Other parts of this series:
- Post-Brexit Banking Salaries, Millennial Interns – Talent & Organization Weekly News Update
- New Bank Dress Codes, Change Initiatives in Finance – Talent & Organization Weekly News Update
- Banks Ahead of Silicon Valley in Diversity, VR Learning for Future Workforce – Talent & Organization Weekly News Update
Here are the top news stories in talent and organization from this week.
Banks ease dress codes to attract new tech talent
Last month, Goldman Sachs relaxed the dress code for its tech employees, telling them to “exercise judgment in determining when to adapt to business attire.” One engineer told tearsheet.co that the act was a ‘symbolic gesture’ to “make Goldman engineering more attractive to millennials.” Last summer, JPMorgan Chase opted a for a business casual dress policy across the whole organization, while others, like Citi, have embraced a relaxed dress code more quietly. “Dressing down is as much about attracting and retaining new talent as it is about blending two culturally different worlds, Wall Street and Silicon Valley,” writes Tanaya Macheel.
How to improve the interview process in three steps
The interview process hasn’t changed much in the last couple of decades, says Tiffanie Ross, Senior Director, AIRS Training at ADP. She recommends: 1) Speeding up the interview process by using video interviews and interview-scheduling tools, 2) Ensuring a better cultural fit by creating engaging content on multimedia platforms such as making “day in the life” videos. This type of content on social media or career pages can give candidates a look behind the scenes into what real people “like them” at the company are experiencing, 3) Enhancing the candidate experience by creating interview itineraries, reducing redundancies and changing the compensation conversation.
Women don’t have to golf to have a career in finance
“In the ’60s and ’70s, people thought if women became more like men, then they’d be successful, and there were all these books advising women to take up golf and be part of the boy’s club, which was wrong-headed,” says Richard Nesbitt, a 30-year veteran of senior banking jobs and an advocate for more women in leadership roles in financial services. Nesbitt says promoting women into senior roles is not simply ticking diversity boxes, but also improves the health of the business. “Whenever I created a group that was gender diverse, it got better results – those [gender-balanced] teams were better at doing a cost/benefit analysis and keeping to a budget, better at meeting deadlines and the overall tone and delivery of the product or project were superior,” he says.
Millennial CEOs bring credit unions into the digital age
According to the Credit Union Times, millennial CEOs of credit unions understand they need to lead differently than their predecessors to help the industry survive. “These young leaders use a collaborative management style to attract and retain millennial talent and members to grow loans and believe being a little quirky can help credit unions attract and keep young members,” reports Peter Strozniak. These CEOs utilize mobile banking apps to meet the expectations of digital natives. They add features such as bill pay to the mobile app and a feature that shows members shared branch locations and fee-free ATMs. Mazuma Credit Union even uses “millennial lingo” on its Web site: “Joining is easy. Just give us a call or visit any Mazuma Credit Union office, and we’ll hook you up. You can open an account online. Like, right now. Just click that big button.”
Accenture’s change initiatives making news
Last, but not the least, John Edwards in InformationWeek mentions Accenture’s 2017 Financial Services Change Survey in a story about corporate transformation in the face of digital disruption. “A growing number of financial institutions are concluding that they will have to transform key parts of their business to reduce costs, enhance customer experience, support digital innovation and remain competitive,” Edwards writes and quotes Andy Young, who leads change programs for Accenture’s financial services talent and organization practice:”Most financial services executives agree that digital innovations are likely to fundamentally transform the industry. Financial institutions are investing in digital technologies to make their current business model more cost efficient, provide better customer service and enhance their competitive position.”
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