Banking sector remains steady throughout GFC

Banking sector remains steady throughout GFC

Sector seen as relatively stable despite instability overseas

5 May 2015: New Zealand’s banking and financial sector is well-positioned within the labour market for the coming year, with strong name awareness and attractiveness amongst potential employees.

The Randstad Award employer branding research shows that the attractiveness of the banking and financial sector has stayed steady for the third consecutive year. When asked, 30.21% of respondents said they would like to work for companies in the sector, compared to 29.03% in 2013 and 30.93% last year.

The research, from HR and recruitment experts Randstad, also found that the banking and financial sector has the greatest name awareness of all sectors. This year 80% of potential employees recognised one or more companies operating within the sector. The result is on par with last year’s findings, but a massive increase from 2012 and 2013’s results of 54% and 72%, respectively.

Brien Keegan, Country Manager of Randstad New Zealand, says that New Zealand’s banking and financial services sector has remained relatively stable throughout the Global Financial Crisis (GFC), compared to those in other countries.

“While New Zealand has been affected by the GFC, New Zealand’s banking sector has not been as adversely affected as those in other countries, in particular in the United Kingdom and the United States of America.

“For prospective employees the potential benefits of working in the sector, such as a good salary and opportunities for career progression, outweighed any instability within the sector. As the New Zealand economy improves following the GFC, the banking and financial services sector has become even more appealing.”

This view is reflected in the Randstad Award research, which found the attractiveness of employers within the banking and financial services sector in the United Kingdom, United States of America, Germany and Japan had all decreased in 2015.

Five years since the first Randstad employer survey was undertaken, the most important criteria for New Zealanders when choosing an employer continues to be salary and employee benefits, according to 21% of respondents. This was followed by pleasant working atmosphere (10%), good work-life balance (10%), long-term job security (12%) and interesting job content (11%).

The banking and financial services sector scored highly when it came to career progression opportunities, pleasant working atmosphere, good work-life balance, being financially healthy and providing strong management.

Women and those with a master’s degree or higher qualifications are attracted to jobs in this sector. The research also revealed that South Islanders are more interested in the banking and financial services sector than their North Island counterparts.

ENDS

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