The Business Services Industry Skills Board (BSISB) convened the Business Services Industry Career Action Group (BSICAG) in July 2005 to investigate and report on ways to improve finance sector career information and career guidance available to young South Australians.
The industry sectors of the Business Services Industry Skills Board are diverse and following some discussion and preliminary research it was agreed that the work would focus on the finance sector and the western region of South Australia. Further discussions regarding the scope of the finance industry led to a decision to refine the activity and to commence with the banking industry. It was agreed that once implemented, wider dissemination through the state might then be applied to the Finance Sector.
The BSICAG comprised representation from secondary students, the banking sector, the banking sector union and a vocational education coordinator. A consultant engaged by the BSISB facilitated the work. The forums provided for sharing of information and ideas, through a high level of interaction. The resulting Career Action Plan for the banking industry has both short term, low cost strategies and longer term, higher cost strategies. A positive outcome of the BSICAG is the implementation of one of the short-term strategies immediately, with a view to wider dissemination across the state if successful.
The work of the BSICAG was supported and contributed to by the following people:
Karen Brown
Jane McKerlie
Robert Pisano
Jane Harvey
Jacquie Van Ruiten
Natasha Nedeljkovic
Emma Lees Laverack
Mohammad Al Khafaji
Paul Skoumbros
Angela Murray
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State Secretary, Finance Sector Union, BSISB member
Regional Support Manager, BankSA
Manager People Capital, ANZ Bank
VET Coordinator, Western Futures, Futures Connect
Asst. Principal, Underdale High School
Year 11 student, Underdale High School
Year 11 student, Underdale High School
Year 11 student, Underdale High School
Year 11 student, Underdale High School
Manager, Education Services, AITEC Corporate Education and Consulting |
Additional consultative advice was provided by David Weatherley, Human Resources Manager, BankSA and Enza Rapetti and Julia Grills from the ANZ Bank.
The whole group met twice with work undertaken prior to and between workshops to progress the activity meaningfully. The group worked effectively and all enjoyed the experience and the opportunity to share information and develop approaches collaboratively.
Process
The significant role and importance of contributions and “buy in” from both industry and school students was critical and identified from the outset as key to a truly informed, open and valuable output. A facilitative, well-researched and loosely directed approach was used throughout the series of meetings. School holidays fell at a critical time in the project and necessitated the group working around those dates.
A series of meetings were held with different participants to share and develop an agreed approach to the development of a Career Action Plan for the banking industry. An initial meeting was held with the Executive Officer, Karen Brown and the consultant during which the project framework and approach was confirmed and agreed. The support of the banking industry was negotiated by the BSISB and participation of local high schools facilitated through Western Futures.
Karen Brown, and the consultant met with David Weatherley and Rob Pisano to outline the aim of the activity and the commitment envisaged from industry. It was agreed to meet with industry only personnel between the two ICAG meetings, to explore the strategies proposed and to flesh out a practical, realistic approach.
It was proposed by the BSISB Executive Officer that the ICAG would comprise 4 secondary school students, 2 male and 2 female, a VET Coordinator, 2 finance industry representatives, and Karen Brown, State Secretary of the Finance Sector Union and BSISB member and that the group would meet at least twice. The Career Action Plan was further refined by the ICAG at a second workshop, with excellent and valuable feedback from the secondary students.
Findings – current strategies
Desk Research
From the Workforce Report dated 2002 we know that the The Australian Bureau of Statistics breaks the Finance and Insurance industry into three segments, namely Finance, Insurance and Services to Finance and Insurance.
- Finance is mainly made up of banks, building societies, credit unions, money market dealers, deposit taking financiers and financial asset investors.
- Insurance includes life insurers, superannuation funds, health and general insurers.
- Services to Finance and Insurance includes activities such as credit card administration, money changing services, insurance broking, futures, mortgage and stock broking.
The following statistics have been extracted from this report.
- There has been consistently strong growth over a long period of time in the part of the industry called Services to Finance and Insurance, in the six years between 1996 and 2002, growing 62.3 percent with 43,600 new employees, in stark contrast to Finance that declined by 17.7%. The sector as a whole grew around seven percent in this time.
- Between 1998 and 2002, the biggest change in occupation was the increase in the number of Associate Professionals up 40% to a total of 91,254. This group of workers comprises 25.6% of the total workforce in Finance and Insurance. The number of Professionals grew by 35% up to a total of 55,310 and 16% of the workforce. There was also very strong growth in the number of Advanced Clerical and Service Workers up 27% to 51,837 (15% of the workforce).The number and proportion of Intermediate Clerical, Sales and Service Workers declined 20% to 119, 546 (down from 46.2% of the workforce in 1998 to 34.7% in 2002).
- There are quite significant differences between the types and levels of occupation for men and women. Generally women are concentrated in lower level occupational classifications than men. For men, there is more variety throughout the sectors but generally the most common classifications are Associate Professionals, Advanced Clerical and Service workers, and Professionals.
- All states except Queensland and the Northern Territory have experienced growth in the Finance and Insurance Sector in the four years between 1998 and 2002. The workforce in NSW has grown by 12.6%, Tasmania by 11.8% and Victoria by 2.6%. Western Australia and South Australia have grown by 8.9% and 4.9% respectively.
