Financial services leaders better regarded
If you’re working in the financial services industry then chances are you hold your boss in higher esteem than your counterparts working in other sectors.
That is the bottom line of new research released by global human resources consulting and outsourcing business AON Hewitt, which found that only 51 per cent of employees in Australia and New Zealand believe their leaders are effective.
This figure improves in the financial services sector where 54 per cent of employees believe their leaders are effective, but declines markedly in the resources sector where just 41 per cent of respondents said they trust their senior leaders and believe them to be effective in their roles.
Commenting on the survey results, AON Hewitt chief executive of human capital consulting for South East Asia and the Pacific, Tim Powell, described the outcome as disturbing even within the highest ranked industries.
“Hopefully this is the wake-up call companies need to assess and more importantly improve their leadership strategy,” he said.
Powell said that at a time when many people were being promoted on the basis of past achievements and technical competencies rather than managerial capabilities it was not surprising that the resources sector was struggling due to the highly technical nature of roles.
He said when those factors were combined with the current volatility in the industry and the fact that most teams were geographically dispersed, the challenges ahead became much clearer.
AUTHOR
Mike Taylor
Recommended for you
A panel of advisers have argued charging fees accordingly is a top priority for the industry, but Peloton Partners has found firms are reluctant to increase them until the business pressure is “unavoidable”.
Equal weighted ETFs are gaining ground with financial advisers, according to AUSIEX, as they believe they can bring balance to client portfolios.
Financial services software and technology provider Fin365 has appointed a new executive chairman to the board to support the firm’s strategic growth plans.
The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to switch their superannuation into a poorly performing product.
