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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

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TALENT ATTRACTION IN THE BANKING INDUSTRY 1

Talent attraction in the banking industryWHAT 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 BALANCE52%

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 JOB45%

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/INNOVATIVEVERSUS 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/lifebalance

To have aninternational career

To be secure orstable in my job

To be entrepreneurial orcreative/innovative

To be dedicated to a cause or to feelthat I am serving a greater good

To be competitively orintellectually challenged

To be autonomousor independent

To be a technical orfunctional expert

To be a leader ormanager of people

OthersBanking 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?

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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 LEARN MORE?

METHODOLOGY

TALENT ATTRACTION IN THE BANKING INDUSTRY 14

The most influential channels for banking students

14

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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

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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).

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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

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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 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%

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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 19

Implications for employers

19

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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 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

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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,

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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

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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

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THE MOST INFLUENTIAL CHANNELS FOR BANKING STUDENTS

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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.

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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

PERC

ENT

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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 LEARN MORE?

METHODOLOGY

TALENT ATTRACTION IN THE BANKING INDUSTRY 26

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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.

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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 SURVEYBased 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