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Economic headwinds are making robust finance functions and talented finance professionals ever more critical to organisations. This, combined with talent shortages and large numbers of resignations in recent months, has led employers to re-evaluate their employee value propositions (EVPs) in a bid to compete in the race for talent.
Your employee value proposition (EVP) is a measure of the value you offer to professionals considering joining your organisation. EVP is not just about salary, or even salary plus benefits. It's about everything that affects your desirability as an employer, including considerations like company culture and reputation.
At Michael Page Finance, we work closely with clients on their EVPs and have seen how the events of the last few years have elevated its importance for successful hiring. For instance:
To learn more about what they are looking for in an employer, and what makes them seek new opportunities, we surveyed hundreds of professionals working in finance and financial services. Here, we'll present the key takeaways and discuss what they mean for your EVP.
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The pull factors within your EVP are the benefits and perks you can offer to applicants: the bargaining chips when negotiating a new hire.
Below, we summarise what finance professionals said they look for when seeking a new job, highlighting the most common responses, as well as those that were significantly more important to finance sector workers than to the average respondent.
To find out what elements of an EVP finance professionals value beyond salary and benefits, we asked respondents to select the most important elements of a prospective job. Here were the top responses:
Interestingly, we found that finance professionals are significantly less likely to need a sense of purpose from their job. Just 40% said this is important to them, compared with an average of 48% of respondents across all sectors.
Benefits are a more tangible component of your EVP and can be highly influential in attracting people to your organisation. Our survey found that benefits are particularly important to finance professionals, with the below coming out top:
Of the ten benefits we asked about, finance professionals were more likely than average respondents to seek four of them:
These are great examples of benefits which strengthen your EVP without driving up the salary you are offering, saving you money while enabling you to attract top candidates.
Perks are like benefits on a smaller scale. They might not single-handedly land you a high-profile applicant, but they can certainly tip the scale in your favour. Here are the most popular among finance professionals:
Perhaps unsurprisingly, we found that free financial advice is valued more by finance industry employees than by the average worker. Nearly one in four (24%) said they find free financial advice to be an appealing proposition, compared with 18% across our survey as a whole.
Retaining talent is also part of your EVP, and it's important to remember this. Your EVP for existing employees can be different from the one you offer to new applicants, but you need to show that you value your current staff too.
Our survey showed that finance professionals have been in their role for an average of 6.8 years, a little below the overall average of 7.2 years for all sectors. The 'itchy feet' moment when finance employees start looking for new employment opportunities comes after just 17 months, slightly below the average of 19 months, and less than a year and a half.
The most common reasons given by finance professionals for seeking new roles were:
All of these reasons were cited by about one in five finance employees in our survey, highlighting how much of your workforce you could reach by tackling even one of the above.
With lack of salary satisfaction coming joint first in the list of issues most likely to compel a finance professional to seek greener grass, it’s essential to stay up to date with salary benchmarks in the space.
Check out our free 2023 Guide to Salaries and Hiring Strategy in Finance salary guides for the latest market data.
Our survey found that after their first 'itchy feet' moment, finance professionals typically start looking for alternative employment within five months, and find a new job in less than four. Clearly, it should be a priority for employers to both minimise turnover and attract talent when they need to.
Whatever your talent needs, we have a team on hand to help. Our Page Consulting team specialises in workforce planning and helping organisations build their EVPs. When it comes to hiring, we have finance-specific teams operating across multiple levels of the job market:
Michael Page for qualified professional and management roles.Page Personnel for professional clerical and support roles. Page Executive for executive level roles. Page Outsourcing for custom volume hiring solutions.
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