The Financial Industry Should Worry About Their Non-Financial Talent
Predicting some retention issues but what do I know...
60 second read | 1:18 video | Chime in on LinkedIn here
The disconnect over remote work is driven by people living (or should I say working) in their bubbles.
No one is exempt. Myself included. People tend to base their perceptions on what we see with our own eyes. Then reinforce it with confirmation bias.
Echo chambers, as the kids call it.
I’ll pick on the financial industry though. Because they’re big, they have a lot of cash, and as a whole they’ve tended to push ‘back to the office’ from day 1. (e.g. Chase, Morgan Stanley, etc., here.)
Take a step back. To understand how remote work has permanently changed the hiring market, take a look at smaller market cities. A digital marketer or product manager in a place like Des Moines used to be tied to whatever employers were based there.
Now? The world is their oyster. There’s no shortage of orgs who will hire great talent, anywhere. It doesn’t require *every* company, or even a majority, moving to full remote.
A minority of companies going full remote completely changes the game.
But it works the same way within industries. Talking to people in finance: they’re tied to what their orgs are doing. Because so many of them have adopted the same “we have to go back” policies.
So the Chase’s of the world are safe as long as everyone else is doing it, right?
Well...they also employ a lot of digital marketers. And HR people. And operations. All kinds of people who have options outside of finance.
One thing I’ll say one nice thing about big banks: historically they aren’t the easiest places to recruit out of. They pay well. Great benefits. No doubt they feel they can call their shots in hiring.
But remote is a game-changer. The old tricks of retention are no longer valid.
Jin Bacheller is a colleague of mine. He focuses in finance & accounting recruiting and has a lot of experience working in the financial vertical. This clip comes for the segment “Why Is the Financial Industry Opposed to Remote Work?” where he provided a lot of great insights.
FULL DISCUSSION HERE.
Note: we shot this about a week before the delta variant spiraled out of control. So...our time frames may be a little off.
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