financial services: career development in europe and asia

KELLY GLOBAL WORKFORCE INDEX™

CAREER DEVELOPMENT: FINANCIAL SERVICES & INSURANCE

2Kelly Global Workforce Index™

3 Introduction

4 Employee sentiment remains at low levels

8 Balancing skills with advancement

10 Engaging employees about their careers

14 Employee views on their career prospects

17 Resourcing careers

20 Conclusion

CONTENTS

The Kelly Global Workforce Index

(KGWI) is an annual global survey

revealing opinions about work and

the workplace. Almost 230,000

people from 31 countries across the

Americas, Europe, Middle-East and

Africa (EMEA), and Asia-Pacific (APAC)

regions responded to the 2014 survey.

The topics covered in the 2014

KGWI survey include:

• Engaging Active and

Passive Job Seekers

• Career Development

• The Candidate Experience

from Hiring to On-boarding

• Worker Preferences and

Workplace Agility

This second installment, on the topic of

Career Development, looks across the

EMEA and APAC regions in the Financial

Services sector to learn what employees

are thinking about their careers and

the skills that underpin them.

The report takes an in-depth look at

employee career aspirations, including

the drivers of career goals and the

factors that matter most in keeping

employees engaged and productive.

It also provides a glimpse into the world

of career management, with insights on

what the best employers are doing to

invest in personnel, and the particular

importance that workers attach to career

development activities such as training,

mentoring and skills development.

THE KELLY GLOBAL WORKFORCE INDEX 2014


Financial Services employees are in

demand across the globe as the

growth of financial planning, wealth

management and improved financial

literacy drive the uptake of services and

demand for trained professionals.

Across financial services, banking and

insurance, the focus on professional

development has been accentuated

by requirements for more rigorous

regulation and client-focused offerings.

Along with the expansion of the sector,

there is a strong focus on ways of

harnessing the skills and expertise of

individuals to improve productivity

across the many platforms where

financial services are offered.

This topic seeks to unravel some of the

big questions occupying the minds of

employees as they think about the ongoing

process of managing life, learning and work.

What do employees really want from

their employers? Where do they want to

be in the next 5–10 years? Will the skills

they currently have be sufficient to get

them there? What are the best employers

doing to help advance their careers?

The findings reveal how Financial Services

employees are thinking and the forces

that are shaping their career decisions.

INTRODUCTION

Harnessing skills for success


Employee sentiment remains at low levelsMeasures of engagement and loyalty have a direct bearing

on issues such as employee attraction, retention, morale and

business performance, so they are an important reflection on

the state of health of the Financial Services workforce.

The mood of the labor market remains

a difficult one for many employers, with

job creation slow, economic recovery

uneven, and a restless sentiment

among much of the workforce.

In this environment, firms that are able to

harness the skills and capabilities of their

workforce will be in a better position to

weather these conditions and prosper.

As will become clear in the following

pages, there is a desire among many

employees for skills enhancement, and

an opportunity for employers to invest

in personnel in a way that will benefit

both enterprises and individuals.


The latest Kelly Global Workforce

Index (KGWI) shows that employers

are continuing to confront a challenging

workplace, characterized by relatively

weak employee engagement

and commitment to work.

Respondents in the Financial Services

sector were asked the question: How

committed or “engaged” do you

feel with your current employer?

Less than a third (30%) of respondents,

globally, say they are “totally

committed” to their current employers.

Just 24% of workers in EMEA say

they are totally committed, and a

slightly higher 30% in APAC.

How committed or “engaged” do you feel with your current employer? (% “totally committed,” by region)

EMPLOYEE COMMITMENT

24%EMEA

30%

APAC

30%GLOBAL


It is a similar picture with regard to the

question of employee loyalty. Globally,

just 29% of employees say that they

feel “more loyal” to their employers

in 2014 than they did a year ago.

In EMEA, only 22% report feeling

more loyal in 2014, while in APAC

it is a somewhat higher 34%.

Compared with a year ago, do you feel more or less loyal to your employer? (% “more loyal,” by region)

EMPLOYEE LOYALTY

22%

EMEA

34%APAC

29%GLOBAL


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GLOBAL AVERAGE: 65%

EMEA AVERAGE: 69%

APAC AVERAGE: 64%

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Another sign of the volatility

that still characterizes much

of the labor market relates to

employee plans to switch jobs.

Globally, 65% say they intend to look for

a job with another organization within

the next year, with a slightly higher rate

(69%) in EMEA than in APAC (64%).

However, there are wide variations

across the survey area, ranging from

more than three-quarters in Italy,

Portugal, France and Switzerland,

to a low of 38% in Germany.

Do you intend to look for a job with another organization within the next year? (% “yes,” by country)

INTENTION TO SWITCH JOBS


Balancing skills with advancementThe challenge of attracting, nurturing and retaining quality staff

is common to all employers. Financial Services employees are

required to perform at a high level, to maintain sound professional

standards and to deliver exceptional customer service.

