What talent wants: Finding fulfillment through meaningful work and progress/TITLE

What
talent
wants
BEN DECKER

financial Services

Introduction

Every year, we conduct a large, global survey of workers to find out about their attitudes
and feelings towards their work, the employment market and their employers. In this
paper we discuss the overall trends in the 2013 survey responses, with a spotlight on
those findings related to workers in the financial services sector.

But first, a brief look at what’s changed over the past year.
When comparing the results of our Kelly Workforce Index results over the past two years
(2012 and 2013), it seems that workers feel a declining sense of happiness with, and
meaning in, the work they are doing. They also showed an increased focus on financial
reward and there has been a small increase (two percentage points) in the proportion of
people working in contract and temporary roles.

/02

2013: more likely to jump ship

/03

Key differences in worker attitudes between 2012 and 2013

To what extent do you

Do you actively look for

Do you frequently think

Which of the following

feel your employment

better job opportunities/

about quitting your current

factors would drive your

provides you with a

evaluate the external job

job and leaving your

decision to accept one

sense of meaning?

market even when you are

employer? (% Yes)

job/position over another?
(Salary & benefits)

happy in a job? (% Yes)

6% LESS

6% more

6% more

7% more

47%

41%

49%

55%

37%

43%

19%

26%

2012

2013

2012

2013

2012

2013

2012

2013

/04

Most workers
are on the move

Most workers on the move

People change jobs often and have an ‘always looking’ mentality,
regardless of how they feel about their current role or organization.
This is the reality employers need to pay attention to—an
employee’s loyalty is to their work, not the workplace.
Across all industries and professions, almost half of all workers (47%) are in a role that’s
less than 12 months old. Despite these recent changes that they’ve made, six in
10 (63%) say they intend to look for another job with a different employer this year.
And, most workers (55%) admit that they still search for jobs even when they’re ‘happy’
where they are.
What’s interesting about this is that just even with the high number of employees that
have already switched jobs recently, many more are considering another move this year
and it doesn’t seem to be for the reasons we may think.
Two-thirds of the workers that intend to seek a job elsewhere this year say they
‘frequently think about quitting’ their job and their employer (43% out of the 63%). This
indicates that most workers looking elsewhere are in fact doing so because they are
significantly frustrated where they are. It’s more than mere dissatisfaction or a ‘grass is
always greener’ mentality—it’s bigger and deeper than that.

/05

Most workers on the move

/06

It’s this intense frustration about the work they do, not mere ambivalence, that
requires greater focus from HR professionals and leadership teams worldwide. And,
in understanding this frustration, the issue of genuine career development must be
considered. Too many employees appear to find it easier to access advancement
opportunities outside their own organization, hence the motivation to move regularly.
How organizations identify and match growth and skill opportunities faster and more
effectively to address talent (or potential talent) loss, is critical, particularly in the
expanding Financial Services sector.

How the Financial Services sector compares:
Changed jobs in
the past year
Changed jobs to
receive a higher
compensation package

43%

16%

Intend to change
jobs this year
Intend to stay in
current role
Frequently think
about quitting

64%

18%

45%

/07

Advancement
and the desire for
progress are linked

jobs this year
Intend to stay in
current role

18%

Advancement and the desire for progress are linked

/08

Frequently think
about quitting

If so many workers are on the move each year, what is it that
they are really seeking from employers and their jobs?
And, is it possible to provide it?
Although 21% of workers say poor salary and benefits would be the number one reason
for them to leave a job, the same proportion say lack of opportunity for advancement
would be the key issue, which again underlines the difficulty organizations appear to
have in linking talent with opportunity in a timely and effective way.
What we need to ask is, ‘Are employees really seeking promotions?’ Although it can
seem this way at first glance, behavioural economist and regular TedTV presenter Dan

45%

4% MORE

26%

22%

Employees in this sector
felt less loyal towards
their employer in 2013
than in 2012, compared
to other industries.
2013
2012

Ariely makes a good argument for concluding otherwise. His research points to the fact
that workers are simply seeking a sense of progress and recognition.
Doing the same thing with the same outcomes leads to a sense that employees are not
‘going anywhere’ and nothing is changing. Cyclical and repetitive tasks and outcomes
are exceptionally demotivating to workers and are major factors in attrition. Progress
means different things to different people, but this also means there are many and varied
ways to offer it. Even physically moving locations can provide a sense of progress, and
68%

More workers in this

59%

Sig
em
fee
dem

jobs this year
Intend to stay in
current role

18%


/09

Frequently think
about quitting

some 74% of workers say they are willing to move houses for the right job. Of these, 28%

45%

4% MORE

5% MORE

would happily move countries or continents for the privilege.
The need for a strong global mobility strategy is important for several reasons, not least
of all because it can provide valuable and compelling reasons for talent to stay put.
However, many North America-based firms seem to see talent mobility as a one-way

26%

process. While local US operations may export talent in an effort to build strong leaders


for tomorrow, the receiving country often ends up investing the most in the talent’s
experience without reciprocal investment. Multinationals must pay greater attention to
developing a genuine ‘two-way exchange’ of talent and skill development, otherwise the
true strategic value of global mobility will be muted.

