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Wall Street banks opt for greater automation for grunt work to retain talent

HR Digest

An internal survey by Goldman Sachs junior employees detailing the crushing workload and the accompanying stress due to demanding bosses has led to some stocktaking about the working conditions in the industry and the high attrition rates. Banks now insist on weekend offs, no excessive overtime, and greater use of technology for routine work.

Banking 95
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LeadershipNow 140: March 2018 Compilation

Leading Blog

VIDEO: Understand blockchain in under 7 minutes : Don Tapscott with Lloyds Bank. Attenuating Attrition: How Leaders Can Create a Sticky Situation by @Julie_WG. Here are a selection of tweets from March 2018 that you might have missed: The Reciprocity Ring : When Giving At Work Becomes An Act Not A Check from @JohnBaldoni.

Attrition 161
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Goldman Sachs CEO speaks in support of junior bankers’ woes of workplace abuse

HR Digest

In a recorded message to 34,000 staff on Sunday evening, Solomon said he took the complaints “very seriously” and encouraged others at the investment bank to speak out. The first-year banking analysts said they have worked an average of around 100 hours each week in 2021 and slept five hours a night.

CEO 52
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Playing the Long Game: The Employee Retention Process in HR

HR Digest

The World Bank has projected a 9 million skilled and semi-skilled ICT workers shortage to affect Indonesia between 2015-2030. Establish Effective Recruitment Strategies and Onboarding A big reason for high attrition rates is the hiring of candidates who are not suited for the organization.

Process 59
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Engagement and Motivating Employees

CoachStation

The Reserve Bank of Australia believes that the unemployment rate is heading to 3.25% by the end of this year. The McKinsey group recently published an excellent resource regarding attrition and the reasons why people leave organisations. Maybe, no more so than right now. We are a team of 9 and I am already 2 staff down.

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Talent on Demand

Marshall Goldsmith

Our internal "pipelines" of talent also prove misleading because of unpredictable attrition. This allows us to respond to the uncertainty in ways that don't break the bank. The biggest concern with development seems to be attrition. These models require the ability to plan accurately well into the future.

Attrition 107
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How Humble Leadership Really Works

Harvard Business Review

For example, when Jungkiu Choi moved from Singapore to China to start his gig as head of Consumer Banking at Standard Chartered, he learned that one of the cultural expectations of his new job was to visit the branches and put pressure on branch managers to cut costs. Branch staff would spend weeks anxiously preparing for the visit.