IDEAL EMPLOYER REPORT 2018 - EFINANCIALCAREERS
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Ideal
Employer
Report 2018
$
€
£Ideal Employer Report 2018 www.efinancialcareers.com | sales@efinancialcareers.com
Contents
Introduction.................................................................................. 3
And the winner is................................................................... 6
What’s important to finance professionals?....10
Sector focus and strengths.............................................. 13
Regional focus.......................................................................... 20
Technology focus................................................................... 28
Final takeaways and conclusion................................ 34
Methodology............................................................................... 35
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Hello,
As well as revealing the global, regional and
WELCOME TO THE sector rankings, the Ideal Employer survey
2018 EFINANCIALCAREERS delves beneath the surface to discover what
drives perceptions of employers, and how the
IDEAL EMPLOYER REPORT top companies are attracting and retaining
talent. This insight is unique to the Financial
Services sector. Employers: Are you looking for more
This unique study, now in its
The report is based on responses from over insight on your employer brand?
third year, identifies the companies 6,000 finance professionals globally, who
that finance professionals most want were each asked to name their top three Ideal
CONTACT:
to work for, covering employers Employers and rate them on key attributes. sales@efinancialcareers.com
in Banking, Professional Services, The result is a wealth of insight on what or speak to your Account Manager
really matters to finance professionals, which
Private Equity, Hedge Funds, Asset about a customised report
employers they most admire, and why. Read on
Management, and Technology. to meet the Ideal Employers of 2018.
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6,298 respondents,
How we
The
18,894 valid votes survey
ran
did the 2,827 different between
covering companies,
October 2017
in 30 countries
research
& January 2018
Type here...
We asked respondents to vote for
Respondents were asked
their top three Ideal Employers. to name their top three
We gave the votes a weighted score ideal employers in an
depending on their order: 1,2 or 3. The survey was distributed The survey open text box
via email, website pop-ups took 10-15 (as opposed to a drop-down
The total weighted votes then
and social media minutes menu with predefined choices)
created a ranking.
We also asked them whether they perceived those
employers to have particular strengths, from a list of
attributes (including things like salary and bonuses,
Gold...
the challenging nature of the work, the office
environment and the company’s culture and
public profile).
We asked people to tell us how important each of
the attributes were to them on a scale of 1-7 with We used predictive entry, Respondents were asked to
7 being most important. A score of 6 or 7 was ‘very e.g. if a respondent entered rate employers on 19 attributes
important’ and constitutes the % ‘score’.
‘G-O-L-D’ we suggested including competitive salary and
>> See the methodology on page 35 ‘Goldman Sachs’ manageable working hours
for more information.
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Key takeaways
Data points in this report For employers: For finance professionals:
• Who are the 2018 Ideal • Understand what motivates • Understand Ideal Employer
Employers? your target audience highlights and what is
important to your peers in
• What do finance • Use insight to help refine your industry
professionals value in an your Employer Brand value
Ideal Employer? proposition • Dive into how companies
are perceived in different
• Ideal Employers across • Formulate communication markets and sectors
sectors strategies to attract and retain
finance professionals • How Ideal Employers
• A focus on market insight match up with finance
• Position your brand against the professionals’ expectations
• The importance of Tech competition– understand the
firms as competitors and benchmark so you can stand out
what Tech pros value
most • Win the war for talent
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WINNER
And the winner is...
Clearly, Goldman’s reputation for good pay is also a
Goldman Sachs: Back A recognised leader
key factor. “We recognise and pay for performance,”
However, it’s certainly not only money that draws Edith Cooper, the company’s former global head of
in the top spot as people to Goldman Sachs. The US-based bank, which HR 4, told us.
celebrates its 150th anniversary next year, also scored
No. 1 Ideal Employer an impressive 79% for being an industry leader.
It’s clearly a combination that works for attracting
talent. Goldman said in 2016 that it received 223,849
The verdict is in: the employer that finance In fact, Goldman outperformed other top-tier banks applications for analyst and summer analyst positions
professionals around the world most want to work for in this area despite neither being the biggest – suggesting that only about 2% of applicants will be
is Goldman Sachs. After losing the crown to larger (the significantly larger J.P. Morgan scored 73% lucky enough to land a job.5
rival J.P. Morgan last year, Goldman once again tops on industry leadership), nor having performed
the global list of Ideal Employers for 2018.1 particularly well financially in recent months (its fixed SURVEY RESPONSE
income trading arm has been taking a beating).
So, what is Goldman Sachs doing right? Our data
Goldman Sachs is a
on the qualities that finance professionals value in Goldman’s CEO, Lloyd Blankfein, may have
employers sheds some light. contributed to its positive employer brand with his competitive environment for
outspoken tweets, which frequently make headlines. innovation with a strong interest
The right rewards With Blankfein due to retire in April though, the in customer satisfaction
company will soon be relying on the charisma of his
Goldman Sachs owes its winning position in this
replacement, David Solomon.
year’s Ideal Employer list to a rock-solid reputation for
strong rewards and industry leadership. When we asked Goldman Sachs’ head of talent
acquisition for EMEA, Helen Ouseley, about the reasons
The bank’s biggest win was a high score for
behind the bank’s appeal following the Ideal Employer
competitive salaries – the attribute that employees
survey results last year, she put it down to “the quality of
said they valued most highly. Goldman received an
the people and the quality of the work”.2 Gregg Lemkau,
impressive 83% for offering competitive salary, and
co-head of Goldman’s investment banking division, also
80% for competitive bonuses. By comparison, runner-
puts it down to “the people”.3 If they’re right, the effects
up J.P. Morgan scored 76% for competitive salary, and
seem to be self-perpetuating: a reputation for hiring the
Morgan Stanley managed 72%.
best allows you to attract the best.