22%

59%

54%

Signiﬁcantly more
employees in this sector
feel their skills are in strong
demand in the market.
Financial Services sector

2013
2012

With this in mind, it is up to HR leaders and business managers to better communicate
the progress that workers and the business they are working for is making. How we do
this depends on:
• our ability to track progress in meaningful ways, both at a micro and macro level
within the organization; and
• how connected our organization really is to the customers and communities it serves.
68%


General population


People want meaning in their work. And this requires organizations to analyze their own
mission and progress to help each and every employee feel connected to the company.
When our own research shows that just four in 10 workers worldwide (41%) feel they gain
a sense of meaning from their work, something serious is lacking in many workplaces.
Even a small, incremental sense of change and advancement can make
a big difference.

/10

/11

The right
people in the
right jobs

The right people in the right jobs

/12

People do need to love what they do. Sounds obvious, but how
Changed jobs in
43%
the past know are in a job they don’t really like. We’re
many people do you year
Changed company they work for or their boss, we’re
not talking about the jobs to
receive a higher
16%
talking about people who actually like to do the tasks that are part
of their specific Intend to change
skill-set.
What is a little disheartening is that very few people who have moved jobs recently have
18%
found what they areIntend to stay in for. Just 48% say they are happy or very happy in
really looking
current role

Frequently think

53%

64%

jobs this year

their new role.

55%

Workers in this sector are
more likely to report
being happy or very
happy in their job.

45%

The key reasons for about quitting
not feeling satisfied by their job change appear to be that:
• The job differs from what was expected (17%)

5% MORE

• The opportunity for advancement and personal growth is not as expected (16%)
4% MORE
5% MORE
• The work is not as challenging or interesting as expected (14%)
In fact, just 52% of workers globally say they are happy or very happy in their job, which

22%

underlines the critical nature of finding the right fit for the role and for the organization

Workers that are dissatisﬁed
with their new role in this
sector are more likely to feel
that the role ‘differs’ from
what was expected.

26%

22%

59%

54%

more generally. Too much focus on specific skill-sets or previous experience may fail to

Signiﬁcantly more

17%

Other sectors

Of those who have
recently changed jobs in
the sector, 53% say they
are happy or very happy
in their new role.

Intend to change
jobs this year

64%

The right people in the right jobs
Intend to stay in
current role

being happy or very
happy in their job.

18%

Frequently think
about quitting

45%

address the fact that job satisfaction, retention and motivation come down to personal

5% MORE

factors and that these are sometimes overlooked in the recruitment process.
4% MORE
Across all industries, just 29% of employees say they would be very likely to recommend

5% MORE

their employer to a colleague or friend looking for work, and they provide a mean rating
of just 6.8 out of a possible 10 points. This clearly shows that employers often fail to

22%

differentiate themselves to employees—workers feel that employers are ‘much the same’
and few companies know how to target the key

26%
22%
satisfaction

change this perception.


and engagement

issues 59%
to

54%

Signiﬁcantly more

2013
2012

68%

General population

17%

what was expected.
Other sectors

/13

Of thos
recently c
the secto
are happy
in the

/14

Engagement,
connection
and trust

2013

Engagement, connection and trust

Meaning and satisfaction in our work does stem, at least in part, from
our connectivity with others. This is what makes organizations tick,
it’s what collaboration is all about, and it’s actually a very big part of
why we keep turning up to our jobs.

2012

68%

So, it should be no surprise that 63% of workers say their direct manager or supervisor
has a very significant impact on their satisfaction and engagement at work. And, it seems
that many workers (37%) would like more transparency from their managers in the way
they communicate.
It also seems that connectivity with the outside world, and an ability to have clear
ownership and trust in the way that employees use technology, and in particular social
media, is a key point for many. Six in 10 employees (61%) feel it is important to very
important to be given the flexibility to use their personal technology while at work. For
37% of workers, the ability to use employer-provided technology for both work and
personal use would highly influence their decision to accept a particular job or position.
While employers may shake their heads at this idea and feel it’s a ‘small’ issue to which
they should not have to agree, it goes to the heart of how trusted employees feel they

sector say their direct
manager has a signiﬁcant
impact on their
satisfaction at work.

