadow.
While other global brand behemoths
have done a tremendous job
of employer brand storytelling,
financial service companies still fear
the wrath of public opinion after
the trouncing they have received
since 2008.
Consider the employer branding
efforts of a company like GE. It
runs what many consider to be the
savviest employer branding program
in the Fortune 50. Appealing to
scientists and engineers – or a
group called makers who enjoy
electronics, robotics, woodworking
and tinkering of all varieties –
GE creates a massive portfolio of
content that positions it as
an innovative, exciting, even hip
place to work.
Banks too must find a way to walk
out from under the shadow of
the crisis, and even more, define
what makes its employer culture
differentiated and memorable. For
tech talent in particular, financial
services must find a way to
communicate to candidates the
massive amount of innovation
required in the industry, and the
budgets they have at their disposal
to fund it. Bank of America’s
Catherine Bessant explains, “Banks
do not have a technology brand
[even though] I run a huge fintech
organization.” (In 2014 Bessant’s
technology budget was estimated
at $9 billion.)
Look outside the industry
Banks have very different needs
for human capital than they did
a decade ago. Rising needs in
risk management, cybersecurity,
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
22. TALENT ATTRACTION IN THE BANKING INDUSTRY 22
regulatory compliance, digital
media and user experience mean
banks must recruit talent from
outside of their typical channels,
and even outside the banking
industry. Attracting talent to work
inside more traditional, risk-averse
companies will be immensely
challenging – and something
employers must tackle head on.
The industry is already recruiting
talent for top posts from other
industries. Paul McKinnon joined
Citigroup as head of HR from a
similar role at Dell. Andrew Kuritzkes
became State Street’s chief risk
officer after a career as a consultant,
most recently for Oliver Wyman. We
can cite another half dozen or so
high-profile examples of prominent
executives joining the banking world.
But what about Millennials? How
will the industry attract a wider
diversity of younger professionals
to the industry – particularly those
with expertise in technology and
digital media talent who might
otherwise be drawn to startups
or more prestigious tech and
engineering companies?
Employers should consider
creating customized employer
branding programs for roles in
banking that the industry’s future
depends on. To do so successfully,
financial institutions must study
the career goals and ideal employer
types for students outside banking.
What do those hoping for a career
in the tech industry, for example,
look for in a future employer? Our
research shows those aiming for
careers in tech are not nearly as
interested in leading or managing
people – just 25 percent cite it
versus 41 percent of those in
banking. And they are twice as
interested in becoming technical
or functional experts compared to
banking students.
These types of profile differences
are critical for banks to understand
if they are to recruit the next
generation of tech-savvy bankers.
Peter Crist, chairman of executive
recruitment firm Crist/Kolder
Associates and chairman of Wintrust
Financial Corp, explains, “The best
organizations show a proclivity
to attract and retain people with
diverse experiences who can think
differently. [Institutions] that don’t
think about introducing new [and]
different DNA into their culture will
go the way of all extinct species.”
FIGURE 3
Elevate the role of HR
If the banking industry is to solve its
talent crisis, it must ensure HR has
an influential, meaningful role within
the organization. In Universum’s
report, State of Employer Branding,
we studied the attitudes of top
executives related to employer
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
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QUALITIES OF
AN ATTRACTIVE
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THE MOST
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23. TALENT ATTRACTION IN THE BANKING INDUSTRY 23
branding. Specifically, we wanted
to uncover which individuals and
teams were primarily responsible
for employer branding within
organizations – and what we
found was deep dissension
among CEOs, talent leaders and
marketing leaders.
Sixty percent of CEOs say CEOs
own employer branding, while just
32 percent of CEOs feel the role is
owned by HR. Fifty-eight percent of
HR executives, 63 percent of talent
acquisition executives, and
57 percent of recruiting executives
say HR owns employer branding.
This degree of misalignment
simply isn’t acceptable and should
be a priority for organizations
to define and delineate within
their organizations. For banking
in particular, the ownership of
employer branding must be
solidified. What’s more, the team
responsible for it must have
access to the C-level to ensure
implementation is strategic,
well-funded and takes into account
not simply who banks must hire
today, but who they will depend
upon tomorrow.
Financial institutions must also
take account of the deep challenges
facing HR organizations inside
the industry. First, HR struggles
to comply with a bevy of new
regulations in multiple markets,
including new and complex
compensation rules in the EU that
require creative solutions to ensure
highly paid executives won’t leave
their posts and seek work in less
regulated (i.e. better-paying) regions.
Second, HR is still working to repair
banks’ reputations after a nearly
decade-long period of financial crisis
fallout and public outcry. And finally,
HR suffers from a lack of credibility
within many organizations.
