Industry Insights - Finance - For all things money can't buy...
For All Things Money Can't Buy...
Since the end of the financial crisis, banks have been ramping up their recruitment activities in a bid to attract talent in a competitive market. Driven by forces of high demand and short supply, compensation has come under mounting pressure as high-calibre professionals move across banks to secure higher paying jobs.
In this competitive and compensation driven environment, it remains imperative for banks to get their candidate value proposition right in order to successfully attract the right talent.
ANZ was one of few banks that did not stop hiring during the downturn as it acquired selected businesses from RBS. Since then we have hired 500 people and today have a workforce of approximately 2,500 in Singapore.
As a strategic financial centre and a key regional hub in Asia, Singapore faces this keen competition for talent more acutely. It is an exciting market but attrition rates can be high. As the demand for talent grows and compensation levels continue to increase, the industry must seek to manage a more sustainable outcome for managing talent.Talent management is key
In our retail banking and wealth management business, as an example, we have looked beyond traditional sources of talent and explored recruitment pools from other industries. Primarily, we have successfully brought in highly-motivated individuals from the service industry who have the right relationship building and management skills and can be trained in product know-how and technical expertise. This is a great example of how people join us for a career and not just a job.
Also, we offer distinct career development paths that encourage progression. For example, an entry-level relationship officer can develop into a relationship manager and later progress to a head of a business segment.
The ANZ Sales & Service Academy is a structured learning and development framework for our frontline retail banking and wealth management staff that provides technical and product know-how as well as other skills like presentation skills and relationship management. We look at employee engagement outcomes and are very committed to living our ANZ values at all times. We promote a strong work-life balance including encouraging volunteer time and recognising employee contributions. For example, we have the CEO Recognition Awards which recognise people across the bank for their contributions to the business, on a quarterly basis.