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Study finds job seekers desire more innovation, flexibility and time for volunteering
Workers in the financial services industry—still rehabilitating its image for its role in the 2008 economic collapse—are searching for new jobs with flexibility, meaningful work and innovation.
A new survey commissioned by workforce management software firm Kronos Incorporated and conducted by Future Workplace, an executive development firm, found that 62 percent of 806 financial services employees feel that the 2008 crisis still impacts how they view the industry. On the positive side, nearly 75 percent believe that the financial services sector can recover from its tarnished image. The survey was conducted between March 27 and April 4.
"Employees today care about competitive pay and benefits, but they also care deeply about flexibility, meaningful work and choosing an employer that is a good corporate citizen," said Dan Schawbel, partner and research director at Future Workplace. "By promoting flexible environments, investing in philanthropy and connecting [the work they do] to positive changes in the world, financial services institutions can continue to succeed and grow in today's global economy and remain an attractive industry for the younger generations."
Sixty-eight percent of respondents said they are interested in remaining in the industry, but more than 25 percent said they are more interested in working in the technology industry, especially Generation Z and Millennial employees (39 percent).
"While high-potential grads from top universities used to make a beeline for lucrative careers in finance, today's young people are increasingly pursuing jobs in tech," Schawbel said.
In another study Future Workplace conducted with global staffing firm Randstad, with more than 4,000 Millennials and members of Generation Z, only 10 percent were interested in a career in finance, while 27 percent said they were interested in working in the tech industry.
"High-potential grads want to work at tech companies like Google and Facebook because they are more innovative in nature, give employees a deeper sense of purpose and offer flexibility," Schawbel said.
[SHRM members-only toolkit: Recruiting Externally and Internally]
Additional highlights from the Kronos/Future Workplace survey include:
O'Connor advised HR not to neglect employee development. "If there is an open dialogue between employees and managers, then they can work together on a development plan that helps employees meet their personal and career-growth goals," she said. "With training, mentorships and opportunities for learning, employees feel like the company is invested in their success."
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