1. Please refer to the Methodology section on page 35, 2. eFinancialCareers news: So why does everyone want to work for Goldman Sachs?, 3. eFinancialCareers news:
6 Goldman Sachs MA head, 4. eFinancialCareers news: Working at Goldman Sachs, 5. eFinancialCareers news: Percentage of students accepted by Goldman Sachs
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how important the softer, more cultural strengths of
Technology temptation
an employer can be – a theme that came through
Tech companies continued to prove highly strongly in this year’s results.
attractive as employers for finance professionals.
This year’s top employer overall, Goldman Sachs,
Collectively, Tech firms have edged higher up the
has focused its recent hiring efforts on engineers
Ideal Employer leaderboard in this year’s survey,
and technologists 6, including a new R&D team
with the most dramatic rise being that of Amazon,
working on things like AI, cybersecurity and
which jumped 12 places.
financial modelling.7 The bank likes to describe
Google has held steady at number three in the itself as a Tech company in a war for talent with
Ideal Employer list for the third year running –
and it’s one of five Tech firms to make their mark
the likes of Google.8 Our rankings show that, for
now, Goldman Sachs is still winning that fight.
Global top 5
in the top 30.
Financial Services employers are acutely aware
But only just.
Ideal Employers
that they need to attract people with Tech
Size isn’t everything
expertise, and to compete with the powerful allure Fund manager BlackRock punched above
RANK VS 2017 COMPANY
of high-profile Tech names for the best talent. (Turn its weight to come fifth in this year’s ranking,
to the in-depth Technology section on page 28 for beating off much larger employers. Like Google,
more on this key trend.) BlackRock got into the top five despite not
achieving standout scores for remuneration.
1 +11 Goldman
GoldmanSachs
Sachs
It’s particularly telling that Google makes it so high
BlackRock’s success is driven in part by its high
in the rankings – comfortably beating off Financial
score for industry leadership which, at 82%, 2 -1 J.P. Morgan
Services stalwarts like HSBC, Citi and UBS –
was ahead even of Goldman Sachs. Although
without scoring highly on the attributes that sent
BlackRock is the smallest of the companies in 3 0 Google
other employers to the top, namely salaries and
the top five by some margin, it was highly rated
bonuses. Rather, Google earned its place on the
for innovation among its Financial Services 4 0 Morgan Stanley
strength of attributes relating to its company culture
competitors, and is the world’s biggest fund
and profile: innovation, working environment and
manager in terms of assets under management. 5 1 BlackRock
industry leadership. This is a powerful illustration of
6. eFinancialCareers news: Banks hiring 2018, 7. eFinancialCareers news: Goldman building new RD engineering group hiring,
7 8. eFinancialCareers news: UBS Investment Bank
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SURVEY RESPONSE
[Morgan Stanley offers] lots of
opportunities, stability, they support
Strengths -Global leaders
continuing educations and work
towards diversity
Goldman Sachs Google
Competitive
salary 83 Innovator in
the industry 83
Competitive
bonus 80 Office
environment 82
Industry
leader 79 Industry
leader 81
J.P. Morgan Morgan Stanley
Competitive Competitive
salary 76 salary 72
Financial performance/ Challenging/
strength of firm 74 interesting work 69
Industry
leader 73 Financial performance/
strength of firm 67
SURVEY RESPONSE BlackRock
[J.P. Morgan] has developed Industry
into a powerhouse in the banking leader 82
Financial performance/
world. The ability to stay relevant in
strength of firm 78
this market is its key strength Challenging/
interesting work 78
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Who is on the global
leaderboard?
Rank vs.2017 Company Rank vs.2017 Company Rank vs.2017 Company
11 2 McKinsey & Co. 21 0 KPMG
11 11 Goldman Sachs
Goldman Sachs
12 -1 PwC 22 0 EY
2 -1 J.P. Morgan
13 4 Deutsche Bank 23 -7 Apple
3 0 Google
14 12 Amazon 24 0 Microsoft
4 0 Morgan Stanley
15 -3 Deloitte 25 -3 BNP Paribas
5 1 BlackRock
=16 3 Blackstone Group 26 -1 The Boston Consulting Group
6 -1 Citi
=16 -1 Facebook 27 2 Bloomberg
7 0 HSBC
18 -4 Barclays 28 0 KKR
=8 0 UBS
=8 -1 Bank of America Merrill Lynch 19 1 Standard Chartered Bank 29 -2 Bain & Co.
10 0 Credit Suisse 20 -2 DBS Bank 30 9 Citadel
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What matters most
to finance professionals?
Finance professionals who Our data also indicates clearly where employers One area where employees’ expectations are not
can improve. Respondents rated the importance of being met is in employers’ approach to issues like
responded to the survey ranked all of
the top company attributes (salaries, interesting work CSR, diversity and corporate citizenship. Here, our
the employers in this year’s list on 19 and opportunities for promotion) significantly more respondents judged employers’ performance to be
key attributes. highly than they perceived employers to perform in fairly dismal across the board – and considerably
those areas. worse than in last year’s survey. If workers really
When we compare the performance of the top 30
are willing to vote with their feet, then there’s a
global leaderboard on those attributes with how However, the biggest potential wins aren’t in the
clear opportunity for forward-thinking businesses to
important our respondents said each attribute was to areas of remuneration or promotions. It turns out
differentiate themselves on these fronts.
them, we can see where the top 30 global companies that it’s the human side of things that employers
globally are ticking the right boxes, and where they’re need to get better at, including fostering a positive
falling behind. organisational culture. Rated 80% for importance
but only 51% for strength, this was one of the areas
The top item on the list of most important attributes
where employers fell furthest behind expectations.
