{"id":40858,"date":"2023-03-01T15:51:22","date_gmt":"2023-03-01T15:51:22","guid":{"rendered":"https:\/\/www.frazerjones.com\/?p=40858"},"modified":"2024-12-02T11:19:47","modified_gmt":"2024-12-02T11:19:47","slug":"roundtable-insights-hr-trends-across-financial-services","status":"publish","type":"post","link":"https:\/\/www.frazerjones.com\/nl\/market-insight\/roundtable-insights-hr-trends-across-financial-services\/","title":{"rendered":"Roundtable insights: HR trends across financial services"},"content":{"rendered":"\n
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At Frazer Jones, I\u2019m responsible for engaging senior HR leaders across the industry and delivering high-profile retained searches to meet their hiring needs.<\/p>\n\n\n\n

My role is to support businesses by offering effective and tailored hiring solutions based on a methodological approach and my HR practitioner experience. I coach and advise senior HR leaders on how to best present themselves in a competitive market. I offer market trends, salary benchmarking and practical advice.<\/p>\n\n\n\n

To connect and create a space for like-minded HR professionals, I regularly host insightful executive roundtables across a range of topics and perspectives.<\/p>\n\n\n\n

At the moment, we\u2019re seeing continuing trends in the financial services HR space \u2013 from hybrid working, salaries and innovation to environment, social and governance (ESG). Here are some insights that are at the top of the HR agenda for many businesses.<\/p>\n\n\n\n

There\u2019s no one-size-fits-all for hybrid working<\/h2>\n\n\n\n

It\u2019s clear there\u2019s no \u201cone-size-fits-all\u201d approach to the question of hybrid working. Some businesses have thrived having employees largely back in the office and others fear their top talent will vote with their feet.<\/p>\n\n\n\n

\u201cSupport functions are often forgotten in working policies.\u201d<\/p>\n\n\n\n

Authenticity in communications and commitment from senior leadership teams are key to success for any working policy. Roles that advertise a five-day day working week have been incredibly low on uptake with limited talent and diversity pools.<\/p>\n\n\n\n

Support functions are often forgotten in working policies and are typically asked to be in five days a week to cover potential issues. Employers should be mindful when asking for full in-office coverage when in reality office levels could be low on certain days such as Fridays. Businesses should keep employees within these critical functions happy and engaged too.<\/p>\n\n\n\n

Is hybrid working a generational preference?<\/h3>\n\n\n\n

It\u2019s evident that younger employees have appeared to embrace and even welcome back the return of office-based working. This group may benefit from more office time due to increased learning opportunities and the ability to form strong office bonds through socialising activities.<\/p>\n\n\n\n

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\u201cMiddle management is arguably the most resistant group to a full or increased office return.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Younger people may also prefer the office environment as it provides greater space and access to tools needed to increase productivity and engagement with their workplace. Incentives to this group have landed positively, such as reduced catering costs, free meals and social engagements.<\/p>\n\n\n\n

Middle management \u2013 the path of most resistance<\/h3>\n\n\n\n

Middle management is arguably the most resistant group to a full or increased office return. This precedence is causing an incongruence amongst senior leaders who value their expertise and depth of experience and see them as critical to business success.<\/p>\n\n\n\n

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\u201cA portion of these employees are working parents and have embraced their newfound flexibility.\u201d<\/p>\n<\/blockquote>\n\n\n\n

As a result, they are either taking a hard stance (and risk losing people) or allowing exceptions. This is causing confusion and creating an unfair environment to those abiding by the company’s working policies.<\/p>\n\n\n\n

A portion of these employees are working parents and have embraced their newfound flexibility. They are balancing work and family life in a much healthier way and aren\u2019t on board with a return to previous working patterns.<\/p>\n\n\n\n

Some of these groups are technical experts and could therefore offer excellent mentorship and development to those around them. Businesses should consider how to tap into these experts when there may be limited presence in the office.<\/p>\n\n\n\n

Are leaders practising what they preach?<\/h3>\n\n\n\n

Leadership teams have given mixed reactions to company working policies and are not always practising what they preach. Some have been viewed as missing the importance of flexible working to the employee value proposition and engagement.<\/p>\n\n\n\n

\u201cBusinesses with working abroad policies have been highly rated by professionals.\u201d<\/p>\n\n\n\n

Some of this group were already working flexibly pre-pandemic due to international business trips and client meetings. They are critical to leading and setting an example to the rest of the business.<\/p>\n\n\n\n

Working abroad policies increase popularity<\/h3>\n\n\n\n

Businesses with working abroad policies have been highly rated by professionals, allowing employees to tag on work to holidays. This has directly impacted engagement and retention.<\/p>\n\n\n\n

Global businesses with localised policies<\/h3>\n\n\n\n

Global businesses have given mixed responses globally on stances for hybrid working practices. Localised policies are seeing more successful results and uptake.<\/p>\n\n\n\n

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\u201cSome businesses wish they had returned to previous working policies sooner.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Is there too much choice for employees?<\/h3>\n\n\n\n

Businesses who have communicated a firm stance on their working-from-home practices from the very first contact point with prospective employees (through communications, handbooks, contracts etc) feel as impacted as those with poorly communicated or optional practices.<\/p>\n\n\n\n

Those businesses that gradually introduced a return-to-office policy appear to have had mixed reactions. Some say it\u2019s been successful and others wish they had returned to previous working policies sooner.<\/p>\n\n\n\n

What\u2019s happening in the talent space?<\/h3>\n\n\n\n

Middle management crave more support<\/h3>\n\n\n\n

Middle managers appear to crave more leadership development support. It may be that continued home working and absence of regular in-person colleague engagement has left this group feeling rusty and wanting more support in this space.<\/p>\n\n\n\n

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\u201cSome are feeling vulnerable and disconnected on topics such as diversity, equity and inclusion.\u201d<\/p>\n<\/blockquote>\n\n\n\n

This group appear to prefer bite-sized training opportunities rather than the more traditional and longer overnight team building sessions. Some are feeling vulnerable and disconnected on topics such as diversity, equity and inclusion (DEI) and ESG and require further insights and practical advice around this.<\/p>\n\n\n\n

Middle management is key to enhancing business benefits for each other and potential investors. It\u2019s critical to give them access to information, specialists, experts and disruptors in these fields.<\/p>\n\n\n\n

Millennials and centennials<\/h3>\n\n\n\n

Generations Y (born from 1981 to 1996) and Generation Z (born 1997 or after) appear to be embracing technology-led learning and enjoy creating learning opportunities, such as recording learning sessions with colleagues or YouTube and other platforms.<\/p>\n\n\n\n

DEI for the long term<\/h3>\n\n\n\n

Diversity is seen as a long-term goal. Some industries lack commitment to diversity across all levels within certain specialist areas, leaving it difficult to simply \u201cbuy in\u201d or externally recruit diverse talent.<\/p>\n\n\n\n

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\u201cBusinesses are ready to welcome back interns and apprentices.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Many are tying leadership reward around their DEI goals and seeing stronger results There\u2019s also been great success in allowing employees to innovate and lead on the DEI agenda – as opposed to a single DEI leader within smaller businesses. Diversity hiring approaches such as all-female shortlists have been difficult to achieve in practice.<\/p>\n\n\n\n

Diversity within the market needs to start from within businesses. This includes everything from talent attraction, hiring, their employee value proposition and the way they attract and retain interns and apprentices. <\/p>\n\n\n\n

What are businesses doing to build an inclusive culture?<\/h3>\n\n\n\n

Employees have welcomed spotlighting and talking openly and comfortably around topics previously considered taboo. These include:<\/p>\n\n\n\n