Finance industry: attractive to those who don't know about it

by Rebecca Pike18 May 2018

The finance industry has come as the 19th most attractive industry to work in in Australia.

It has dropped one place in Randstad's 2018 Employer Brand Research since last year's survey.

While 36% of respondents said it was an attractive industry, this was mostly in the age group 25-44. It was age group 45+ that responded with higher scores of knowing the industry.

Running along a similar theme, respondents in New South Wales were most attracted by the industry, but respondents in Queensland knew the sector better.

When looking at the companies in this industry, the big banks are top of the list. Commonwealth Bank (CBA) is listed as the most attractive company to work for, with Westpac and ANZ following behind. This ranking has not changed since last year.

The top three reasons given for seeing the finance industry as a good one were that it is financially healthy, it uses the latest technologies and the level of career progression.

The research found that Westpac was voted best in the industry for career progression, CBA was voted best for financial health and Bendigo & Adelaide Bank were voted best for giving back to society and having a good reputation.

The most well-known institution across Australia was ANZ, with 94% of respondents knowing the bank. Westpac followed with 92% and CBA with 91%.

While the research was conducted with the largest 150 global companies, Randstad also looked at smaller financial institutions to compare. In this set, ING came in at the second most attractive financial company to work for. Queensland-based QSuper comes in at number three and Rabobank at number four, above Westpac and ANZ.

The research really focused on what employees look for in a job and 50% of the respondents said they would not work somewhere if it had a bad reputation. It also showed that 80% of employees have left a company specifically because of its culture.

Frank Ribuot, CEO of Randstad Australia, New Zealand, South East Asia and India, said, "The 2018 Randstad Employer Brand Research confirms that workers aren’t solely focused on salary and long-term job security. It is the ability of companies to deliver a genuine, consistent and balanced experience that will prove to be the big winners in a competitive job market.

“With 30% of Australians planning to change roles within the next year, a markedly increased number from last year, we are calling on businesses to revitalise their employer value propositions. It is crucial that companies present a true image of who they are and commit to it. That is the secret to the success of Australia’s most attractive employers.”

 

Related stories:
Millennial homebuyers discuss brokers
Startup 'bank' aims to be lending alternative
Lender enters $25m wholesale funding agreement