- Between 1998 and 2002, full-time employment in the finance sector increased by 5.1%. Female full-time employment decreased by 4.3% while male full-time employment grew strongly by 14.7%. Overall male employment grew by 18.1% and female employment declined by 2.6%. Male part time employment also grew very strongly, up 77.9% to a total of 13,410 employees. There are still a significantly smaller number of male part timers than female part time employees. There are 52,834 female part timers, growing by 2% in the years 1998-2002. Part time work is still predominantly female in the sector with 79.8% of part time employees being female. Nearly thirty percent (29.1%) of females employed in Finance and Insurance are part time employees compared with only 8.2% of males who are part time.
- There has been a large increase in the number of people employed who are aged 15-19 but decreases in number of employees aged 20-24, 25-29 and 35-39. Some of the largest increases are in the groups aged 40-44 (19.3%), 45-49 (19.7%), 50-54 (55.1%) and 55+ (69.4%). The proportion of the sector that is aged under-35 is now 45% compared with 51.8% in 1998. The over-45 age group was 21.2% of the sector in 1998 but has now increased to 28.6% of the sector.
Preliminary desk research was conducted to provide some background information on careers in banking. Examples of the desk research are provided in the DFEEST ICAG report. The following findings and observations were made:
- advertisements in papers for banking staff were often not clearly linked to banks e.g. Hudsons recruiting Customer Service Consultants;
- banking careers were well promoted on bank web sites, but not always clear in terms of how to apply, particularly for school leavers and the pitch seems to be primarily at graduates;
- access to information about careers in banking is frequently accessed through careers in finance;
- general career sites, such as myfuture.com.au require more than 5 clicks to get to close to information about careers in banking; and
- the Finance Sector Union has a comprehensive careers website, but student feedback suggest that is not a pathway they would use to seek information on careers.
Workshop Findings
During the first workshop the following information was collected:
What students know about banking?
- Good money
- Needs maths
- Social skills
- Work long hours
- Good job (means in an office, enjoyable, not too stressful, flexible, security, promotions)
- Believe they need to go to university
- Job prospects include customer service, finance, HR, technician, IT, marketing
How do they find out?
- Parents and teachers (the most significant influencers)
- SACE Expo at school
- Regional careers expos (Festival of Opportunities)
- Interest
- Family friends
What are useful methods to interest students?
- Not brochures, they do not get read
- Freebies, pens, rulers, lollies
- Short catch phrase – not long explanations
- Pictures
- Tours of industry
- Competition e.g. win an IPOD
- Work experience
- Promoting recognition of transferable skills
- Teacher professional development
How the banks promote careers?
- Targeted graduates for full time, moving to wider market
- Looking for people who can deal with people
- Diverse workforce for a diverse client base
- Graduates spend some time on a leadership program
- School leavers undergo the same training and development but over a longer period of time
- Support further study
- Advertise in the papers
- Involved in local schools
- Recruit school leavers not just graduates
- Look for people with previous work experience
- Wide range of jobs
- Support further study
In summary
The students had developed ideas about careers in banking that were not always factual but used this information in their decision making processes. The Banks presented a lot of information and were involved in activities to inform the wider community but that this did not necessarily translate to an informed school community at both student and adviser level.
The Career Action Plan
A Draft Career Action Plan was developed which was subsequently presented to the BSICAG on July 28 for further development and refinement
The primary focus was to develop a plan that could:
- identify efficient strategies implementable immediately, and
- to identify worthwhile strategies that required longer lead times and in some cases investment.
The final Career Action Plan provided to DFEEST was developed through the work of the BSICAG and was heavily influenced by the secondary students and their open and insightful comments. The recommendations included:
Low cost priority strategies
- Local Bank Managers to present to Year 10 and 11 students at schools covered by Western Futures, parents and teachers to be invited.
- Regionally organised formal student visits to local bank branch and Head Office Operations with presentations by graduates and trainees.
- BSISB to work with banking industry and Futures Connect to promote across the state.
- Information pamphlets targeted at teachers and parents and available for students.
- Regional Professional Development workshops for teachers.
Longer term
- Posters on the banking environment and attributes sought, entry and job opportunities and pathways.
- Contribution to statewide website – data and a means of keeping the information aligned with current trends.
- Dissemination to wider finance industry.
Other
- Participation in careers expos, forums.
Conclusion
In addition to the development of a Career Action Plan for the banking industry, this project has provided a number of benefits including:
- an opportunity for secondary students in the west to engage directly with industry in a facilitated, supportive environment;
- a voice for secondary students to articulate their thoughts and experiences in making decisions about careers;
- an opportunity for secondary students to participate in two workshops where they were equally valued;
- a process to support the State’s Social Inclusion Initiative;
- an opportunity for the banking industry representatives to directly engage with their future employees; and
- closer collaboration between education and industry.
The Finance Sector Standing Committee received the report in September of 2005 and discussed the report and its recommendations at their next meeting. The differing strategies and the recognized need to engage with different sections of the finance sector and at differing levels of management experience are being considered by the committee and informing development of their communication strategy to identify members of the sector to engage and implement the recommendations.