for finance professionals is no surprise to anyone: It turns out that it’s the human
competitive salary -– and the perceived importance of This year we asked two new questions about open side of things that employers
pay has increased since last year. It was a big tick in and transparent communications, and company
need to get better at,
this box that helped boost the likes of Goldman Sachs perks like gym membership and free snacks.
and J.P. Morgan to the top of the global ranking. Many companies got good scores for perks, but including fostering a positive
unfortunately for them, this barely registered with organisational culture
The importance of salary varies greatly from region
respondents as a factor on which to judge an
to region. In the UK, US and continental Europe,
employer. On the other hand, open and transparent
challenging and interesting work was deemed to be
communication was rated as the sixth most important
more important than pay. In Asia-Pacific, salary was
attribute. Smart employers will keep that in mind.
in first place by far.
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Top 30 strengths vs global importance
Competitive 86 Office 68
salary
71 environment
53
Challenging/
interesting
85 Work with key 68
work 72 industry players
68
Opportunities 82 Innovator in 68
for promotion
59 the industry
55
Positive
organisational
80 Attractive 62
culture 51 benefits
58
Strong
executive
75 Is a good corporate
citizen/has strong
59
leadership 61 corporate values 7
Open/transparent 74 Manageable 53
communication working hours
39 34
Solid
training and
74 Progressive
on issues like
47
development 57 diversity, CSR 7
Financial
performance/
72 Flexible
working
44
strength of firm 70 options 35
Company perks
Competitive 72 (gym membership,
29
bonus 62 snacks, etc.) 48
Industry 68
leader
71 Importance (%) Strength (%)
11 We looked at what was most important to finance professionals and compared that to the average perceived strengths of the top 30 global Ideal Employers Contents Previous NextIdeal Employer Report 2018 www.efinancialcareers.com | sales@efinancialcareers.com
Global attribute comparison
Importance vs Employer Strengths
GLOBAL IMPORTANCE RANK GLOBAL IMPORTANCE RANK
GLOBAL TOP 30 IDEAL EMPLOYER STRENGTHS GLOBAL TOP 30 IDEAL EMPLOYER STRENGTHS
Rank Rank Question Rank Rank Question
11 == 22 Competitive salary
Competitive salary == 10
10 == 22 Established
Establishedleader inthe
leader in the industry
industry
2 2 Challenging / Interesting work = 10 12 Office environment
== 10
10 55 Work with
Work withkey
key industry players
industry players
33 83 Opportunities forpromotion
Opportunities for promotion
= 10 11 Innovator in the industry
44 13
4 Positive
Positive organisational culture
(organizational/organisational) culture
14 9 Attractive benefits
5 7 Strong executive leadership 15 18 Is a good corporate citizen/has strong corporate values
== 6
6 15
15 Open/transparent communications
Open/transparent communications 16 17 Manageable working hours
17 19 Progressive on issues like diversity, CSR
== 6
6 10
10 Solidtraining
Solid training and
and development
development programmes
programmes
18 16 Flexible working options
=8 4 Financial performance/strength of firm
19 14 Company perks (gym membership, snacks etc.)
=8 6 Competitive bonus
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Sector focus
The list of Ideal Employers is dominated by
Banks, Professional Services and Tech firms,
with a sprinkling of Asset Managers, Private
Equity and Hedge Funds.
In this section, we dig a little deeper to
discover which companies top the rankings
for each individual sector – and what’s
behind their success.
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Sector focus:
Banks
Banks dominated the higher Further down the list, however, we have some and regional institutions also make a strong showing,
strong newcomers gaining a foothold among more including the UK’s Barclays, Royal Bank of Canada,
echelons of this year’s Ideal traditional firms. Singapore’s OCBC and France’s BNP Paribas.
Employer ranking, so the picture
Singapore’s Evercore is up 12 places, riding high Meanwhile, Japan’s Nomura slipped seven places
in the global Banking sector is after being recently named best M&A advisor in – its employer brand perhaps still smarting from the
similar to the picture overall, with Singapore at The Asset’s Triple A awards for a third 500 sudden layoffs in its equity business in 2016.
Goldman Sachs back in the top spot. consecutive year, and winning Euromoney’s award Australia’s Macquarie, which has faced bad publicity
for best independent investment bank. from an investigation into “inappropriate conduct” by
the Australian financial regulator – also fell seven
It’s no surprise to see the top-tier global banks take
places. >>
TOP 30 GLOBAL BANK EMPLOYERS
Rank vs.2017 Company the highest spots on the list, but a number of local
11 11 Goldman Sachs
Goldman Sachs
Rank vs.2017 Company Rank vs.2017 Company
2 -1 J.P. Morgan 11 1 Standard Chartered Bank 21 -2 Royal Bank of Scotland
3 0 Morgan Stanley 12 -1 DBS Bank 22 n/a United Overseas Bank
13 0 BNP Paribas 23 3 State Street
4 0 Citi
= 14 1 Rothschild = 24 9 Credit Agricole
5 0 HSBC
= 14 5 OCBC Bank = 24 n/a American Express
6 0 UBS
= 14 6 Royal Bank of Canada 26 -2 Lazard
7 -1 Bank of America Merrill Lynch
17 -2 Societe Generale 27 0 Investec
8 0 Credit Suisse
= 18 -1 Wells Fargo = 28 -7 Macquarie
9 1 Deutsche Bank = 18 0 Lloyds Banking Group = 28 -7 Namura
10 -1 Barclays 20 n/a World Bank 30 12 Evercore
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Competitive 86
salary
69
Challenging/
interesting
83
work 68
Positive
organisational
80
culture 47
Opportunities for 78
Banks 58
promotion
Continued...
