More than two-thirds of financial services employees in a newsurvey said they were interested in remaining in the industry,though this was less true of the youngest ones.

Thirty-nine percent of millennial and Gen Z employees were moreinterested in working in the technology sector,compared with 22% of baby boomers.

The survey, commissioned by Kronos Inc., a maker of workforce managementsoftware, and conducted by Future Workplace,a research firm, focused on what the financial services industrycould do to attract, engage and retain employees in the currentcompetitive environment.

Morar Consulting fielded the national poll between March 27 andApril 4 to 806 finance professionals from C-level executives toemployees across different age brackets and industry sectors.

Desire more transparency

The findings showed that 62% of respondents working in assetmanagement, insurance and banking felt that the 2008 financialcrisis still influenced how they viewed the industry, with 49%desiring more transparency from senior management.

Some three-quarters of employees also believed that thefinancial services industry could continue to recover strongly, anda fourth say it could do so by giving more charitable donations andoffering employees time to volunteer.

"The financial services industry may have been in a state offlux over the last decade but there is no doubt the industrycontinues to grow," Malysa O'Connor, senior director for thefinancial services practice group at Kronos, said in astatement.

"Today it is important for financial services leaders to take aproactive approach to engaging and retaining employees as theworkforce is the key differentiator in this industry."

What matters

What makes an attractive employer? Sixty-nine percent ofemployees in the survey said competitive wages, 68% a good benefitspackage, 52% flexible work arrangements and 51% opportunities forcareer advancement.

Related: 12 ways to engage millennials in insurance andfinance careers

However, 76% of respondents said they were driven by more thanjust money when they looked for a new job. Seventy-three percentsaid they needed to see what a company stood for beforejoining.

In addition, 52% said their company had to have a strongphilanthropic mission.

Work-life balance & flexibility missing?

As to what they had given up to work in financial services, 36%said work-life balance and 23% flexibility.

Millennials and Gen Zers were especially sensitive about theselosses. Seventy percent felt they had given up flexibility versusonly 12% of boomers, and 83% felt the same about work-life balanceversus 29% of boomers.

Related: Keys to finding & keeping the rightemployees

Moreover, 80% of employees said they wished their employeroffered flexible or compressed schedules, and 37% wished they couldtelecommute.

Indeed, 69% said they needed flexibility and telecommuting options to stay in the financialservices field — pay alone was not enough to keep them there.

Asked how their managers could best support them, 42% ofemployees said that giving them more flexibility would be the mosteffective means of support. These were other ways:

• Investing in learning and development, 41%.
• Helping employees achieve their personal goals, 39%.
• Being challenged, 30%.
• Giving more frequent feedback, 30%.
• Mentoring, 29%.

In every category, millennials and members of Gen Z found thesestrategies more effective than their Gen X and boomercounterparts.

"This survey provides valuable insight about how to overcome theresidual perception effect of the 2008 bailout among job seekersand employees," Dan Schawbel, Future Workplace's research director,said in the statement.

"Employees today care about competitive pay and benefits, butthey also care deeply about flexibility, meaningful work andchoosing an employer that is a good corporate citizen."

What employers can do

Forty-five percent of financial services employees said theircompany could better engage them in their work by showing thattheir efforts made a difference.

Two other tactics, each supported by 39% of respondents, werelessening of office politics and removing bureaucracy.

In addition, 36% said that support for their personal andprofessional goals would help, and 19% said removing silos wouldheighten engagement.

Related: Education and the looming talentgap

Asked what their employer could do to attract and retain talent,54% of employees said companies should reward people more than oncea year with a bonus.

Forty-seven percent said the company should recognize peoplemore often, 38% said provide ongoing coaching and development and 29% saidprovide more training for managers.

Michael S. Fischer is a regular contributor to ThinkAdvisor,focusing on tax and estate planning, philanthropy and other wealthmanagement issues. Contact him at [email protected].