Working in the 21st Century in Financial Services – A Profile

Working in the 21st Century involves a number of characteristics. Employment involves the use of technology, which is constantly changing. Therefore to be working successfully in the 21st Century, a person needs to be able to cope with the technology, and have the flexibility to work with the constant change that we currently experience.

I have chosen to review the career of Les Smith, who works at IMB Ltd. He has been the Branch Manager for Albion Park Branch of the Building Society for the past three years. He demonstrates characteristics of working in the 21st Century, as he currently works in the Financial Industry, although he also undertakes training work as well. Flexibility has been, and continues to be the core of Les’ career.

To work with IMB a person has to possess relevant Financial Industry qualifications such as Certificate 3 in Financial Services, which Les achieved through sponsorship from the IMB. The employer also enabled Les to gain the Certificate IV in Frontline Management. Les also possesses the Certificate IV in Workplace Training and Assessment, which he is currently upgrading.

Similarly, Les has gained a number of recognised qualifications over the years, in areas as diverse as Creative Writing to Theology.

Three and a half years ago, when Les obtained the position of Branch Manager, he had not worked in the Financial Industry previously. IMB employed him, not for his experience or knowledge, but for his skills in people management, marketing and organisational ability. They then provided him with the training necessary to fulfil the role of middle management in a Financial Institution.

Previously, Les had 15 year’s experience in the Insurance Industry, which provided some experience which he has been able to translate into his present position. Les rose through the ranks of a major international Insurance Company to become NSW State Manager, based in Wollongong. When his Head Office insisted he return to Sydney for further advancement, Les allowed himself to be Head-hunted in order to remain in Wollongong.

After 3 year’s with his new employer, he was again under pressure to move to Sydney, so he left to start his own Computer Training Business.

For the 10 year’s prior to his appointment by IMB, Les ran his own Computer Training Company in the Albion Park area. It was the skills gained by this experience, as well as his knowledge of the local area that made him attractive to IMB. During the time of running his own business, Les built up an enviable reputation as a relaxed, fun, proficient trainer. He developed all his own training programs, and his notes are renowned for being comprehensive and easy to follow.

In regard to Les’ work habits, he always ensures that he is the first to arrive at his Branch, ensuring that the premises are secure (a major consideration with Financial Institutions), and all computer and other systems are fully operational, ready for his staff to attend to their duties. He places a great emphasis on staff training, and new employees to IMB are often placed temporarily in Albion Park Branch to receive comprehensive training.

Changing careers as Les did in his mid 50’s, has not been without its challenges. The move from being self-employed to being subject to other’s direction was particularly difficult for Les to adjust to. But it is a credit to his flexibility, that he is now acknowledged as one of IMB’s most respected Branch Managers.

The hallmark of Les’ business career has been flexibility. He has been able to move from industry to industry, and use the experiences he has gained in new and innovative ways. He has also always been ready to learn new skills and knowledge, constantly undertaking further training, both formally (such as the Certificate 3 & IV qualifications stated above) and informally, through Internet searching, reading books and similar activities.

This flexibility has been demonstrated by the variety of careers that Les has had. He has been a Teacher with Adult Education organisations, an insurance claims manager, insurance underwriter, marketing manager, trainer, Home loan lender and Personnel Manager.
It is a tribute to Les’ time management skills and stamina that he is able to maintain his computer training business while continuing to successfully work full time for IMB.

Working in the Financial Industry in today’s climate places a number of stresses on an individual. The Global Credit Crisis has caused an intense impact on the Financial Industry in Australia, and all employees working in it. There are unprecedented set of circumstances placing unique difficulties in the path of all Financial Institutions.

Volatility in interest rates makes it extremely difficult for people working in Finance to be able to advise customers on the best courses of action. This affects both the lending and investing side of finance.

One area of increasing conflict is the area of bank fees. It is recognised that financial institutions need to be profitable to continuing to exist, and the stress placed on the cost of financial institutions in acquiring the funds necessary for lending have meant that a number of banks have increased their fees as a means of survival. This has angered their customers, who see huge profits being announced, as well as highly valued employment packages being offered to senior bank executives.

As one of the member based financial institutions, IMB are answerable to their members, who are their customers, rather than answerable to shareholders. As a result, such member based organisations generally speaking, have a lower fee structure than the major banks. IMB have a fee philosophy that it will only impose fees that directly recoup expenses incurred. They do not regard collecting fees as a way of raising capital.

Les has found working with IMB, and changing career later in life has been an interesting, profitable challenge.