If banking is to recruit top talent
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
24. TALENT ATTRACTION IN THE BANKING INDUSTRY 24
to the industry, and particularly
savvy Millennial talent, HR
organizations must have a direct
line of access to the CEO.
Work-life balance
Finally, the industry must come
to grips with Millennials’ desire
for work-life balance. Remember
that 52 percent of those seeking
careers in banking say one of their
top career goals is work-life balance.
(It’s cited nearly twice as often as
becoming a “technical or functional
expert” and 1.5 times more often
than “to be competitively or
intellectually challenged”.) Work-life
balance is therefore a major
driver of how Millennials will look
for work and be satisfied in their
professional lives.
Keep in mind that for Millennials,
work-life balance is much more
than flexible work hours or
telecommuting – it is also the
degree to which work and personal
life blend harmoniously.
Technology companies have already
taken account of this trend and
are offering non-compensation
benefits that aim to help Millennials
recreate at work, work at home,
and generally balance the two
intertwining spaces. For example,
Adobe hosts whiskey tastings,
software company Asana gives
employees a few thousand dollars
to personalize their computers
and workspaces upon hire, and
Google famously provides haute
cuisine in its company cafeterias
across the globe.
Financial institutions of course
work under stricter regulations;
they must be much more careful
about extending benefits and even
more strict about employees who
work from home due to accessing
sensitive customer information.
Even so, the industry must find
ways to help Millennials derive more
personal satisfaction from work –
yet another new challenge for HR
leaders inside banking organizations.
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
25. TALENT ATTRACTION IN THE BANKING INDUSTRY 25
FIGURE 3
HOW WILL THE BANKING INDUSTRY
ADAPT TO RECRUIT TECH TALENT?
WHICH CAREER GOALS ARE MOST
IMPORTANT TO YOU?
Banking industry versus tech industry
RETURN
To be entrepreneurial or
creative/innovative
To be a technical or
functional expert
To be a leader or
manager of people
50%
40%
30%
20%
10%
0%
Tech industry
Banking industry
PERCENT
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
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METHODOLOGY
26. TALENT ATTRACTION IN THE BANKING INDUSTRY 26
For more information about
Universum’s research
services click here
Contact Universum today
and let us help you build
a better employer brand
For more information about
Universum’s consulting
services click here
The Talent Insights Series is only a
small selection of questions from
the larger Universum Talent Survey.
We explore in depth the career
expectations of talent by asking
them to evaluate their chosen
employers based on four drivers of
employer attractiveness: employer
reputation and image, people
and culture, job characteristics,
remuneration and advancement
opportunities. To get insights
on your employer brand and
understand how you compete with
other employers, contact us.
WANT TO LEARN MORE?
Sign up to receive the full
collection of industry reports
in the Talent Insights Series.
bit.ly/TISeries
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
27. TALENT ATTRACTION IN THE BANKING INDUSTRY 27
METHODOLOGY ABOUT THIS REPORT
The banking report is based on all
students studying business who’ve
chosen banking and financial
services within their preferred
industries. Global averages were
calculated by taking the simple
average of the percentage of
students in each country who
selected each option on the survey.
Although Universum conducts
research in 55 markets, this report
covers only 17 countries. If you
would like to learn more about
talent within your market,
please contact us.
Countries Banking Others
Canada 358 1549
Denmark 629 1688
Finland 802 1517
France 2221 9208
Germany 1271 5402
Hong Kong 555 554
Italy 1010 2959
Malaysia 1289 1719
Mexico 1577 4669
Norway 844 1109
Russia 1659 2972
Singapore 1166 1219
Spain 1010 1749
Sweden 1622 1684
Switzerland 915 1718
UK 1058 1678
USA 4094 8253
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
28. TALENT ATTRACTION IN THE BANKING INDUSTRY 28
METHODOLOGY
2,200 educational
institutions
Field period:
Sept 2014 to March 2015
Total number of
respondents in the
2015 survey: 1,000,000
ABOUT THE UNIVERSUM
TALENT SURVEY
Based on an exclusive survey,
distributed via university and
alumni contacts, the Universum
Panel and local partners; Universum
ensures the quality and validity
of the end result by continuously
maintaining a close dialogue with
leading academics in the field.
Our vast experience in the field
and cooperation with leading
professors from top universities
enable us to stay at the front line
of the development of employer
branding. Our findings are also used
all over the world as material for
new research.
THE QUESTIONNAIRE
Created based on more than
25 years of experience, extensive
research within HR, focus groups
and communication with both our
clients and talent. Global perspective
– local insight.
HOME
INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY