Financial firms need new approach to Millennials
Are Millennials really unhappy with Wall Street?
You might get that feeling judging from recent media coverage about all the Occupy Wall Street-inspired protests at recruiting events on campus. But the reality is that money will always represent a very powerful allure for young people. Plenty of young graduates are still pining for Wall Street careers, though everyone knows that it can really take a toll on people over time. The idea of "getting out" is not far from anyone's thoughts.
For the Millennials, one thought is whether they want out earlier in their careers. A recent study from PwC found that 55 percent of all financial services employees born since 1980 made compromises when they took their jobs. More than half are actively looking for new jobs. About 21 percent said they would prefer not to work in the financial services industry. Only 10 percent said they were planning to stay in their current role for the long term.
HR says that, "financial services firms need to adopt a different approach to their graduates' careers or risk the sector's current talent shortage growing further."
PwC says, "Financial services companies might have a tougher time competing against other industries for the reputation-conscious millennial generation, whose experience and expectations have been marred by the financial crisis. This generation of graduates actively seek out employers whose values reflect their own, so the sector's ability to restore trust and re-engage with society will be critical in attracting the best talent from current and future graduates."
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Millennial workers to leave Wall Street?