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Finance firms warned over graduate attrition rates
Accountancy News |
09/05/2012
Financial services employers could see increased employee attrition if the economic situation improves, a new study has suggested.
Research conducted by Big Four consultancy PricewaterhouseCoopers (PwC) has suggested that many recent hires are disappointed with the quality of their programmes and level of employer support.
The survey revealed a "significant gap" between what graduates currently working in the sector expect from their careers and employers, and their actual experience.
Worryingly for employers within the sector, 55 per cent of respondents said they had made compromises when accepting a job during the downturn.
And as a consequence, many may choose to look for other employment opportunities as and when they get the chance.
Some 48 per cent of those surveyed said they are already actively looking for new opportunities and another 42 per cent are open to offers.
Just ten per cent of the financial services graduates said they were planning to stay in their current role for the long term, meaning employers face a battle to ensure employee retention.
Jon Terry, partner at PwC, claimed financial services companies are already finding it hard to keep younger workers and this is likely to become even tougher as the job market starts to improve.
"This generation of graduates demand a different approach to recruitment, retention, management and development, which organisations simply can’t afford to ignore," he stated.
"If companies fail to invest in trying to understand what drives this group, they face the real risk of losing large numbers of them to other companies when the job market picks up."
Mr Terry said carrying on with the same approach to recruitment and retention is "no longer an option".
He warned that millennials want more than ‘just a job’; they are looking for a varied and interesting career, constant feedback and the opportunity to progress quickly.
"Their high expectations mean that companies might find it harder than ever to keep their best talent if they don’t adapt their approaches to their development appropriately," Mr Terry suggested.
"This generation of graduates actively seek out employers whose values reflect their own, so the sector’s ability to restore trust and re-engage with society will be critical in attracting the best talent from current and future graduates.”
Posted by Stephen Wilkinson
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