Open/transparent 75
communication
35
>> As for what employees in this sector value,
salary was the most important factor, and Competitive 73
there’s more emphasis than in other sectors
on getting a decent bonus. No surprises there.
bonus
62
Our results also show, however, that
not all banks are providing what finance
Strong
executive
72
professionals value. They’re perceived to be leadership 58
lagging behind on salary, where they scored
69% on average, despite employees rating Financial
performance/
71
this attribute at 86% for importance.
strength of firm 67
While other factors were deemed less
important than pay, they still revealed lots of
room for employers to improve. Banks scored Industry 69
just 68% for challenging and interesting leader
66
work, which was rated 83% for importance,
and 58% for opportunities for promotion,
which was rated 78% for importance. There
Solid training 67
were even bigger gaps in areas like positive
and development
55
organisational culture (47% vs 80%) and
open and transparent communication (35%
vs 75%), where banks fell short of meeting
Importance (%) Strength (%)
finance professionals’ expectations.
15 We took what was important to respondents who told us they work in banking globally and compared that to the average perceived strengths of banks globally Contents Previous NextIdeal Employer Report 2018 www.efinancialcareers.com | sales@efinancialcareers.com
Sector focus:
Professional Services
So, how are Professional Services employers doing?
McKinsey & Company rose two
spots this year to claim the title
Top 10 Our findings show they are meeting expectations on
of Ideal Employer in the global Global Professional industry leadership and working with key industry
players – these areas were rated more highly as
Professional Services sector, taking Services Employers employer strengths than they were for importance.
back the top spot that it last held
However, perceived salary was rated only 62%,
in 2016. PwC is now in second place RANK VS 2017 COMPANY despite being rated 25% higher for importance.
and Deloitte in third. Professional Services employers also lag behind
on the other top-rated attribute of challenging
McKinsey’s employer reputation has apparently 1 - Goldman Sachs& Co
1 2 McKinsey and interesting work, which was rated 75% as a
not been tarnished by the scandal around its ties
strength. Other areas with room for improvement
to the controversial Gupta family in South Africa.
2 -1 PwC include opportunities for promotion, positive
In the Professional Services sector – unlike in organisational culture and open and transparent
Banking – finance professionals value challenging 3 -1 Deloitte communication. This was marginally better than
and interesting work just as much as they how banks performed.
4 0 KPMG
value pay. Positive organisational culture and
A recent series of qualitative interviews carried out
opportunities for promotion are also prioritised. 5 0 EY by eFinancialCareers with bankers and strategy
consultants indicated that consulting was the career
6 0 Boston Consulting Group
of choice for those who prioritise interesting work,
great job prospects and being able to turn their
7 1 Bloomberg
phone off at weekends. 10
8 -1 Bain & CO. Professional Services was the sector where workers
cared the most about employers being good
9 0 Accenture
corporate citizens (63%) and progressive on issues
like CSR and diversity (50%) – but these factors still
10 1 Thomson Reuters
didn’t make it near the top of the list.
10. eFinancialCareers new: Working for McKinsey & Co and Boston Consulting vs Goldman J.P. Morgan and Morgan Stanley
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Continued...
Professional Services
Challenging/ 87 Strong executive 76
interesting work
75 leadership
59
Competitive 87 Financial
performance/
72
salary
62 strength of firm 66
Positive
organisational
83 Solid training 72
culture 53 and development
64
Opportunities for 80 Office environment
69
promotion
63 56
Open/transparent 79 Innovator in 68
communication 43 the industry
51
Importance (%) Strength (%)
17 We took what was important to respondents who told us they worked in Professional Services and compared that to the average Contents Previous Next
perceived strengths of Professional Services globallyIdeal Employer Report 2018 www.efinancialcareers.com | sales@efinancialcareers.com
Sector focus:
Private Equity, Hedge Funds and Asset Management
PRIVATE EQUITY Last year, its CEO Stephen Schwarzman was
RANK VS 2017 COMPANY
instrumental in dissolving President Trump’s
Among Private Equity firms, business councils following the President’s failure
to condemn the actions of white supremacists in -0
Blackstone remains in the top spot. 1 Blackstone
Goldman Group
Sachs
Charlottesville – although opinion is divided over
It has recently been in the news whether Schwarzman should be applauded for
for buying a majority stake in this, or criticised for being associated with the
2 0 KKR
Thomson Reuters’ financial and Administration in the first place. Also in this year’s
3 0 The Carlyle Group
risk unit. list, The Abu Dhabi Investment Authority rose up
three spots, pushing Singapore’s GIC to fifth place. 4 3 Abu Dhabi Investment Authority
5 -1 GIC
HEDGE FUNDS Citadel also significantly improved its standing vis
RANK VS 2017 COMPANY
à vis employers in other sectors this year, jumping
Citadel and Bridgewater remain the nine points up the overall ranking. Point72 – the new
company created by Steve Cohen of scandal-hit -0
top two Hedge Funds in our Ideal 1 Citadel
Goldman Sachs
SAC Capital, rose to number five. A ban on Cohen
Employer list. managing outside money was recently lifted, so all
2 0 Bridgewater Associates
eyes will be on Point72 in the year ahead.
3 1 Two Sigma Associates
4 2 Renaissance Associates
5 3 Point72
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Continued...
Private Equity, Hedge Funds and Asset Management
ASSET MANAGEMENT
Among Asset Managers, there RANK VS 2017 COMPANY
was little change from 2017,
with BlackRock remaining in 1
1 -0 Goldman Sachs
BlackRock
the top spot.
