Swedish Student Survey: Big banks excel, FinTech fails

In regards to the Student Survey 

This yr’s student survey ran from September 2022 to January 2023 and was answered by a complete of 20,520 students, which is Sweden’s largest profession survey thus far. Universum’s surveys are answered annually by over 1.5 million respondents, in 65 markets worldwide, which ends up in Sweden’s most comprehensive – but in addition the world’s largest talent survey by far. This offers us a novel knowledge base and understanding of what talent is searching for and expects from employers. The information is further segmented by gender, age, educational background, etc. The fitting data consequently gives you as an employer relevant insight into how you have to proceed to be able to attract and retain your right goal group. 

Profession preferences 

Compensation and secure employment are crucial priorities in 2023 for Swedish students when selecting a future employer. Encouraging balance between work life and personal life in addition to flexible working conditions proceed to turn into much more essential. Usually, it will possibly be said that Respect and Kindness within the Swedish work environment is mostly increasing as a profession preference. Nonetheless, characteristics corresponding to a Creative and dynamic work environment, Difficult work, Ethical norms and CSR have gotten less essential. Perhaps CSR has turn into a so-called hygiene factor, i.e. that today it’s roughly expected of an employer. The commitment to sustainability has decreased successively since 2020. 

Money Talks 

Although the importance of sustainability has declined over the past 4 years, 2023 represents the yr through which the importance of economic sustainability has reached an all-time high amongst students. Unstable economic times shifts the main target to industries that may handle economic uncertainty. Corporations which have a proven ability to act with a financial responsibility mindset are more attractive this yr.  

One industry expected to navigate a high interest/inflation environment is banking. With fears of a looming recession, the emphasis on smart money management seems to outweigh employment with successful growth employers. This clearly correlates with this yr’s rating, which shows an increased interest amongst students in working at large and prestigious banks. 

Industry trends 

The banking sector was one among the large winners in 2023 in accordance with the scholar survey. Nonetheless, that is the primary time since  2019 that Fintech is experiencing a pointy industry decline amongst finance and IT students, with many trendy FinTech firms dropping ranks. Usually, we see the whole tech industry losing attractiveness as a consequence of a looming recession and ongoing layoffs across the industry. Major players corresponding to Spotify, Google and Microsoft remain very attractive, but in addition they lost percentages on this yr’s rating. This is probably going attributable to the uncertainty that affects the industry and the big layoffs which are occurring. The underside line is that today, it isn’t considered a protected industry to work in. 

Rating 

Google takes back 1st place from Spotify on this yr’s rating amongst tech students. Klarna drops 17 rating positions amongst each tech students and civil engineers and drops from rank 4 to 21 amongst economists. Avanza can also be losing percentages in IT and finance. Things are higher for the normal big banks. Amongst economists, SEB rises from rank 14 to five, Swedbank from 7 to 4, and each Goldman Sachs, J.P. Morgan and Handelsbanken up. We also see a trend amongst employers linked to the national defense. Each Saab, the Armed Forces and FOI showed strong rating performances this yr. This will likely in fact be directly related to the Russia-Ukraine crisis. 

Wages 

Women still expect 7% lower starting salary than men. If we break this down by study background, 2023 is the primary yr ever where we’ve got a bunch where women expect a better salary than men; the lawyers. Unfortunately, we see a correlation between the scholars’ expected starting salaries and the actual salaries later of their skilled lives. That is how there must be a change in expectation and demand.