For candidates in the banking and financial services industry, salary and compensation are the most important factors when it comes to considering a new role. However, there’s much more to it than money. In-house training programs are highly prized and a transparent management style has become even more desirable.
Salary and compensation is the key driver of attraction among banking and financial services candidates, with 18.5% listing it as their number one driver. While base salary must be competitive, candidates are also on the lookout for a broader package. Benefits such as bonuses or profit-sharing, as well as generous parental leave entitlements, are proving to be highly attractive to top talent.
Companies who invest in their employee’s careers are also viewed more favourably among banking and financial services candidates than in almost any other industry. Almost 14% of respondents rank career development opportunities as the most important factor when choosing a new role. In-house training programs are considered a ‘must have’ for at least two in five respondents, while mentoring and coaching programs are also highly regarded. Candidates are also driven by opportunities that may enhance their prospects of promotion, such as external training and secondments.
“Candidates still like hierarchy from a development perspective so they can progress in a structured way, however autonomy is a massive driver in the search for new opportunities. Individuals will give up hierarchy for autonomy. They are also looking at new ways to grow and progress, mainly through knowledge.” – James Holland, Manager – Project Services, Project Management Specialist, Hudson
While long hours are often an expectation for many roles in banking and financial services, a candidate’s desire for work-life balance should not be underestimated – it is the key driver of attraction for 12.9% of respondents. Candidates are also placing a greater focus on workplace culture, which was ranked eighth on the list of key drivers five years ago and has now moved to seventh place. Although ‘management quality’ is now viewed as less important, moving from fifth to eighth place, candidates are looking for greater transparency from management, which may suggest less desire for hierarchical structures.
Salary and compensation remain the key driver of attraction for candidates in banking and financial services, however companies with innovative training programs and more flexible working arrangements look set to stand out.
Environmental sustainability is highly valued among candidates in banking and financial services. One in five respondents ranked ‘Values and protects the environment’ as a must-have quality for employers.
About this research: The data points referred to on this page are drawn from the SEEK Laws of Attraction survey. For more information about the SEEK Laws of Attraction survey and the terms and conditions governing the use of this data, click here.