KPMG: Half of banks experiencing uptick in Gen Z staff quitting
KPMG: Half of banks experiencing uptick in Gen Z staff quitting
Posted by tylerthe-theatre
KPMG: Half of banks experiencing uptick in Gen Z staff quitting
KPMG: Half of banks experiencing uptick in Gen Z staff quitting
Posted by tylerthe-theatre
10 Comments
Banks: move from hybrid working to 5 days in office a week under guise of “better mentorship opportunities for younger employees”.
Younger employees quit en masse
Banks: *shocked Pikachu face*
I’m not Gen Z but I’ve often thought about quitting my 30k a year corporate job and just going to my local amazon warehouse or supermarket distribution centre and take a pay cut.
Obviously its down to each business to decide what working practices to implement. And workers are free to choose and apply to places that meets their needs and desires. And there are some roles that cant be done from home or do need to be in an office more.
But I really don’t get why so many places (inc parts of the Civil Service) are so insistent on trying to go back to pre-pandemic 9-5/5 in the office. We have broken that cord and for many many roles, you don’t need to be in the office to achieve your outputs. We have the tech and the tools. If staff dont perform or meet their outputs then you deal with them via normal performance management and HR processes. Its almost like we need a whole generation of snr managers to retire to fully move on from the old ways of working
Gen Z are among the Generations most inclined to have a preference for flexible working ie. 100% WFH (Working from Home) or Hybrid working – a couple of days working in the office, remainder of the working week WFH! *Banks have been – post pandemic – one of the strictest enforcers in mandating a 5 day working week in the office only.*
It should, therefore, come as no surprise to the Banks senior management and Banking sector, populated by significant numbers of young employees, that large numbers are deciding to ‘vote with their feet’ by quitting their banking jobs and seeking work with employers that have more suitable WFH or Hybrid working policies.
Businesses need to put more focus on the where and why, not just the where. My early career benefitted hugely from being in the office, getting mentorship and working on problems together in person.
But, that job also came with days where I spent hours on calls to teams or clients in other countries. There was no benefit to me being in the office.
By focusing on core days, where all employees in certain teams or functions are expected in at the same time allows mentorship, focused work days, and importantly team bonding. 2-3 days a week achieves this, then allows 2-3 days a week working on your own workflow or engaging in calls with global teams.
The businesses seeing the most resignations over RTO requirements are the ones that have teams spread across multiple offices, or which don’t coordinate their wfh days to have as many people as possible in the office at the same time.
In my experience if you have whole teams coming into the same office at the same time, you don’t have people getting too annoyed about it. The main cause of annoyance is being told that going into the office improves communication, coordination, etc but then spending your whole day in the office on teams calls with folk who aren’t in that day or who work from a different office.
You’re also going to be left behind working for these banks, they have huge amounts of control and aversion to using AI tools, in few years if you don’t know how to leverage AI to maximise your productivity you’re going to be at a disadvantage when seeking new jobs.
For most people returning to the office will increase their expenses and significantly reduce their free time, I can’t see that being an attractive proposal to anyone who is happy with their current working environment.
Attempting to stamp out flexible working at the same time as also making loads of them redundant because “AI” = people not seeing it as worthwhile. Are we surprised?
It’s not just if they’re working from home or in the office; these companies grind every last bit of energy out of younger employees. It’s a long day with big expectations, so I can understand why a generation might decide that’s not what they want in a job.