BlackRock is on a roll: it’s the world’s largest asset 2 0 Fidelity
manager, with assets under management passing the
$6tn mark in January, and has seen strong growth 3 0 Pimco
and earnings. The company has established itself as
4 1 Schroders
a leader in exchange-traded funds (ETFs), which have
SURVEY RESPONSE
experienced massive growth in the past few years.11
5 1 Vanguard
BlackRock also scored some points on transparency
and diversity last year when it published statistics
on the proportion of its US staff who are from ethnic
minority backgrounds. Meanwhile BlackRock’s closest
£
rival, Vanguard, re-entered our top five this year,
edging out Wellington Management.
SURVEY RESPONSE
[BlackRock] are innovators in
the industry with some of the best
minds in the industry and have a
strong employee first culture
11. Financial Times: ETF industry’s remarkable record-breaking run
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Sector focus:
Regional focus
Beneath the global headlines, there’s professionals view employers in
a wealth of regional diversity in continental Europe, the United
the results of the Ideal Employer Kingdom, North America and
survey. Here, we reveal how finance Asia-Pacific.
Regional focus: EU VS
COMPANY
Continental Europe
RANK GLOBAL
1
1 -0 Goldman
GoldmanSachs
Sachs
2 0 J.P. Morgan
3 0 Google
At first glance, the Ideal Employer Emmanuel Macron as President of France, a former
banker pursuing pro-business policies. 4 0 Morgan Stanley
ranking for continental Europe looks
a lot like the global ranking, with the Meanwhile, the relatively lacklustre showing from 5 0 BlackRock
HSBC in Europe reflects its much-trumpeted
same names occupying the top few
strategy of focusing on Asia, where it makes most of 6 2 UBS
spaces. But other names stand out.
its profits.
7 18 BNP Paribas
Local players like France’s BNP Paribas and Goldman Sachs, which tops the list, is growing its
Germany’s Deutsche Bank made the top ten, and 8 3 McKinsey & Co
European activities, with the formation of two post-
McKinsey & Company also made a strong showing, Brexit European hubs in Paris and Frankfurt, and a 9 4 Deutsche Bank
at the expense of the likes of HSBC and Bank of number of recent hires in Poland. >>
America Merrill Lynch. BNP Paribas’s employer = 10 -4 Citi
brand may have benefited from the election of
= 10 -3 HSBC
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Continued... Continental Europe
EU IMPORTANCE RANK EU IMPORTANCE RANK
EU STRENGTH RANK EU STRENGTH RANK
Challenging/
interesting 1 4
89 Open
/transparent =5 16
65
work 73 communication 28
Competitive
2 3
79 Financial
performance/ 7 5
62
salary
74 strength of firm 72
Positive
organisational 3 13
72 Strong
executive 8 =7
60
culture 40 leadership 63
Opportunities 71 Office 58
4 =7 9 12
for promotion
63 environment 50
Solid
training and
65 Competitive 57
5 =7 10 6
development 63 bonus 67
>> As for what European employees value, relatively low income inequality, the allure of a high EU EU top 10
challenging and interesting work was the top-rated salary doesn’t seem to be as powerful as elsewhere. importance companies
attribute, a clear 10 percentage points ahead of (%) strength (%)
European employers were judged to be performing
competitive salary (89% compared to 79%). In fact,
well on industry leadership, bonuses and financial
of all the regions covered, Europe attaches the
performance. They need to do better on the factors
highest importance to challenging and interesting
that really influence employees personally, like
work, and the lowest to salary.
positive organisational culture, open and transparent
This may reflect a stronger focus in Europe on job communication and the most important attribute of all:
satisfaction and work-life balance. In a region of challenging and interesting work.
21 We looked at what was important to respondents who told us they were from European countries and compared them to Contents Previous Next
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Regional focus:
UK
Like Europe, the UK ranking
UK VS UK VS
mirrors the global results: COMPANY COMPANY
RANK GLOBAL RANK GLOBAL
dominated by banks, with
Goldman Sachs in the top spot. = 11 3 Deutsche Bank
11 -0 Goldman
Goldman Sachs
Sachs
Local player Barclays – which has been on a = 11 1 PwC
hiring spree in 2017 12 – ranks highly here, taking 2 0 J.P. Morgan
eighth place. 13 -2 McKinsey & Co
Amid the uncertainty and disquiet in the UK 3 0 Google
about the impact of Brexit on Financial Services 14 -4 Credit Suisse
employers, Goldman Sachs may have won some 4 0 Morgan Stanley
kudos points for the outspoken statements of its 15 1 Blackstone Group
CEO Lloyd Blankfein, who has been pushing the 5 0 BlackRock
government for more clarity on the issue. Even so,
16 6 EY
Goldman continues to hedge its bets on that front: 6 1 HSBC
17 -4 Amazon
while it has announced new post-Brexit European
hubs on the continent, it is also building new office 7 1 UBS
18 -3 Deloitte
space in London.
8 10 Barclays
Swiss bank UBS improved its standing in the UK = 19 n/a Lloyds Banking Group
(as it did in North America). The sight of the CEO 9 -3 Citi
defending his staff’s big pay packets in the media = 19 2 KPMG
probably didn’t do any harm. >> 10 -2 Bank of America Merrill Lynch
12. eFinancialCareers news: Banks hiring 2018
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Continued... UK
Challenging/
interesting
86 Open
/transparent
69
work 70 communication 33
Competitive 83 Solid
training and
68
salary
73 development 56
Opportunities 79 Financial
performance/
65
for promotion
59 strength of firm 70
Positive
organisational
76 Competitive 65
UK
culture 45 bonus
62 importance (%)
Strong
executive
70 Office 63 UK top 10
leadership 58 environment
50 companies
strength (%)
>> UK employers were rated most highly Companies in the UK also scored well on
on competitive salary and challenging and financial performance, industry leadership and
interesting work, scoring 73% and 70% working with key industry players – but these
respectively. However, these scores still failed to weren’t the things employees valued most.
match the importance that employees attached
Instead, the real potential for improvement lies
to these factors. As in continental Europe,
in the factors that directly affect people’s working
challenging and interesting work won out over
experience, such as opportunities for promotion,
salary as the attribute rated as most important
positive organisational culture, and open and
by finance professionals in the UK, at 86%
transparent communication.
compared to 83% for salary.
