Millennials are starting careers in vast numbers and by 2020 will account for 50% of the global workforce. The huge entry figures mean those who were born between 1982 and 2004 are shaping the world of work and the way employers must appeal to them.
It’s particularly important to the financial services sector, which is already facing shortages of talent and often suffers from a lack of diversity in higher positions.
Millennials’ career aspirations, attitudes about work and level of comfort with new technologies are defining the culture of the 21st century workplace.
A PwC survey of 4,000 millennials working in financial services across 75 countries suggested core themes employers should be mindful of.
reputation of the industry.
Over the past few years the reputation of financial services has suffered . More than a fifth (21%) of millennials questioned said they’d rather not work in the financial services sector.
Commenting on the trend, former chancellor Lord Darling of Roulanish said: “Financial organisations need to continue to work to restore their reputation; as reputation matters, not just to the general public, but also to the staff who work in an institution if you are to get the most from them.”
no loyalty.
After the financial crash of 2008 candidates were left looking for work wherever they could find it and perhaps not where they would choose to work. Only 10% said they are happy in the industry they are currently working in.
As the economy continues to grow, candidates are more open to new opportunities: 42% said they’re open to offers and 48% were actively looking for new opportunities.
On top of that, people also do not want to be in the same company for their entire career. More than a third (34%) said they expect to have six or more employers throughout their career.
itchy feet.
Millennials stated that the opportunity to work abroad is oh high importance. Although this might be easy for some organisations who work closely with their global teams, respondents stated they do not want to be based in developing economies.
Only 8% were willing to work in India. There is a firm belief that international experience makes a candidate more attractive to future employers.
management and development.
The report found 69% of millennials working in financial services said they felt that rigid hierarchies and outdated management styles failed to get the most out of younger recruits.
Respondents also flagged that they felt older colleagues were intimidated by their career ambition. There is also the on-going issue of a macho, male-dominated culture in the financial services industry.
Only 23% of board directors of UK financial services companies are women, and only one in seven executive committee members are female in the UK.
show me the money...and other benefits.
In almost every industry there is a greater importance on non-financial rewards and almost three quarters (73%) of millennials in the financial services sector said they’d find the idea of a tailored benefits package appealing.
However, they showed less enthusiasm for non‑financial rewards than their peers in other industries.