New, agile working models
New generation of financial services professionals is asking for new, agile working models and represent different value systems
Many financial services organisations are beginning to rethink their employee value proposition. More than half of financial services industry leaders (53%) say that top talent prefer to work for organisations with social values that are aligned to their own, making this even more important than competitive compensation (44%).
This reflects the perspectives of the new generation coming into workforce. The findings consistently show that millennials and members of generation Z who have recently begun to join the workforce want their work to have a purpose, they want to feel they contribute something to the world and they want to be proud of their employer. The ability to build and communicate meaning and social value will therefore be an increasingly crucial employer brand differentiator.
To master the forces of change, financial services institutions must reconsider how they will attract, develop, and retain talent. New skill sets will be needed to execute business plans. An agile, flexible workforce will be required to respond to changing business needs while optimizing productivity.
Different approaches to the workforce, such as more flexible career paths, stronger emphasis on work/life balance and individualized employee benefits, will be essential to develop and attract the new generation of talent. Also, fairness and transparency of employee remuneration have become top priorites for professionals in North America, Asia and Europe. Recently published studies suggest, however, that employees are attracted even more by opportunities for career development and learning. Financial service institutions are therefore well advised to offer employees attractive career and talent opportunities and fulfil their promises.