As competition in the sector intensifies,

performance benchmarks have

increased, while the task of managing

and motivating the workforce has

taken on a new importance.

Providing opportunities for employee

promotion is obviously an important

part of this, but so too is skills

development at the individual level.

In fact, many survey respondents

firmly believe that acquiring skills

is more important than advancing

up the corporate hierarchy.


When considering what is best

for their career development,

a majority of Financial Services

employees, globally, say they are more

interested in skills development than

advancing up the corporate ladder.

Globally, 59% are more interested in

acquiring new skills than in reaching a

higher level in their organization (41%).

But there is a strong regional element

to this finding. In EMEA, there is a

resounding focus on skills development

(63%) ahead of advancement (37%).

It is a different picture in APAC, where

respondents are inclined to place a

slight priority on advancement (51%)

ahead of acquiring new skills (49%).

When considering career advancement opportunities, which statement best describes your immediate career goal? (%, by region)

IMMEDIATE CAREER GOALS

GLOBAL

EMEA

APAC

I am more interested in acquiring new skills

I am more interested in advancing to a higher level

59% 41%

63% 37%

49% 51%


Engaging employees about their careersA key element in talent development lies in ensuring

that the people in the organization are being assisted

to manage and develop their skills and careers.

The idea of structured career

discussions between employers and

employees is one that is central to

effective talent management.

Career discussions tap into a desire for new

capabilities, and are an important avenue

for employer–employee engagement.

However, while the career interactions that

take place are well-intentioned, they are

often not meeting the needs of employees.

Career development interactions need to

be carefully thought out so that they are

structured and targeted and so that there

is a productive exchange about individual

career opportunities and limitations.


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GlobalHungarySwitzerlandPortugalItalyUKSingaporeAustraliaPolandNorwayFranceIndiaChinaIndonesiaRussiaGermanyMalaysia

GLOBAL AVERAGE: 47%

EMEA AVERAGE: 48%

APAC AVERAGE: 54%

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CAREER DEVELOPMENT DISCUSSIONS

Career discussions should be

an integral and routine part

of sound career management, but

they are frequently not occurring.

Globally, 47% of Financial Services

employees say they have had a career

development discussion in the past year.

Both EMEA and APAC are somewhat

ahead of the global average at

48% and 54% respectively. (The

global result is dragged down

by just 44% in the Americas.)

The highest rates are in Malaysia,

Germany and Russia (all 60%), while

the lowest are in Hungary (29%),

Switzerland (35%) and Portugal (39%).

Within the last year, have you had a career development discussion with your employer? (% “yes,” by country)


The intention behind any career

development discussion should

be to assist employees to acquire

the skills and capabilities necessary

to advance in their careers.

But not all career development

discussions produce these outcomes.

Globally, 56% felt that their career

development discussions had

benefited them in terms of new skills.

Significantly more workers in APAC

(61%) obtained a direct benefit

in terms of new skills, compared

to those in EMEA (51%).

BENEFIT OF CAREER DEVELOPMENT DISCUSSIONS ON NEW SKILLS

Among those who had a career development discussion in the last year, to what degree do you agree or disagree that the career development discussion was beneficial to you in terms of the opportunity to acquire new skills? (% “strongly agree” and “agree,” by region)

51%EMEA

61%APAC

56%GLOBAL


41%EMEA

57%

APAC

48%GLOBAL

There is also some doubt among

employees about the value of

these career development discussions

in terms of career advancement.

Among those who had experienced

career development discussions with

their employers, less than half (48%)

agreed that they were beneficial in terms

of future advancement opportunities.

But the results vary considerably across

the regions. There were significantly

more workers in APAC (57%) who

derived a benefit from these discussions,

compared to 41% in EMEA.

BENEFIT OF CAREER DEVELOPMENT DISCUSSIONS ON ADVANCEMENT

Among those who had a career development discussion in the last year, to what degree do you agree or disagree that the career development discussion was beneficial to you in terms of potential/future advancement opportunities? (% “strongly agree” and “agree,” by region)


Employee views on their career prospectsSome of the earlier survey findings in relation to employee

commitment and loyalty come into sharper focus when looking

at employees’ views about their immediate career prospects.

What is clear is that employees attach

considerable value to their career prospects

and career trajectory, since it is their

guarantee of job security and prosperity.

Employees also look to their employers

to help advance their careers, and

they will look elsewhere if they see

their careers hitting a roadblock.

Currently, confidence among many

employees is low in regard to their career

prospects with their current employers.

Employers who take active steps to build

careers will reap the benefits of both a

more engaged and committed workforce,

as well as a more productive workplace.


