The financial services sector is undergoing a time of ongoing change. Developments across the industry in regulation and technology mean organisations need to be prepared with the talent needed to generate growth. However, our recent Hays Financial Markets Rewards Report 2017 revealed nearly half of employers lost candidates in the last year due to uncompetitive salary or benefits packages.
We all know that rewards and benefits packages remain crucial for financial services organisations to maintain their competitive edge in hiring, but are you certain your offering matches what employees want and expect?
Salaries and bonuses remain vital
It is no surprise that salaries remain a key driver to employee movement in financial services, with 82% being tempted to move role for the salary or benefits package on offer. However, over a third did not receive a pay rise last year, and 6% saw a decrease in salary, highlighting the importance for employers to carefully consider salaries to retain skills.
Bonus expectations are also decreasing, falling from 59% of professionals receiving a bonus last year to 41% expecting one in 2017. In a sector typically driven by financial incentives, it is important that employers promote their wider set of benefits they offer in order to help retain talent.
Emphasise career development
Looking outside of salary, our report reveals that career development is the most important factor to 59% of employees when considering a new role. However, only 26% said their employer provided financial support for professional studies. Offering support for training is not only beneficial for employees; organisations will have the added advantage of being able to address skills gaps within their teams.
Flexible working is no longer a ‘nice to have’
Flexible working options are also proving to be a successful way for financial services organisations to compete for talent, and indeed 84% of professionals believe flexible working is important when considering a new role. Technological developments are enabling organisations to be more able to offer options such as home or remote working to their teams. Whilst not always possible for all roles in the sector, the importance of flexible working cannot be ignored, and could act as the difference between candidates accepting your job offer over another.
Gender diversity will fill your skills gaps
Improving gender diversity is an ongoing challenge in financial services, with 62% of employers considering their gender diversity policies a priority this year. Gender diversity brings a number of benefits to an organisation, not least of which include the widening of the talent pool, of particular importance for employers facing skills shortages within their teams. Preparing for the future Financial services are facing uncertainty in the coming months, and the need to find and retain key skills to weather industry and wider market changes is more important than ever. Employers must therefore ensure they are offering the rewards and benefits that professionals seek in order to effectively compete in the war for talent.
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To find out more, or to discuss your recruitment needs in this field, please contact your local consultant.