We looked at what was important to respondents who told us they were from the UK and compared them to
23 the average perceived strengths of the top 20 Ideal Employers in the UK
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Regional focus:
North America
Goldman Sachs topped the Ideal NA VS NA VS
COMPANY COMPANY
Employers list on its home turf, RANK GLOBAL RANK GLOBAL
as it did in all regions except
12 n/a Wells Fargo
Asia-Pacific. 1
1 -0 Goldman
Goldman Sachs
Sachs
13 10 Apple
Notable changes in the North American 2 0 J.P. Morgan
14 1 Deloitte
ranking this year include a five-point rise for
UBS, bringing it into the top 10 for the first 3 0 Google
15 -2 Deutsche Bank
time. The Swiss bank’s CEO has recently 4 0 Morgan Stanley
= 16 n/a Two Sigma Investments
picked out the US as one of the markets
where it aims to grow revenue.13 5 0 BlackRock
= 16 11 Bloomberg
Tech firms did well here – with both Google 6 6 Amazon
= 18 -6 PwC
and Amazon making it into the top 10 (for
7 1 Bank of America Merrill Lynch
more on their success, turn to the Tech = 18 -2 Facebook
section on page 28). Almost all the Tech 8 8 Blackstone Group
= 20 n/a Bridgewater Associates
firms that made the global Ideal Employer list
9 -3 Citi
are US-based, so it’s not surprising to see = 20 10 Citadel
them do well in this region. = 10 -2 UBS
= 20 -10 Credit Suisse
= 10 1 McKinsey & Co
13. eFinancialCareers news: Banks hiring 2018
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Continued... North America
Challenging/ 87 Open/
transparent
77
interesting work
72 communications 38
Competitive salary
85 Financial
performance/
76
73 strength of firm 75
Opportunities for 82 Competitive bonus
71
promotion
61 65
Positive organisational 82 Solid training and 70
culture 51 development
54
Strong executive 79 Attractive 70
leadership
66 benefits
66
Importance (%) Strength (%)
The results
Financial performance was seen as the top the results with other regions reveals that The areas with the most room for improvement
strength of North American employers, and North American finance professionals value a include softer, more human factors such as open
the only area in which they match up to the competitive salary more than those in Europe, but and transparent communication (rated 77% for
expectations of finance professionals. They not as much as those in APAC. importance, but only 38% as a strength), positive
also scored highly for industry leadership and organisational culture (rated 82% for importance,
North American respondents also put more
competitive salary. but only 51% as a strength), good corporate
emphasis than other regions on attractive
citizenship (64% compared to a woeful 7%) and
Challenging and interesting work was the most benefits, being a good corporate citizen, open and
CSR and diversity (50% compared to 7%).
important factor, closely followed by salary transparent communication, and strong executive
and opportunities for promotion. Comparing leadership.
25 We looked at what was important to respondents who told us they were from North America and compared Contents Previous Next
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APAC VS
COMPANY
RANK GLOBAL
1
1 -2 Goldman Sachs
Google
2 0 J.P. Morgan
3 -2 Goldman Sachs
4 16 DBS Bank
Regional focus: 5 3 UBS
APAC 6
7
0
12
Citi
Standard Chartered Bank
8 12 Facebook
While we see a lot of similarity Even among the banks that did well in APAC,
9 1 Credit Suisse
the influence of Tech looms large. Singapore’s
between perceptions of
DBS owes its high position at least in part to the 10 HSBC
companies across most of the -3
success of its digital transformation project, for
regions we cover, the Asia-Pacific which it has won plaudits, transforming it into a 11 -7 Morgan Stanley
region tells its own story. customer-focused digital leader.
12 n/a OCBC Bank
This is the only region where big banks didn’t Elsewhere, HSBC makes its first appearance in
the top 10 for APAC up one place from last year 13 -5 BlackRock
top the Ideal Employer list – instead, they
were beaten for the first time by a Technology – the region where it made 90% of its profits
14 -6 Bank of America Merrill Lynch
company: Google. That’s right – a Tech firm at last year.14 Credit Suisse also made the top
the top of the list of employers as judged by 10, building on the success of its Asian private 15 -2 Deutsche Bank
finance professionals. and investment banking division, which saw
16 7 Apple
strong profit growth in 2017, although its smaller
Facebook also made it into the APAC top 10, market units made a loss.15 >> 17 -5 PwC
but apart from those two names, the list is
dominated by Asian and international banks. 18 0 Barclays
Amazon hasn’t been able to replicate its
international standing in APAC, where it fell to 19 5 Microsoft
20th position. Clearly the US company doesn’t
= 20 -6 Amazon
hold the same cachet in a region where the
name synonymous with online retail is Alibaba. = 20 n/a United Overseas Bank
14. eFinancialCareers news: Hot jobs HSBC Asia
26 15. eFinancialCareers news: Credit Suisse APAC 2017 results
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Competitive 86
salary
70
Positive
organisational
86
culture 57
Open/transparent 80
APAC 44
communication
Continued... Strong
executive
78
leadership 58
>> Employers in APAC scored highest on
industry leadership, competitive salary and
Challenging/
interesting
76
challenging and interesting work. work 68
But when we compare these strengths to
how respondents rated the importance of Opportunities 76
for promotion
each attribute, we see that employers in 52
APAC still need to do better on pay (which
was rated 86% for importance, but only 70% Financial
performance/
75
as a strength), as well as strong executive
leadership, positive organisational culture strength of firm 67
and open and transparent communication
(which was rated 80% for importance, but Competitive 73
only 44% as a strength). bonus
57
Notably, APAC is the only region where
salary is rated as the most important
Solid
training and
71
attribute (albeit jointly with positive development 55
organisational culture), with a score of 86%.
