In light of the still voluminous turnover in Asia’s private banking industry which continues to be marred by a limited talent pool across various functions, the acquisition, grooming and retention of employees is more critical than ever for businesses with ambitions to grow sustainably.
While assets under management at private banks in the region have continued to grow at an annual double-digit rate over the past three years, banker headcount in the same period has climbed by less than 8%, illustrating greater productivity but also the risks of overcapacity going forward. This is in addition to the growing demand to hire for roles in products, compliance and more.
For all these reasons, Asian Private Banker has launched for the first time in 2015 its Best Private Banker – Employer of the Year Award. This goes to Goldman Sachs for its hefty raft of initiatives designed to ensure employee development and wellness – including a number of which specifically target its Asia private wealth business – which put the bank ahead of the competition.
Through its internal education and leadership development initiatives, Pine Street and Goldman Sachs University, the firm creates and delivers programmes aimed at the professional and leadership development of its employees. Be it new joiners to the private wealth industry, up-and-coming stars, or established leaders, the bank provides an expansive series of Asia-specific learning curricula that covers technical topics such as markets and investment products as well as issues concerning building client relationships and integrating new staff. In addition, Goldman’s continued focus on diversity ensures that it is able to attract and retain talent from multiple backgrounds and perspectives.
Further, the bank’s flurry of highly attractive benefits includes access to external world class health solutions and a series of policies covering flexible working arrangements.
Such efforts have been very well rewarded. Goldman Sachs now has the highest number of wealth advisers in Asia since the start of the business, while maintaining low average annual turnover. The average tenures of its Asia private wealth management managing directors and vice presidents stand at a stellar 14 and six years, respectively. Asian Private Banker is proud to name Goldman Sachs the 2015 winner of the first-ever Asian Private Banker Best Private Bank – Employer of the Year Award.