/15

Engagement, connection and trust

would be inside an organization. Clearly, there are specific privacy and security issues that
apply in the finance and banking sector, which may limit the opportunities for staff use of
specific technology. However, balancing risk with return is what financial organizations are
built on, and this capability and mindset must be challenged to embrace new collaboration
and technology tools as well.
For younger workers in particular, arbitrary or outdated rules regarding social media
and technology (no matter how well-meaning) can significantly damage the
employment brand.

/16

/17

The opportunity
to work hard
(yes, really)

The opportunity to work hard (yes, really)

in

to
er
package

ge

/18

Few people say they are leaving their current job and employer
43%
because of money. In fact, they are more likely to say they are seeking
greater personal development opportunities, personal fulfilment,
55%
16%
more interesting and challenging work or more responsibility
(47% combined) than more money (13%).

53%

27%

64%

People consistently say they want a challenge more than they want money or a
18%
promotion,


Of those who have

being happy or very

in


yet this is rarely the basis of how people are more likely to report In fact, it’s recently changed jobs in
matched to roles.

usually quite the opposite. Employers tend to seek employees in their job. knowledge and or very happy
with all the
happy
are happy

nk

experience required to do the job from the outset, and seem to promise advancement in their new role.
45%
after they’ve proven they can do what they have said they can. The mismatch arises when

Slightly more workers in
this sector say their
satisfaction at work would
be assisted by their direct
manager offering more
'public recognition'.

employees, already well-equipped to do the tasks assigned them in a new role, perform
5% MORE
well and are then not offered advancement or new challenges due to lack of availability

4% MORE

within the organizational structure. This is when talent starts walking out the door.
4% MORE
5% MORE

n this sector
l towards
er in 2013
, compared
ustries.

Clearly, the financial and banking sector faces the real and unavoidable barrier of ‘Chinese
walls’, erected within organizations to protect consumers from potential conflicts of
22%

17%

interest. The sharing of talent information must always be done within this context, and

finding ways to better match talent with opportunity despite theserole in this
with their new valid restrictions may
59%
54%
sector are more
require innovation, or even external management of some HR tasks.likely to feel
Signiﬁcantly more

what was expected.
Other sectors

33%

29%

More workers in Financial
Services felt that personal
growth and advancement
was they key issue in
deciding whether to take
one job over another.
Other sectors

64%
The opportunity to work hard (yes, really)
18%

being happy or very
happy in their job.

45%

Of those who have
in their new role.


Being challenged and having the ability to learn is key to all kinds5%workers,
of MORE

4% MORE

but particularly to talent. Being fully engaged with what you do requires effort,
4% MORE concentration, it needs 5%feel special and like it’s worth your effort to be there instead
to MORE

his sector
owards
in 2013
ompared
ries.

of somewhere else.
22%

17%

When asked what a manager could do to improve their satisfaction at work, 53%

33%

Workers Although there
of workers said they would like more training opportunities.that are dissatisﬁed are

financial and logistical barriers to implementing large, technical and formal training
Signiﬁcantly more
models, workers are seeking insight and coaching as much as specific technical skills.
what was expected.
Organizations can provide training in less formal ways, which can be equally beneficial
59%

54%

staff seeking to learn and move roles.

to

Other sectors

General population

The value we place on our work is strongly correlated with how much (meaningful) effort
we need to put into it and how much ownership we have of the end product/outcome.

29%

Other sectors

/19

/20

Responsibility
and feeling
needed

is sector are
to report
py or very
their job.


5% MORE

are dissatisﬁed
w role in this
ore likely to feel
‘differs’ from
pected.

ervices sector

ors

Of those who have
Responsibility and feeling needed
in their new role.

Slightly more workers in this
sector said they felt very
committed to and engaged
with their current employer.
Other sectors

4% MORE

A number of theorists, organizational psychologists and even
philosophers have explored the connection between satisfaction at
work and the impact it has on someone or something else.
33%

11% MORE

32% MORE

29%

It seems that, the more disconnected we become More workers in Financial
from seeing the outcomes and
output of our work, the less satisfying we find it. This is precisely the conclusion that

British philosopher Alain de Botton came to in his was they key issue in and Sorrows
book The Pleasures
of Work. After investigating the ups and downs

More workers in this sector
say they feel valued by
their employer.

of one jobdifferent professions,
many over another.

Botton

63%

31%

More people in this
sector would prefer
pay for productivity.

55%

44%

More also agreed that
this was the way their
salary was structured.

himself concludes that those with direct relationships Financial Services or with great personal
to products, sector

Pay for productivity


Other
investment in their work, find their jobs most rewarding. sectors

Overtime pay

Other sectors

The key here is in the effort and responsibility workers are asked to invest in their job.
This is not about long hours (and in fact, this has been proven to erode satisfaction) but
instead it is about the sense that employees have about how much their organization
and team really needs them.
This is backed up by our own research. We found that most people prefer to be paid for
productivity not for the amount of hours they work (57% compared to 36%), and many
agree or strongly agree (46%) that they would perform better if they were rewarded more
in line with their effort than their hours worked.