Office 69
environment
57
Importance (%) Strength (%)
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Technology focus
INTRODUCTION
The Financial Services industry has its
eye on the world of Tech as a source
of valuable talent and partnerships –
but also competition and disruption.
Traditionally, Financial Services is a tough industry
to get into, but established players now fear Fintech
innovators moving on to their turf if they don’t up their
game.
In fact, according to a 2017 report from PwC, 88%
of Financial Services companies are concerned they
will lose revenue to innovators, and 82% expect to
increase Fintech partnerships in the next three to five
years.
With the urgency of competing for Tech talent, in this
year’s report we’ve decided to take an in-depth look at
the sector, and what its employees really seek.
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SURVEY RESPONSE
[Google offers an]
exciting and challenging
environment in a company
which is currently changing
the way we live
TECHNOLOGY RANK VS
COMPANY
FIRMS RANK GLOBAL
1 3 Google
THE RANKING Notably, the majority of companies in the top 10 are
2 14 Amazon
headquartered in a single US state: California. Only
Google has held steady at the top one – China’s Alibaba – is from outside the United
3 16 Facebook
of the list of Tech employers this States.
year, while Amazon has risen Amazon’s leap forward in this year’s ranking reflects 4 23 Apple
dramatically, overtaking Facebook, the company’s recent dramatic growth and high-
Apple and Microsoft. profile successes and innovations: the stunning 5 24 Microsoft
performance of Amazon Prime, its hit Alexa home
Ecommerce giant Alibaba moved up six places automation gadgets, its popular streaming platform, 6 n/a* IBM
to number nine, while online payments provider and the three Oscars won by its production studio
PayPal, and Tesla, the much-admired maker of in 2017 for Manchester by the Sea and The 7 n/a* Tesla
electric cars (not to mention space rockets), have Salesman.
both made it into the list for the 8 n/a* Salesforce
Apple’s fall (losing one spot in the ranking of Tech
first time.
firms and seven spots in the overall ranking) could be
a sign of the Tech giant losing its sheen. Its growth =9 n/a* PayPal
SURVEY RESPONSE
has faltered in the last couple of years, and for a
company accustomed to rapturous applause for =9 n/a* Alibaba
The future is Amazon every new product release, the response to its latest
raft of offerings has been relatively muted. =9 n/a* Oracle
* Did not rank in the global top 30
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TECH SECTOR NON-TECH
STRENGTHS STRENGTHS Question
1 2 Challenging/interesting work
Continued:
Technology 2 11
1 Innovator in the industry
focus
3 3 Established leader in the industry
4 4 Financial performance/strength of firm
5 12
7 Office environment
WHAT MAKES TECHNOLOGY 6 1 Competitive salary
FIRMS DIFFERENT?
7 14
6 Company perks
Company (gym
perks (gymmembership, snacks,
membership, snacks, etc.)
etc.)
When we looked at the perceived
strengths of Tech employers compared 8 5 Work with key industry players
to companies from other sectors in the
top 30, the differences were clear. 9 7 Strong executive leadership
Both groups did similarly well on challenging and 10 13 Positive organisational culture
interesting work, industry leadership and financial
performance (and similarly badly on corporate 11 10 Attractive benefits
citizenship, CSR and diversity). While the top
perceived strength of non-Tech firms was competitive 12
12 17
17 Flexible working
Flexible options
working options
salary, this was only sixth on the list for Tech firms,
with a 69% score. 13 9 Solid training and development programmes
Meanwhile, Tech companies were seen to be highly
innovative. This was seen to be their second-biggest 14
14 8 Opportunities
Opportunitiesfor promotion
for promotion
strength, after challenging and interesting work,
while for non-Tech firms, it was way down the list in 15 16 Manageable working hours
eleventh place.
Tech firms also scored much more highly for office =16
16 6 Competitive bonus
Competitive bonus
environment (fifth place compared to 12th) and
company perks (seventh place compared to 14th) 17 15 Open/transparent communication
than non-Tech employers.
All of this is in line with the popular image of Tech
= 18 = 18 Is a good corporate citizen/has strong corporate values
firms with their creative, innovative culture and
= 18 = 18 Progressive on issues like diversity, CSR
informal, relaxed working environments.