GLOBAL AVERAGE: 36%

EMEA AVERAGE: 30%

APAC AVERAGE: 44%

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Globally in the Financial Services

sector, just over a third (36%)

of employees believe that they will

have the opportunity to advance their

careers with their current employers.


(44%) are confident about their

advancement opportunities than

those in EMEA at just 30%.

To what degree do you agree or disagree that you have opportunities to grow/advance your career with your current employer? (% “strongly agree” and “agree,” by country)

OPPORTUNITIES TO ADVANCE OR GROW WITH CURRENT EMPLOYER


31%GLOBAL

A key element in career advancement

in any given position is the

availability of a defined pathway along

which employees can progress.

Globally, 31% of Financial Services

respondents say that their current

employers provide a career pathway

that would afford career advancement.

Significantly more workers in

APAC (40%) say their employers

provide clear career path options,

compared with just 25% in EMEA.

To what degree do you have clear career path options available with your current employer? (% “very clear” and “clear” path options, by region)

PATHWAYS WITH CURRENT EMPLOYER

25%

EMEA

40%

APAC


Resourcing careers As part of the process of developing their careers,

employees will utilise a range of different resources such

as training, mentoring, coaching and assessments.

With a new wave of empowered employees

taking greater control over their careers,

there is a fresh focus on the effectiveness

of the tools and resources that they use.

Here, employees identify both the

good and the bad in terms of money

spent on developing their careers.

What this shows is that some of the

investment in career development

resources by well-intentioned

employers is being wasted.


The most commonly used tool, or

resource, in the career development

area is employer-provided training,

utilized by 49% globally, but with higher

rates in APAC (54%) than in EMEA (44%).

The equal second most used resources

are mentoring, and training that

is sought out or paid for by the

employee, both used by 31% globally.

Mentoring is far more widely used in

APAC (41%) than in EMEA (21%).

Conversely, self-paid training

is more prevalent in EMEA

(35%) than in APAC (27%).

Other commonly used resources

are career tests (28% globally) and

professional career coaching (24%).

When preparing for career development/advancement opportunities, which of the following resources have you utilized within the last year to realize your strengths? (%, by region, multiple responses allowed)

RESOURCES USED IN CAREER ADVANCEMENT

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Professional career coaching

Career testsMentoring Training sought out/paid for myself

Employer-provided training

EMEA

APAC

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GLOBAL AVERAGE: 31%

EMEA AVERAGE: 23%

APAC AVERAGE: 34%

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For employers, there is an important

question of the right mix of career

development resources, and the extent

to which these are meeting the needs

of employees and the business.

Less than a third of Financial Services

employees globally (31%) are

satisfied with their employer-provided

career development resources.


(34%) feel satisfied with their

employers’ resource offerings,

compared to 23% in EMEA.

The satisfaction rates point to a

mismatch between employers and

employees in some markets, suggesting

that the employer investment is not

always being put to best use.

What is your overall level of satisfaction with the career development resources offered by your current employer? (% “very satisfied” and “satisfied,” by country)

SATISFACTION WITH CAREER DEVELOPMENT RESOURCES


A generation of more empowered

employees is looking to take charge

of their careers, and with that, utilise

the full suite of tools and resources

that will help them to prosper.

Financial Services employees are in growing

demand in many markets as the service

offerings expand to meet new wealth

management needs. They are also being

required to enhance their professional skills

and to become more customer-oriented.

The importance of skills formation and

skills development is more important

than ever for these employees.

The findings of the survey show that

promotion at the expense of skills

may meet a short-term goal but may

not necessarily meet the longer-term

needs of highly skilled workers.

Maintaining and renewing

technical expertise is a core

requirement of this group.

Career discussions with employees

meet a real need. They help forge

career direction and structure, and

they are an important avenue for

employer–employee engagement.

Empowered and autonomous workers

build their strengths primarily through

employer-provided training. They also

seek out and pay for their own training

to continue to build their toolkit so they

are best positioned for the future.

There are a few steps employers can take:

• Fully evaluate existing career

development initiatives to test their

suitability to employees’ needs

and their fit with the organization’s

human capital needs.

CONCLUSION

Making career development a “win-win”• Approach career development

in a structured way as part of

regular performance reviews.

• Consider a career “future-proofing”

exercise to encourage employees to

consider how their industry and their jobs

will evolve, and the skills, qualifications

or training that will be required.

• Develop a knowledge capture program

to harness the skills and expertise

of gifted, expert and longstanding

employees so that this intellectual

property can be retained and harnessed.


ABOUT THE KELLY GLOBAL WORKFORCE INDEX

The Kelly Global Workforce Index (KGWI) is an annual global survey revealing opinions

about work and the workplace. Approximately 230,000 people across the Americas,

EMEA and APAC regions responded to the survey. The survey was conducted online by

RDA Group on behalf of Kelly Services.

EXIT

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