News

The latest group of employees to enter the workforce are known as "millennials". Their behaviour is very different from older generations and millennials have more in common with the finance sector's fastest growing customer base. Understanding the latest pool of talent is critical for business success.

Flexibility is critical

Workplace flexibility is more in-demand in the financial sector than almost any other sector and graduates are no exception. Recent research by PwC revealed that 94% of millennials said that workplace flexibility is important to them, but 28% of those said that flexibility was worse than they expected when they started their job.

For many graduates, their personal and professional lives are intertwined. They want the ability to spend time with friends and family throughout the day but the way finance companies are set up makes it impossible to work from home.

Feedback and the corporate ladder

Graduates crave feedback. They are unlikely to be satisfied with an annual review and want feedback in real time. Making a positive contribution is important to them and they need reassurance that they're doing so.

They also expect rapid progression. Often frustrated with how long it takes to move up the ladder, graduates place more value on the results they have delivered than "doing their time".

According to the PwC research, millennials see the financial services industry as a stepping stone to other career options. Only 10% of millennials in the industry plan to stay in their current job for the long term, compared to an average of 18% across all industries. Furthermore, 42% are open to offers from other companies and 28% are actively looking for the next big opportunity.

Money matters

While meaningful work is a priority, the study revealed that money matters to financial sector millennials. Of those surveyed, 38% said that starting salary was a key factor in accepting their job and 44% rated cash bonuses as an important benefit.

Jeans on the job

Finance companies are increasingly ditching the suit and tie for more casual attire. A study by MTV found that 79% of millennials think they should be allowed to wear jeans to work at least sometimes, compared to only 60% of baby boomers.

Sources:

http://www.forbes.com/sites/danschawbel/2013/11/05/top-8-workplace-trends-in-the-financial-services-industry/
http://www.pwc.co.nz/KenticoFiles/19/19650cd0-fcf1-49bb-9a59-2f031c33223d.pdf