Global labor shortages of 85.2 million skilled workers are projected by 2030, resulting in lost revenue opportunities of $8.452 trillion – the combined GDP of Germany and Japan. A Korn Ferry study suggests financial and business services will likely be the most severely hit by a talent shortage, experiencing a deficit of 3 million professionals globally.
In financial services companies where 60% to 70% of employees exhibited high engagement, total shareholder return was 24.2%. In financial services companies where the percent of engaged employees fell to 49% to 60%, total shareholder return dropped to 9.1%.
More than Half of FS Employees are Burnt Out
Overall, 66 percent of financial services employees say they have sometimes suffered from workplace burn-out. Women seemed to feel the burn more with 74 percent saying they had been burned-out as opposed to 59 percent of men. When it came to the reasons for burning out, unreasonable workload, unreasonable performance expectations, not being fairly compensated for work, poor management, and a negative workplace culture were the leading culprits.
How do financial services leaders attract, engage, and retain talent in a hyper-competitive environment?
