Attracting the bankers of the future
For bankers, managing the aftermath of the financial crisis must have often felt like a war of attrition, with battles won swiftly followed by new and tougher challenges.
Few top bankers would dare claim that the industry is ‘fixed’. However, many are beginning to turn their eyes to the future. What’s the destination? What sort of culture do they aspire to? And, fundamentally, what does that mean for the management of bank
Given regulatory pressure, a swathe of recent scandals and evolving social attitudes towards the industry, bankers recognise that their talent strategy, from recruitment through performance management and compensation, must change. In particular, many are focusing on their graduate hires who will be the culture-carriers of the banks of the future.
In discussing these issues with senior executives at leading institutions, several key questions emerge:
- How have students’ career intentions changed since the financial crisis?
- What motivates students considering a career in banking, i.e. what are their aspirations?
- How do students perceive banking? What associations does the industry carry for them?
- How do these feelings vary across borders?
- Are investment banks perceived differently from retail, private and universal banks?
The results of the Deloitte Talent in Banking Survey show that student career priorities and attitudes towards banking are changing. They suggest that banks must respond decisively if they are to continue to attract the best talent. Below are the report’s key findings.
- Banking is a less popular career choice among business students today than in 2008.
- Preparing for the future is more important than starting on a high salary to those considering a banking career.
- Banking-oriented students want a supportive and dynamic workplace, but don’t expect banks to provide it.
- Banking-oriented students do not expect to achieve their career goals working in banking.
- More than half of business students expect to move on from their first employer within three years.
- Banks are not considered diverse places to work.
- Banking-oriented students’ expectations of banking vary widely by country.
- Investment banks are seen as extreme versions of other banks, offering more money and prestige, and less equality and friendliness.
- Ethics and corporate social responsibility are low priorities for would-be bankers