Despite the continued choppy markets, combined with cost-income ratios which are generally getting worse, more than 70% of the 400-plus respondents to our poll this week on job security are not really concerned about being part of any forthcoming cuts.
Date: Sept 30, 2011
Despite the continued choppy markets, combined with cost-income ratios which are generally getting worse, more than 70% of the 400-plus respondents to our poll this week on job security are not really concerned about being part of any forthcoming cuts.
The fact that so many individuals from across the wealth management and broader financial services industry are either “not very concerned” or “not at all concerned” about potential downsizing is somewhat of a surprise – especially given that 43% of the same respondents said the current situation seems to be worse than usual, with only 23% saying it wasn’t (the remainder think it is similar).
Yet 28% of respondents did acknowledge that they are either “very concerned” or “a bit concerned” that they would be part of expected cuts.
Making your job more secure
Some of the practical and pragmatic suggestions from respondents to make it more likely to avoid any job cuts included:
"Learn about more asset classes, network like crazy, and go to a local bank.”
"Keep your focus on your current work and on adding value in your job and to your clients – and exceed expectations.”
"Develop skills which are required by the employer but not possessed by many other staff. Show a good team spirit.”
"Be more disciplined in follow-ups and sharing information with clients more often. Share all client concerns with the organisation and address them with minimum fuss. Find alternative revenue channels in the firm.”
"Upgrade your skills required for the job, to make yourself more valuable for your organisation – and make your boss aware of your efforts.”
"Be seen as a problem solver – if an issue arises don't just highlight the issue, but try to present a realistic solution.”
"You need to have the right qualifications for your role, as regulators are putting more pressure on firms to ensure staff competency. Maintain your integrity, keep away from opinions and speculation and don't be seen to be creating unease with other staff by speculating on the future.”
"Make yourself indispensable by working on strategic projects of high complexity that no-one else is willing to take on.”
"Continually assess your relevance to the customer and therefore to the organisation.”
"Focus – the worst thing to do in times of uncertainty is to get distracted. Your clients, colleagues and boss will notice it.”
"Be tough and committed, do not complain, work hard and grab market share while others are distracted by what is going on in the market.”
"Perform – numbers are most critical; communicate – open channels of communication always help; and keep in touch with your clients.”
"For people in sales or other client-facing roles, this is a time when most companies will be concerned with ways to stay profitable. While a lag in revenues is inevitable, I have learned after 16 years in banking that being in the frontline becomes the best line of defence and that well-maintained relationships with clients will be the best hand-holding tool in these uncertain markets.”
