Cost-cutting at banking and financial institutions around the world is impacting confidence of employees in the industry locally, with employees ranking the financial health of a company as the most important factor when looking for a new workplace.
This was the key finding in the 2012 Randstad Award survey of 4000 Singaporean employees, who ranked the financial health of a company as the top priority (27%), followed by long-term job security (18%) and competitive salary and employee benefits (17%).
These were key considerations of employees when they were choosing a prospective employer.
Uncertain economic outlook affects worker confidence
The findings suggest the uncertain economic outlook is affecting the confidence of banking and financial services workers everywhere.
Employees appear to be cautious as companies look to undertake cost cutting in order to achieve financial performance targets, despite the strong fundamentals of the local Singapore labour market and a low unemployment rate of 2.1 percent.
To alleviate these concerns, business leaders at banking and financial institutions should incorporate a strong message about financial stability and corporate strength into their employer branding efforts.
This will position an organisation as an employer of choice, fosters brand loyalty and will attract and secure banking talent in Singapore’s skills-short marketplace, giving employees a sense of greater security.
Men are after global career opportunities
The Randstad Award survey found a difference in opinions between male and female respondents. Among the most important factors for men to join an organisation was the offer global career opportunities, good training and strong management.
Women are after good working environment
On the other hand, workplace location, flexible working arrangements and a pleasant workplace atmosphere were most important for women. Interesting job content was equally valued by both males and females.
The survey also showed that long-term job security, flexible working arrangements and companies that promote diversity in the workplace are a greater focus among mature workers, while younger respondents look for global career opportunities, good work-life balance and training.
It’s important for organisations to understand what people value and what motivates their career choices.
With Singapore experiencing continued low unemployment, it will be imperative for banks to attract and retain the best talent and create a vital competitive edge in today’s marketplace.
Richard Farmer, Director – Professionals, Randstad
The views expressed in this column are the author's own and do not necessarily reflect this publication's view, and this article is not edited by Asian Banking & Finance. The author was not remunerated for this article.
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