Investment Banks Need to Provide Better Work/Life Balance

Work that provides a sense of meaning is fourth on the millennial priority list, according to the Deloitte report, showing that making profits and boosting the bottom line isn’t enough for today’s graduates.

They want to conduct business with heart and many of them are looking for employers who are aiming to infuse sustainability, charity, and significance into their mission. Sure, they want to achieve money-making goals but not at all costs.

Importantly, they want their work to do more than pad the pockets of senior executives or even themselves. Most of all, they want to have purpose, an ability to use their talents to their maximum potential on a regular basis.  

This generation of employees was born into a plugged-in world. Today’s MBAs don’t know how to live or work without using technology and all the internet has to offer.

“Technology has become completely unified into the everyday life of millennials,” according to a Forbes article. “They no longer ask for sufficient technology at their jobs; they expect it. Often, this expectancy has been painted as entitlement, but what millennial workers really want are the tools they need to do their job efficiently.”

Future executives are on the cutting edge of technology’s advances, just as you would expect them to be. As a result, they are keenly aware of the merits (and drawbacks) to social media marketing, the possibilities of Bitcoin and cryptocurrency, and the wonders of artificial intelligence (AI), which might just replace us all someday. Employers have to keep up with them. The beauty of this awareness is that understanding technology and investing in it is a way to keep your bank competitive.  

Demographics are changing, and the world is getting ever smaller. Banks are already realizing they need different types of people represented throughout their workforce and in leadership. For years, they have been making inroads to include more underrepresented minorities, including women, among their ranks, but there’s still work to do.

For starters, attracting minorities and women to banks is one component of this. Frankly, the banks need to find ways to retain them and treat them well once they are there. At the start of 2018, some called for more transparency around the sharing of statistics regarding the employment of women and minorities, according to Reuters.

The #MeToo Movement has played a significant role in the call for change. People want to know if women at investment banks are getting paid the same as their male counterparts and how many of them actually hold leadership positions. In addition, they want to make sure the banks are providing safe work environments, where everyone is included and respected.

Of course, they want to guarantee sexual harassment is never tolerated. Work/life balance is relevant here, too. Women are still taking on the burden of childcare. Many people have biases about working moms and others that need to be confronted and alleviated. Changing perspectives and a culture does not happen overnight but it will be a worthy shift in thinking.

Investment banks are still breathing. The industry remains somewhat popular even if it’s not the king of employers in the way it once was. However, banks risk losing out on top talent if they don’t commit to transforming their cultures and behaviors. Like any industry, they have to keep up with the times and respond to societal shifts.