Over a third (37%) of financial service organisation respondents have introduced, or are planning to introduce, flexible-working initiatives as part of their employee value proposition, according to research by Mercer.
Its Global financial services executive compensation snapshot survey, which polled 68 financial services organisations across 20 countries in Europe, North America and Asia, also found that to better attract and retain talent, 34% of respondents are planning to introduce or already have in place a non-monetary recognition programme.
The research also found:
- 43% of respondents have or are planning to introduce remote working programmes.
- 50% of banking organisation respondents plan to make changes to their performance management processes in the next 12 months, compared to 16% of insurer respondents.
- 91% of banking organisation respondents and 72% of insurance organisation respondents have bonus malus policies in place, largely due to regulation. Malus enables the clawback of deferred bonuses, such as in instances of misconduct or risk management failings.
Mark Quinn (pictured), partner and head of the talent business at Mercer UK, said: “Following the financial crisis, the reputation of traditional financial services firms suffered badly. Esteem turned to stigma as a new generation of graduates started rejecting a culture they viewed as aggressive and lacking in integrity.
“Banks, in particular, who have been struggling to attract and retain the best new talent, are realising that these so-called millennials are not just in it for the money. They look for a sense of pride and purpose in their work, as well as flexibility and career support. To attract them, [organisations] need to develop a strong and genuine purpose-led employee value proposition.”