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Financial Sector Sees Major Changes

Financial Sector Sees Major Changes

Monday, Apr, 30, 2018 05:11PM

In late 2007, the recession hit the financial industry, making it difficult for students earning an online degree in finance to find a good job. According to the Business Journals, the nation’s largest metropolitan areas added more than 36,000 jobs in the past 12 months, giving students in an online accounting degree program hope.

A new adoption of pay regulation in the United States, United Kingdom and other countries  allowing companies in the financial industry the opportunity to focus on gaining, manning and retaining talent, as well as offering rewards other than pay to attract potential hires. A poll taken by global professional services company Towers Watson questioned current top executives on the current regulations on the industry.

According to a recent press release, both of the the regulations, Troubled Asset Relief Program and the Dodd-Frank Wall Street Reform and Consumer Protection Act, were enacted to decipher whether or not a company’s current regulations allowed top executives to take excessive risks. The poll found that half of respondents reported the recent regulations to have little to no effect on the organization.

"Traditionally, the financial services industry has differentiated itself in the market for talent by its ability to offer above-average incentive compensation opportunities," said Mark Shelton, global co-leader of Towers Watson's Talent and Rewards financial services practice. "With the new regulatory restrictions limiting their flexibility in that regard, global companies are focusing more on talent management and redefining the 'deal' with their people."

Powerful companies in the financial industry are finding ways to appeal better to potential employees that other companies are unable to. Among individuals polled, 31 percent were most concerned with redesigning the company deal. Some top organizations found it challenging to adapt and offer adequate programs.

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