According to a new survey released by international research firm PwC, the financial industry needs to change its policies regarding upcoming talent or face a serious talent shortage in the years to come. The survey indicated that 55 percent of recent graduates (workers born since 1980) made compromises when they accepted jobs during the height of the recent economic recession, and many are seeking new employers or are willing to accept offers from other employers.
As the job market opens back up, top financial talent will be looking for employers willing to offer them more, and not just in terms of a higher paycheck. These graduate workers are seeking fast job advancement potential, regular feedback from their managers, and a career full of varied and interesting work projects. If employers fail to meet these needs, this generation is ready to jump ship.
The survey concluded that only 10 percent of currently employed recent graduates in the financial industry plan to stay with their current employers for the long-term. Almost half of them are actively seeking new opportunities in the job market, and another 42 percent are open to offers from competitors. This means the financial industry needs to clean up its practices and meet the needs of this up and coming generation of talent, or be left wanting.
Already about one-quarter of the 368 financial firms surveyed by PwC have had to delay major projects due to a lack of qualified talent to get the job done. According to the CEOs surveyed, the situation is only going to get worse. With fewer qualified applicants entering the job market, keeping the talent the company has already hired and trained is crucial. As the job market improves, the ability of financial firms to acquire and retain top talent becomes even more challenging.