You might
have heard that Wall Street doesn't pay what it used to.
That's
likely true, but according to a survey of over 1,000 banking employees by
strategy consulting firm Quinlan & Associates, the number one of source of
dissatisfaction isn't compensation. In fact, pay doesn't even rank second.
Instead,
promotions (or the lack thereof) are more important to most of those working in
finance. In total, 37% of respondents said they were extremely dissatisfied or
dissatisfied with promotions (PRM in the chart below). In a related area, 34%
said they were dissatisfied with mentoring (MEN in the chart) at their current
employer.
That's not
to say that there aren't those who are worried about their compensation (CMP -
32% dissatisfied), but rather that other issues take priority. In fact, when it
comes to extreme dissatisfaction, a lack of networking (NET) and the hours of
the job (HRS) factor above pay.
"Career
development as a category is the biggest driver of job dissatisfaction,"
the report said. "Believing that their career is not progressing and
feeling that the employer is not investing in their skills through training and
education foments dissatisfaction among employees and catalyses the search for
new opportunities."
The report
said:
"To
address this, greater transparency around promotion criteria is needed. KPIs
used to evaluate employees must be made clear and banks must think more
strategically around rebalancing their top-heavy employee hierarchies to
address the ongoing promotion bottleneck facing increasingly disenfranchised
mid-career executives. Instituting a culture of meritocracy also necessitates
committing to non-standardised, performance-based promotion timelines across
all employee ranks."
Source: Business Insider
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