/21

Responsibility and feeling needed

/22

On top of this, when asked what would make them more committed to their job, some

4% MORE

32% said, ‘The opportunity to do more challenging and interesting work’. A further 14%
said, ‘More meaningful responsibility’. And just 45% of people say they feel valued by
27%
their employer.53%

55%

Quite deliberately, organizations have become adept at industrializing tasks, processes
and even decisions—sometimes to the point that there’s very little opportunity for

this sector are
ely to report
appy or very
n their job.

individuals to deeply influence and affect significant change. This is what organizations
Of those who have
do best:the sector, 53% say they
they take out the individual factors to streamline, replicate and scale each and
are happy along the way, the feeling of just being another cog in a big wheel has
every action. Butor very happy
in their new role.
become the norm. This is perhaps particularly the case in those more technically driven

48%
68%

64%

Slightly more workers in this
sector said they felt very
committed to and engaged
with their current employer.

More workers in this sector
say they feel valued by
their employer.

Other sectors

operations inside financial and banking institutions, such as IT and operations, where
the micro-management of projects and their associated costs is done right down to
5% MORE
4% MORE
the ‘task level’.
Yes, most organizations say they want talent—the kind that can innovate, effect change

11% MORE

32% MORE

and think outside the box—but they are not always well set up to utilize it. More

%

meaningful responsibility built into tasks, processes and decisions is what many more job
33%
29%

descriptions need if organizations are to
at are dissatisﬁed
ew role in this
permanently and on a contingent basis.
more likely to feel
e ‘differs’ from
xpected.
Services sector

ctors

extract real value from the talent they hire, both

63%

31%

More people in this
sector would prefer
pay for productivity.

55%

44%

More also agreed that
this was the way their
salary was structured.


Pay for productivity


Other sectors

Overtime pay

Other sectors

conclusion

Time and again, our research into worker behaviors and attitudes
shows a significant gap between what employees really seek and
what most employers are providing..
However, the gap isn’t always a result of the factors HR teams and leadership teams
assume it is. Instead of offering new benefits or higher pay, or even flexible working
options, as if this will bridge the divide, the issues at stake for people’s genuine
commitment to and satisfaction with their work is far deeper than this. And, not least of
all, because most workers already expect flexibility to be a given.
In fact, most employees expect that issues such whether they can use the work laptop
for personal email or whether they can work from home are no longer relevant. They’ve
already made the connection between these issues and the productivity outcomes. Yet, it
appears many employers are some way from agreeing.
As a result, workers consistently reveal that they have a deep disconnection from
what their job really contributes to customers, communities and the progress of their
organization more generally. People want to make a difference, and they are willing
to work hard to achieve it. They don’t want to focus on ‘small’ issues or be an easily
replaceable cog in a well-oiled but meaningless wheel.

/23

conclusion

Addressing these challenges requires HR departments and leadership teams to think
differently about how they market themselves to the talent they already have, and the
talent they are seeking. But above all, it requires them to think differently about the kind
of work they ask their people to do, and how much genuine responsibility they give
them to do it.

That’s what talent really wants.

/24

For more thought leadership go to talentproject.com

About the Author
BEN DECKER serves as global solutions manager for Kelly Services®, with a special
focus on Financial Services and Insurance. As a strategic consultant, he is focused
on identifying the workforce trends and labor supply/demand dynamics impacting
these complex industries. Ben has spent the past 10 years of his career working for
Kelly® in areas of service, implementation, sales, and consulting. These experiences
have helped him navigate solutions and services to meet unique client needs. Ben holds a Bachelor
of Arts degree in business administration with minors in human resource management and
economics from the Haworth College of Business at Western Michigan University.
About Kelly Services®
Kelly Services, Inc. (NASDAQ: KELYA, KELYB) is a leader in providing workforce solutions. Kelly® offers a
comprehensive array of outsourcing and consulting services as well as world-class staffing on a temporary,
temporary-to-hire, and direct-hire basis. Serving clients around the globe, Kelly provides employment to more
than 560,000 employees annually. Revenue in 2012 was $5.5 billion. Visit kellyservices.com and connect with us
on Facebook, LinkedIn, and Twitter. Download The Talent Project, a free iPad app by Kelly Services.
This information may not be published, broadcast, sold, or otherwise distributed without prior written permission from the authorized party.
All trademarks are property of their respective owners. An Equal Opportunity Employer. © 2013 Kelly Services, Inc.

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