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.
How to attract millennials to financial services careers
One insurer has figured out how to recruit and retain young workers and has the accolades to show for it. For the last 21 years, Northwestern Mutual has made the top 10 on Vault.com’s internship list, and in 2016, it was rated the best internship program in financial services and fourth across all industries. Michael Van Grinsven, the internship program director, says the secret to keeping young talent is “to not give interns busy work or back-office experience.” The insurer pairs interns with veteran advisors to watch case reviews. The interns also sit in on client meetings to observe how clients make decisions. The result: Fifty-nine percent of the field officer leaders—managing partners or directors at advisor firms—are former interns.
Three ways to measure employee engagement
Before any company takes on a change management initiative, an organizational assessment is the necessary first step. Jeff Mutimer, in his 9lenses.com blog, argues that “employee engagement is key to the organizational assessment process,” and outlines the three ways to measure engagement: 1) Volunteerism (simply ask for volunteers), 2) Communication (measuring the communication needs of an organization can determine employee engagement trouble spots), 3) Training (employees can comment on past training initiatives, identify what types of training are effective, and in what areas future training is needed).
Will robot co-workers make our lives easier? Futurists say ‘Yes.’
According to some futurists, robot co-workers will improve our office lives. “There is clear evidence that points toward robotic automation in many cases being a complement for human labor, rather than a direct substitute,” says David Whitaker, managing economist at the Centre for Economic and Business Research. Robot co-workers will save time and improve the way we work, says futurist Nikolas Badminton. “You’re probably going to walk into an office and your system’s been churning over the last couple of hours considering what’s been going on in business, your role, your job, what you need to do that day, and probably offer up several ideas about the right direction of what to do,” he says.
Banking salaries may increase post-Brexit
Last week, we talked about how major London-market insurers are choosing Luxembourg as a post-Brexit relocation center. This week comes the news that some major banks (including Citigroup Inc., Standard Chartered Plc, Nomura Holdings Inc.) have their sights set on Frankfurt. One recruiter, however, believes that there will be a skills shortage and perhaps banking employees can benefit from this shortage by asking for a raise. Robert Walters, founder and chief executive officer of the eponymous company, told Bloomberg News that “any bank hoping to move work to European cities such as Frankfurt would find there’s nobody to hire,” and added, “salaries would ‘go through the roof’ in order to attract workers with the necessary skills.”
Coaching helps workers cope with the new business landscape
According to the International Coach Federation, 86 percent of organizations saw a return on their coaching investment, and 96 percent of those who have been coached said they would repeat the process again. In her td.org blog, Suzanne Coonan explains why coaching works: “It’s becoming increasingly difficult to lead effectively in today’s complex and rapidly changing business environment. Employees at all levels are asked to do more and more with less and less and are feeling overworked, overwhelmed, and stressed out.” Coonan adds that today’s employees need help navigating the complicated business landscape and the challenges it brings. “Coaching can help by providing much needed support and strategies for not only surviving, but thriving under these difficult circumstances,” she says.