Attracting STEM and Business Talent to the Finance Sector
Post financial crisis, one of the biggest challenges for companies in the banking industry was to recruit top talent and in particularly the talent at the forefront of technological problem solving. Millennials are setting their sights on changing the world for the better and their desire and skills need to be matched by employers when guiding them through their careers in the financial sector.
Adapting your company culture
Students who are part of STEM (Science Technology Engineering and Mathematics) and business fields of study have high expectations for their careers and employers are improving their strategies to cater for the needs of these individuals. Nevertheless, it is not small changes that will solve long-term goals and ambitions. Valuing and nurturing the talent through detailed research and continuous developments will see workers trust and commit to their employers in becoming leaders of the future. If your company is ready for the challenge, a good place to start your adaptation is to study how other companies attract talent. Google for example are providing a fun, friendly and social environment by promoting creative activities and offering incentives that develop skills as well as challenge the norm.
Recruiting from other industries is more often than not a requirement when STEM and business talent are under the spotlight. For companies within the financial sector, novel and innovative ideas are the answer to avoiding a repetition of past strategies.
When questioned about which aspects of future employers’ image and reputation were of most importance, it is very worthwhile noting that business students are most likely to prioritize market success whereas STEM students value market success and innovation in equal measure. Although there will be a differentiation in priorities when it comes to location, Millennials are still the majority target talent of the financial industry. In India for example, traditional financial services and global payments company MasterCard say 80% of its current workforce are millennial, which shows a long-term goal for future growth, development success for all involved.
Competitive base salary vs. High future earnings
To those students who prefer to follow the financial services industry route, high future earnings is much more desired as compared to those not looking to enter the same industry. They key word here is future. Students in the early stages of their career are more likely to deal with the short term compensation compromises and reap the benefits later on. The focus for companies looking to retain top talent is to think long-term and invest in the time and resources for a forward-thinking strategy. These students thrive on stepping into leader roles further down the line. Rather than following the trend of limiting the number of top of the career ladder roles and expanding junior roles, give the employees an insight into growth and development within your business.
Training & Development programs are key
If a company was ever pondering over the idea of whether to endorse professional training and development programs, it certainly has no questions about it now. They are must-haves and this is reflected by the opinions of STEM and business students when asked about what is important to them in a future employer. In order for the students to reach their full potential as leaders, they need to grow and develop into the role. More work is being passed down to those at junior level as senior management positions are dissolving through the system. Those entering the workforce at the beginning seem to be aware of the typical nature of the work in the banking industry such as long hours. But the need for a work/life balance has really come to the fore as a major issue for Millennials, and if they don’t see this as a realistic opportunity, they will simple use the experience and continue to leave their roles before the two year point. It’s not only planning for the growth and stability of your workforce, but of your businesses reputation and development.
Companies can potentially help themselves in terms of nurturing and training employees. Growing your own talent by getting them used to your company culture, as well as taking on highly professional and competent individuals and training them on the job can prevent wasting valuable time and resources.
The ability to connect with younger workers means an update of programs. Relying on online onboarding programs that contain endless pages of essay questions are both unattractive and unengaging to Millennials. Everything is on a faster time-frame after growing up with the ability to have any questions answered by the click of a button. Aspects of the job in real-time such as feedback and on-demand solutions which allow them to steer and control their own outcomes. Analyze your company’s effectiveness by continually updating resources and portfolios, but making sure at the same time that you are meeting both your employee’s needs as well as the company’s long-term goal aspirations.