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IMPORTANCE - IMPORTANCE - FINANCE
TECH RESPONDENTS PROFESSIONALS Question
GLOBAL RANK GLOBAL RANK
1 2 Challenging/interesting work
2 1 Competitive salary
3 4 Positive organisational culture
4 5 Strong executive leadership
=5 3 Opportunities for promotion
COURTING TECH TALENT
=5 6 Open/transparent communication
The good news for employers of
finance professionals is that, on 7 == 10
10 Innovator ininthe
Innovator industry
the industry
the whole, they’re ticking the
8 =8 Financial performance/strength of firm
main boxes that are important to
Tech employees. 9 7 Solid training and development programmes
Salaries are likely to be a big draw, since non- = 10 = 10 Office environment
Tech firms are rated much more highly in this
area, even though Tech employees actually = 10 =8 Competitive bonus
attach slightly more importance to pay. To
make things simpler, Tech employees don’t 12 14 Attractive benefits
seem to have the same expectations
regarding bonuses. = 13 15 Is a good corporate citizen/has strong corporate values
In other areas, it’s a question of letting go of == 13
13 16
16 Manageableworking
Manageable working hours
hours
certain assumptions about what’s important
to a company’s image as an employer. For = 15 = 10
= 15 = 10 Established leader in the industry
instance, innovation was – predictably – judged
to be more important by Tech employees than
it was by respondents in other sectors. Strong
== 15
15 == 10
10 Work
Work with
with keyindustry
key industry players
players
executive leadership is also valued more
highly among respondents in the Tech sector 17 18 Flexible working options
– perhaps reflecting the tendency for Tech
18 17 Progressive on issues like diversity, CSR
firms to be helmed by charismatic founders, in
contrast with the staid, suited corporate figures
19 19 Company perks (gym membership, snacks, etc.)
of traditional Financial Services.
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What’s important to Tech respondents
Challenging/ Office
interesting work 88 environment 68
Competitive Competitive
salary 87 bonus 68
Positive
Attractive
organisational 83 benefits 66
culture
Is a good corporate
Strong executive
leadership 79 citizen/has strong 64
corporate values
Opportunities for Manageable
promotion 78 working hours 64
Open/transparent Established leader
communication 78 in the industry 62
Innovator in Work with key
the industry 74 industry players 61
Financial
Flexible
performance/ 70 working options 52
strength of firm
Progressive
Solid training
and development 69 on issues like 47
diversity, CSR
Company perks
Tech respondents, (gym membership, 34
snacks, etc.)
global (%)
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Potentially even bigger benefits
lie in focusing not on pay,
leadership or performance of
the business, but on cultural
factors that have a direct impact
on what it’s like to work there
How firms can
compete for Tech talent
Of course, Goldman Sachs will never have much resonance with Tech employees – they it’s like to work there. The areas with the most room
need to show that they can think differently, and for improvement (between how important Tech
be Google and UBS will never be
that their leaders have the power to inspire. Easier employees said they were and how well companies
Uber, but the Financial Services said than done, perhaps, but that’s the challenge scored), were positive organisational culture,
stalwarts can at least consider how employers face if they want to compete. opportunities for promotion, and open and transparent
they prioritise and communicate communication.
Potentially even bigger benefits lie in focusing not
their strengths.
on pay, leadership or performance of the business,
but on innovation (this was found to be much more In a world that’s being transformed by
Instead of trumpeting their industry leadership, stellar
financial performance or work with key industry important to tech respondents than non-tech) and technology, it’s still the most human
players – points, which our survey suggests just don’t cultural factors that have a direct impact on what employers who will succeed.
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Final takeaways
and conclusion
CONCLUSION Our results make clear that employees are people expect to be well paid and to work for
judging companies on way more than annual leading companies, but they also want to work
The results of the Ideal Employer reports and payslips. Biggest isn’t always best, as in an environment that’s positive, supportive and
survey highlight just how important Goldman Sachs showed by getting higher scores transparent, and to feel part of something worthwhile.
the employer brand of a company is in for industry leadership than larger rivals. Similarly, It’s these expectations that are too often not met.
Tech firms like Google aren’t rising up the list by
enabling it to attract the talent it needs.
paying more money. They’re doing it thanks to their
There’s a war for talent going on, and if
Employers may think they know what is important reputation for innovation, visionary leadership and a
great everyday working environment. Financial Services employers are serious
to Financial Services professions and how they are
perceived/rated, but if they’re only talking about their about winning, they must learn to
Financial Services employers need to know what
place in the industry revenue rankings, their client communicate their human side.
really matters to finance professionals, and how
portfolio or the pay packets they offer, they need to
they’re perceived to perform in those areas. Sure,
think again.
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Methodology
Our 2018 Ideal Employer research was The main question pertaining to ideal employers was benchmark of the average strengths for the Top 30
an open-text field with predictive data entry with the Ideal Employers. “Key Strengths” for a company were
conducted via an online survey tool
requirement to provide three employers to complete determined based on where they were strong relative
between the months of October 2017 the survey. A company needed to receive at least 10 to this benchmark.
and January 2018. In total, the survey votes to be scored and ranked.
garnered 6,298 respondents globally. When comparing 2018 to prior years, total votes in
Respondents were then asked to rank 20 company 2016 and 2017 were compared to weighted votes in
18,894 valid votes for ideal employers
and role attributes based on importance. We combined 2018 to determine change in ranking order.
were cast with a total mention of 2 attributes to get attractive benefits. Finally,
2,827 different companies. respondents rated their ideal employers on these
same attributes.
In 2016 and 2017, all company mentions were
weighted equally regardless of the response order. To ensure statistical validity of the results, 30+ votes
Starting in 2018, a weighting approach was used. The per company were required for major rankings (e.g.
weighted score was calculated based on the position regions) and 10+ votes per company required for
the respondent placed them in. A full point was given minor rankings (e.g. company sector). 50+ votes
to the first position, two thirds of a point was given for per company were required for deeper analysis into
second position and one third of a point was given company ratings across attributes, including key
for the third position. In the event of a tie score, all strengths.
tied companies received the same ranking and the
equivalent number of subsequent rankings Companies were assessed based on their individual
were skipped. attribute strengths (high to low) and by using a
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eFinancialCareers
eFinancialCareers, a DHI service, is the Email
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We provide finance professionals with the latest job opportunities,
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