Banking sector popularity with Kiwi employees a reflection on NZ economy

Banking sector popularity with Kiwi employees a reflection on NZ economy

27 April 2016, 12:20PM

Working in the banking and financial services sector continues to be an attractive prospect, according to a study by HR and recruitment experts Randstad.
The Randstad Award employer branding research found that more than a quarter (28.44%) of New Zealand employees stated they would like to work for companies in the banking and financial services sector.
Key attributes, including offering career progression opportunities, salary and employee benefits, continue to be the drawcard for New Zealand employees to organisations in this sector.
It is the fourth consecutive year the sector’s perceived attractiveness has remained relatively steady. Despite a slight decline in attractiveness from 2015 (30.21%) and 2014 (30.93%), overall, the ranking of the sector has increased to fourth most attractive, up two places from last year.
Home-grown Kiwibank, for the first time, won the Banking and Financial Services sector award, defeating the giants of banking, by being voted the most attractive organisation within the sector by respondents. The bank has consistently been one of the most attractive in the sector.
The Randstad Award employer branding research is the largest and most robust study of its kind globally, capturing the perceptions of 200,000 potential job seekers from across 25 countries. This year 7,017 New Zealanders, of working age, participated in the study.

Out of all 150 organisations respondents considered as part of the Randstad study, Kiwibank was voted the eighth most attractive overall; and, this is largely due to the bank’s broad appeal to both males and females; across all age groups and levels of education. Last year’s business and finance sector winner, ASB, was placed 18th most attractive organisation, and BNZ placed 20th in the Top 20 most attractive employers overall.

Brien Keegan, Country Manager of Randstad New Zealand, says that New Zealand’s banking and financial services sector has remained relatively steady over the last few years, and this has had a flow-on effect to prospective employees.
“While we did see an economic downturn around five to seven years ago, since then New Zealand’s economy has certainly picked up. We saw strong momentum towards the end of 2015 and, this year, the economic outlook is relatively positive, with modest growth still forecast, and consumer and business sentiment steady,” says Mr Keegan. “Overseas markets are starting to pick up as well, so it is natural we’d see the interest in organisations within the banking and finance sector reflect that.”  
The banking and financial services sector scored highly across the board, but particularly when it came to career progression opportunities, salary and employee benefits, pleasant working atmosphere, good work-life balance, providing strong management and being financially healthy.
Women and those with a master’s degree or higher qualifications are attracted to jobs in this sector. 
“Jobseekers are always going to prioritise those organisations in which they perceive there to be positive employee benefits; and, this is why it is important employers have a full understanding of their employer brand and how they can best attract, secure, and retain, the best talent possible.
Our annual employer branding research is one of the many tools we provide to organisations to help them achieve this,” says Mr Keegan.
Six 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 22% of respondents.  This was followed by long-term job security (14%), pleasant working atmosphere (10%), good work-life balance (10%), and interesting job content (9%).