WHAT UNIVERSITY STUDENTS LOOK FOR IN FUTURE EMPLOYERS AND THE IMPLICATIONS FOR COMPANIES THAT SEEK TO HIRE THEM.
When Dan Makoski left Google in mid-2014 to become the first-ever vice president of design at Capital One, heads were turned.
Makoski was a member of Google’s secretive ATAP group – a band of tech savants who are “some of the most experimental hardware, software, and interface designers and engineers on the planet”, according to Fast Company. Capital One’s ability to lure Makoski was unusual because the industry has struggled for years to attract top talent – particularly technology and digital media talent – to what some see as a technology backwater.
“The banking industry has gotten so much negative publicity through the past several years, it has made it more difficult to recruit people,” says Bruce Livesay, CIO at First Horizon National Corp. Catherine Bessant, head of Bank of America’s global technology and operations team, puts it even more flatly: “It’s handto-
And yet, attracting top talent is exactly what the banking industry needs to overcome its myriad and systemic challenges in the coming years. The most pressing talent crisis for banks is related to hiring technology skills due to seismic changes in the industry:
In addition to the challenge of recruiting tech talent, banks also struggle to attract top talent in risk management, data analytics and HR/talent development, to name a few. And like many other so-called ‘boring’ industries, banks simply do not have strong employer branding programs to attract, recruit and retain the very best professionals. Long known as a traditional, innovation-poor industry, financial institutions rarely tell their employer brand story in an authentic, engaging way. (It does not help that the industry still suffers from a lingering negative image after the banking crisis.)
Even with all these challenges, banks have a compelling story to tell future employees. In few industries is the role of technology innovation such a differentiator as it is in banking. From mobile banking and online payment tools to new ATM technologies and virtual currencies – the industry is undergoing a sea change in how it interacts with customers. On top of that, the forecast for economic growth is very strong, particularly in regions currently underserved by banking. New populations across the globe are demanding financial products that were once off-limits: mortgages, investment services, small business lending and retail banking.
Each year Universum surveys the professional expectations of one million career-seekers from 55 countries, and publishes dozens of reports on the top issues affecting global talent and the companies that hire talent. In this report, part of our Talent Insights Series, we uncover what university students look for in future banking employers – and how companies can translate these findings into actionable steps for HR, recruiting and C-level leadership. For the financial services industry, the task is both daunting and full of promise.
What university students look for in future employers and the implications for companies that seek to hire them. Learn more by downloading this special report.