Beyond compensation, candidate motivations in the workforce differ based on personal values. For U.S. financial services candidates, however, the motivations are especially distinctive, if not altogether surprising. They follow the beat of their own drum and employers would be wise to understand what makes them tick on a deeper level if they want to attract and retain top talent.
For decades, U.S. financial services candidates followed the best brand names in the business to help build their careers and climb the corporate ladder. Mergers, acquisitions and the Great Recession have changed that playing field. Technology and automation have forever altered the nature of the industry. Turnover has become the major pain point. But the long-term forecast for financial services candidates suggests a talent squeeze; Gen Xers (ages 35 to 49) will start retiring with an insufficient number of millennials (ages 25 to 34) to replace them. One in four CEOs in financial services sector reports that they cancelled or delayed a key strategic initiative within the past 12 months because the right people were not available.
To better understand how employers can leverage global candidate preferences and perceptions, ManpowerGroup Solutions, the world’s largest Recruitment Process Outsourcing (RPO) provider, went directly to the source: candidates. In the Global Candidate Preferences Survey, nearly 14,000 individuals currently in the workforce between the ages of 18 and 65 shared what matters to them in the job search process. The survey was fielded in 19 influential countries around the world during the fourth quarter of 2016. In the United States, ManpowerGroup Solutions surveyed 1,384 candidates and special emphasis was given to the fastest growing industries: financial services, healthcare, information technology (IT) and retail.
The fourth in a series exploring U.S. candidate preferences by industry, this report provides new insight into the successful recruitment and hiring of financial services candidates. The results reveal what is important to financial services candidates, how they are different from much sought-after IT candidates and why thoughtful strategies for recruitment and retention can help avoid a potential talent shortage in the industry.