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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
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.
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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METHODOLOGY
TALENT ATTRACTION IN THE BANKING INDUSTRY 19
Implications for employers
19
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INTRODUCTION
UNDERSTANDING
AND SUPPORTING
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
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METHODOLOGY
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
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
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
MILLENNIAL
CAREER GOALS
QUALITIES OF
AN ATTRACTIVE
EMPLOYER
THE MOST
INFLUENTIAL
CHANNELS
FOR BANKING
STUDENTS
IMPLICATIONS FOR
EMPLOYERS
WANT TO
LEARN MORE?
METHODOLOGY
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
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
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
WANT TO
LEARN MORE?
METHODOLOGY
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
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
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
TALENT ATTRACTION IN THE BANKING INDUSTRY 29

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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 MILLENNIAL CAREER GOALS QUALITIES OF AN ATTRACTIVE EMPLOYER THE MOST INFLUENTIAL CHANNELS FOR BANKING STUDENTS IMPLICATIONS FOR EMPLOYERS WANT TO LEARN MORE? METHODOLOGY
  • 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 WANT TO LEARN MORE? 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
  • 29. TALENT ATTRACTION IN THE BANKING INDUSTRY 29