Financial services organisations are used to dealing with change since adapting to macroeconomic upheaval comes with the territory. But they now face a new, looming threat: The Great Resignation. This article was jointly written by Visier team members Robert Sullivan, a Business Development Representative, and Joseph Honess, an Account Executive.
Employee resignations are on the rise, and data indicates that financial service workers are considering their career options–in significant numbers. Research commissioned by Visier in the UK showed that more than half of financial services employees (52%) expect to actively look for jobs outside their current company in the next 12 months. And the majority of them (62%) are even considering moving into a new sector or career altogether.
What’s causing financial services employees to resign?
It would be easy to blame this apparent employee disengagement on a failure to respond adequately to workers’ needs during the pandemic. But it would be incorrect.
The same research revealed that as many as 77% of UK financial services workers said they felt well supported by their employer over the last year, and 72% said they would recommend their company as a place to work.
Understanding the hierarchy of reasons for disengagement is complicated. Factors like an employee’s work life balance and salary have always been a driving factor for moments of change in jobs and careers, and they always will be.
However, they don’t tell the full story–and can fool companies into thinking they are all that matter.
“Softer” factors can have a big bearing on employee churn
The research showed us that a lack of skills training has a major impact on financial services workers’ career. More than half of employees said they are worried that their career will stall if they do not develop more skills.
And that insecurity about skills is translating into an existential threat to the business itself. Less than six in ten workers said they are confident their employer is bringing in the right people to keep pace with clients’ expectations for digital services.
Forewarned is forearmed
Employers need insight to be able to address the impact of the growing skills gap in the sector. After all, more than three-quarters of HR leaders said it would be easier for them to create a better culture if they had more insight into workforce behaviours and attitudes.
Identifying where skills training is negatively impacting employer perception gives businesses the ability to take corrective–and pre-emptive–action. And that can reduce churn, boost competitiveness, and lead to better quality services.
For a deeper dive into the research and to read more about the impact of skills on financial services job satisfaction, and the power of workforce data in helping organisations rise to the challenge, check out the full Visier Report on “Addressing the Financial Services Skills Crisis Through People Analytics.”
About the Authors:
Robert Sullivan: Robert is a B2B Sales Professional with 15 years experience of selling into the HR function. Excited to be working in the people analytics space, as we are now seeing first hand, the importance that people data and insight can play in making the workplace a happier, healthier and more engaging environment for employees. Born an bred in South East London, and still live there today.
Joseph Honess: Joe has spent the last 10 years working in the HR tech space, working with organisations to improve the employee experience through enhancing HR processes identifying risks and opportunities through and analytics and insights. At Visier, Joe focuses on supporting Financial Services, Fintech and Professional Services organisations with their people analytics and workforce planning strategies.