How banks are changing old ways to attract Millennials

How are financial employers collaborating with and, most importantly, attracting and retaining their Millennial candidates?

1. Millennials need more than (good) money

A distinctive feature of Millennials candidates is their need to be fulfilled at work, much more so than previous generations. According to research by the iOpener Institute, being involved in work that is challenging and interesting is a top priority. This generation needs to feel their work is worthwhile and makes a valuable contribution to society or the economy.

So, for financial services employers, whose reputation may have been damaged by the 2008 financial crisis and a string of subsequent corporate scandals, fulfilling the Millennials’ need to feel worthwhile is a challenge. The way the world’s largest banks have tackled this issue is by having done considerable work to restore their image and show they care – Barclay’s Transform programme is a typical example.

2. Image is everything

Successful business leaders understand that a powerful and positive corporate image is as important to the inside as it is on the outside. As Jeff Bezos, CEO of Amazon said: “Ultimately, a brand is the things people say about you when you’re not there.” That includes employees.

Sir Martin Sorrell, CEO of WPP, the world’s largest advertising and marketing agency, once noted that ‘internal communications’ is one of the most important developments in the workplace. “Every CEO is now focused on internal communications, which is seen as a key challenge and opportunity to make sure that people understand and live ‘the brand’, as well as the vision and strategy of the company,” he said.

Financial firms’ leaders have indeed gone to great length to ensure they reach out to employees and share their vision for the business. Through blogs, videos, town halls and other channels, CEOs – backed by their internal communication teams – try to create an inspiring leadership that will drive their companies forward and contributes to the creation of a collaborative and inclusive environment. Peter Aceto, CEO of online bank Tangerine (ex-ING Direct Canada), excels at it. With his ‘Direct Talk’ blog and 17,000 Twitter followers, he is one of the most dedicated social posters in the industry.

3. Diversity – it’s not just a buzzword

A winning human resources policy to recruit and retain Millennials candidates will emphasise diversity, transparency and fairness. “Building workplace trust is the best investment your company can make, leading to better recruitment, lower turnover, greater innovation, higher productivity, more loyal customers and higher profits,” says the Great Place to Work Institute. The world’s largest banks are now involved in a race to offer the most comprehensive corporate social responsibility (CSR) programmes. This year, Bank of America Merrill Lynch was deemed to be the best at it. It won Euromoney’s Award for Excellence 2015 for corporate social responsibility due to its work to back female entrepreneurs and to mentor young people.

4. A particular focus on personal development

Millennials thrive on mentoring and feedback, which means they sometimes suffer from an undeserved reputation of being ‘pampered’ or ‘needy’. This is because they treat their career like a professional and personal journey. “The message is clear: When looking at their career goals, today’s Millennials are just as interested in how a business develops its people and how it contributes to society as they are in its products and profits,” said Barry Salzberg, CEO of Deloitte Global, in the company’s Fourth Annual study on Millennials.

Banks have various talent management programmes to mentor, train and empower Millennials alongside other employees. Career paths are defined and refined through regular meetings with managers, HR personnel or work coaches so employees feel they are supported and guided in the right direction. JP Morgan’s comprehensive continual training programme is renowned within the industry. Their employees can expect many learning opportunities and training programmes.

This is particularly important for Millennials, who demand greater recognition and need to know that what they are doing is meaningful. If those needs are not met, the danger is that they will soon leave. There is a high level of fluidity in Digital Natives’ personal and professional lives. Compared to previous generations who seek more stability, Millennials more readily jump from one job to another.

I hope you found the above information interesting and useful – please see below for links to other financial markets blogs which may be of interest to you and your teams:

• The basics of business partner functions
• Business partners should be seen, and heard
• Too much pessimism clouds silver lining for China’s economy
• Digital destruction: Could Fintech kill banking jobs?
• Intrapreneurship and labs: How banks are fostering innovation
• China stock market jitters: Keep calm and carry on
• Marty McFly, Twitter & better Investor Relations

Author

Geoff Fawcett

Director, Hays UK

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Geoff Fawcett has been in the recruitment industry for over 16 years. He is currently responsible for Hays Financial Markets, which provides an integrated recruitment solution to London based Banking & Financial Services organisations. Specialist divisions include Finance, Operations, HR, Marketing, Purchasing, Secretarial, Risk & Compliance, Front Office, Finance Technology and Executive with in excess of 100 consultants.