The banking industry has been getting a bad wrap in recent times, but is this scrutiny justified, and is working in banking now radically different to what it was when the industry afforded a much better reputation? Furthermore, are quality candidates really turning their back on the banking sector to pursue careers in seemingly more attractive industries?
A number of commentators persist in suggesting that banks are no longer considered attractive employers, and that the industry will continue to suffer a ‘brain-drain” and fail to appeal to the “best of the best” at an entry level due to its involvement in the GFC. This theory makes sense to the masses, but is definitely being tested in practical terms when jobseekers weigh up their options between working for a bank or chasing down opportunities in other industries.
In our experience, there are three main reasons why people are still choosing banking:
1. Opportunities for international experience — overseas postings and international moves are still more prevalent amongst professionals who work in banking and are not limited to senior roles. In contrast we find commercial companies either less able or less willing to move their people.
2. Access to innovation and technology — banks are some of the leaders when it comes to investing in technology and encouraging innovation, so professionals in banking can access to cutting-edge programs and tools, and have the chance to work on more interesting and challenging projects.
3. Opportunities for training and development — almost all banks are investing in training and development programs in order to increase their chances of attracting and retaining high-calibre professionals.
The views expressed in this column are the author's own and do not necessarily reflect this publication's view, and this article is not edited by Asian Banking & Finance. The author was not remunerated for this article.
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David Barr is a Sales Director at Resource Solutions (Asia Pacific). Resource Solutions is a provider of recruitment process outsourcing (RPO) solutions. It is also a part of the Robert Walters Group.