As hiring in financial services picks up, banks and insurance companies tout retirement benefits to keep top employees happy. 

According to research firm Cutting Edge Information, a recent survey of financial recruiting trends hints at industry-wide hiring growth.  When employees start eyeing greener pastures at other firms, retention efforts quickly rise in importance. 

“Recruiting and hiring turns into a bottomless resource drain without an emphasis on retention,” said Eric Bolesh, senior analyst at Cutting Edge Information.  Data from recently launched retention campaigns underscore this point: halved attrition rates and millions of dollars in HR savings are rewards for retention-focused firms.

One old-fashioned tool – the benefits package – also helps companies retain top employees and attract new talent.  An important element in any package is the company retirement program, an offering that has suffered as companies try to control costs.  “Recent corporate scandals and investment uncertainty make nest-egg planning attractive area for employees,” said Bolesh.

A look at Money magazine’s “Best Benefits” companies sets the 401(k) bar for financial firms.  Of the top 20 financial companies, five stand out: Freddie Mac, PNC Financial, USAA, BB&T and FleetBoston (acquired by Bank of America).  These companies all match 100% of employee retirement contributions and cap matching funds at 6% of salary, higher than the average 5% at other top firms. 

Healthcare, work/life programs and paid time off are also important parts of the benefits package.  CEI’s report on the topic, “Financial Services Recruiting and Hiring,” examines strategies used by retail banks, investment firms and insurance companies to hire and retain the industry’s most talented employees.  The report features metrics and practices from top firms in the following areas:

* Recruiting trends across different functions

* Recruiting trends in different industry segments

* Retirement, healthcare and other benefits at top companies

* Technology and assessment tools in the hiring process

* Tools for building a diverse workforce and productive corporate culture

To download a summary of the 114-page report, “Financial Services Recruiting and Hiring” visit http://www.FinancialHR.com  For more information on this report or to learn about other research being conducted by Cutting Edge Information, contact Jan Blanchette at jan_blanchette@cuttingedgeinfo.com or 919-433-0218.

 
<-- Back to the News Page

<-- Back to the Cutting Edge Information home page