| | | | | - The McKinsey Quarterly article ‘A Talent |
| Some of the world’s top financial institutions | | | | shortage for European banks’ (July 2008), |
| have hailed from the Netherlands with the global | | | | focuses on the challenges that banks face filling |
| headquarters of ING, ABN AMRO and Rabobank | | | | critical positions in a growing competitive |
| based here, making it an interesting market for | | | | international market. Their research found that in |
| marketing and communications professionals | | | | the next three to five years, the shortage of |
| looking for a position in the financial services | | | | professionals already working in the organization |
| industry. | | | | capable of working in specific areas that are vital |
| | | | | to the success of the business will be become |
| Marketing and Communications Career Challenges | | | | problematic. Banks will, therefore, have to look |
| - The financial services industry is a typically | | | | outside of their organizations for top talent, which |
| traditional and political environment: candidates | | | | can be risky as they must ensure that they are |
| must be able to function well here. Fast decisions | | | | sufficiently qualified and that they understand key |
| and swift processes are often difficult to make | | | | business objectives, as well has functioning |
| under these circumstances. Companies look for | | | | effectively within a different corporate culture. |
| candidates with excellent patience, diplomatic and | | | | |
| convincing skills, who would relish the challenge of | | | | We find that top international marketing and |
| working around these obstacles. | | | | communications professionals in the financial |
| - Financial markets change rapidly. Candidates | | | | services industry possess the following desirable |
| must have the ability to respond to these | | | | traits: |
| changes, while also maintaining the ability not to | | | | - Solid economics/business academic education |
| lose sight of long term objectives and strategy. | | | | - Experience working with financial services, to |
| - Strategic marketing positions with a product | | | | have gained in depth knowledge of its products |
| emphasis typically require candidates with industry | | | | and services |
| specific experience (such as experience within the | | | | - Passion for banking |
| Asset Management business in a marketing | | | | - Capable of understanding non tangible products |
| function). | | | | and services |
| - Attention to detail is of the utmost importance. | | | | - Holistic vision |
| Compliance and risk play a huge role in ensuring | | | | - Able to function in complex and political |
| that facts and figures are correct. | | | | environments |
| - The relationship between financial institution and | | | | - Analytical mindset |
| customer is based on trust, by comparison with a | | | | - Strategic mindset but flexible enough to adapt |
| consumer organization. Financial customers base a | | | | swiftly to the market |
| lot of their decisions on corporate reputation and | | | | - Native English skills |
| if this image is tarnished, the bank will suffer | | | | - Excellent messaging skills |
| enormously. | | | | - Energetic and resilient personality |
| - We have observed that the main challenges in | | | | - Adaptable |
| Communications functions are not only a result of | | | | - Diplomatic |
| the complex information which is being | | | | |
| transferred, but also the stakeholders who are | | | | There are many comparable attributes that both |
| being targeted: for example, the internal audience | | | | marketing and communications professionals |
| within banks are often highly educated, busy and | | | | share. However, we have noted that clients |
| senior individuals and the tone of communications | | | | seeking top communications talent do not always |
| has to be adapted to complement this. | | | | require experience in the financial services industry |
| | | | | in comparison with marketing positions. This is |
| Challenges attracting and maintaining top talent | | | | because less financial knowledge is required, while |
| We have noted the following challenges when | | | | experience in complex and political organisations is |
| assisting our clients to attract, source and maintain | | | | essential. We, therefore, sometimes look for |
| their top talent pools: | | | | candidates with experience in industries where |
| - Our research has found that candidates in the | | | | knowledge and skills can be transferred such as: |
| financial services industry can be focused on | | | | political organisations, NGOs, consultancy and |
| remuneration as opposed to corporate culture or | | | | taxation firms, business-to-business service |
| values due to the competitive nature of the | | | | companies. |
| business. It can, therefore, be a difficult task to | | | | Salaries |
| engage and retain employees as readiness to | | | | As well as generous salaries, holidays and |
| move is greater in comparison to other industries. | | | | performance based bonuses, Banks offer up to |
| From a communications perspective, it can be | | | | 30% off financial products and services such as |
| more difficult to engage employees with the | | | | mortgages, which can make a huge impact on |
| bank’s strategy. | | | | one’s net disposable income. |