Dubai has solidified its status as a premier global hub for talent attraction, according to the latest report titled ‘The Future of Financial Services Talent,’ jointly issued by Dubai International Financial Centre (DIFC) and the London Stock Exchange Group.
The report uncovers a notable shift in employee priorities, emphasizing a significant focus on work-life balance, well-being, and a spectrum of non-financial benefits. Moreover, it highlights that talent is increasingly seeking purpose, values, and fulfillment in their daily professional lives, offering employers valuable insights to reshape management styles in the industry.
Nurturing Talent in the Financial Hub
Arif Amiri, Chief Executive Officer of DIFC Authority, emphasized the commitment to talent development, citing the creation of more new jobs in 2022 than any previous year. Initiatives like the DIFC Academy and the DIFC Innovation Hub underscore Dubai’s dedication to nurturing talent through world-class education and comprehensive training programs that foster collaboration between start-ups and financial institutions.
Post-Pandemic Workforce Needs
The report delves into the post-pandemic needs of the rapidly evolving financial services workforce, citing data from global bodies like the World Economic Forum. Key findings include an anticipated surge in learning and on-the-job training, with 77% of employees expressing readiness to acquire new skills or undergo complete retraining.
Navigating ‘The Great Resignation’
Highlighting a significant trend, the report notes a surge in voluntary job resignations during and after the Covid-19 pandemic, with reasons extending beyond salary and benefits. The ‘Great Resignation’ phenomenon, reflected in the departure of 4.5 million US workers in March 2022, underscores the importance of addressing factors such as low pay, limited advancement opportunities, and workplace disrespect.
Purpose-Driven Work and Remote Work Realities
The report emphasizes the importance of purpose in work, citing increased productivity and employee loyalty when aligned with organizational values. It also acknowledges the permanence of remote work, urging companies to experiment and adapt to ensure retention risk mitigation.
Five Imperatives for Employer Proposition Enhancement
The DIFC report proposes five essential business practices to enhance
the employer proposition, aiming to increase talent availability and diversity in financial services. These include improving talent progression, empowering employees through upskilling, emphasizing purpose and job fulfillment, offering attractive compensation and benefits, and adopting flexible working models.
In conclusion, financial institutions must heed these survey findings to align with evolving employee expectations, ensuring they attract and retain the talent needed for success in a dynamic industry. Adaptation to remote and hybrid working models, coupled with a reconsideration of management styles, is key to retaining valuable employees in this evolving landscape.