Interested in working for a Global Financial Services company in the Netherlands?

Some of the world’s top financial institutions have hailed from the Netherlands with the global headquarters of ING, ABN AMRO and Rabobank based here, making it an interesting market for marketing and communications professionals looking for a position in the financial services industry.

Marketing and Communications Career Challenges

• The financial services industry is a typically traditional and political environment: candidates must be able to function well here. Fast decisions and swift processes are often difficult to make under these circumstances. Companies look for candidates with excellent patience, diplomatic and convincing skills, who would relish the challenge of working around these obstacles.
• Financial markets change rapidly. Candidates must have the ability to respond to these changes, while also maintaining the ability not to lose sight of long term objectives and strategy.
• Strategic marketing positions with a product emphasis typically require candidates with industry specific experience (such as experience within the Asset Management business in a marketing function).
• Attention to detail is of the utmost importance. Compliance and risk play a huge role in ensuring that facts and figures are correct.
• The relationship between financial institution and customer is based on trust, by comparison with a consumer organization. Financial customers base a lot of their decisions on corporate reputation and if this image is tarnished, the bank will suffer enormously.
• We have observed that the main challenges in Communications functions are not only a result of the complex information which is being transferred, but also the stakeholders who are being targeted: for example, the internal audience within banks are often highly educated, busy and senior individuals and the tone of communications has to be adapted to complement this.

Challenges attracting and maintaining top talent

We have noted the following challenges when assisting our clients to attract, source and maintain their top talent pools:

• Our research has found that candidates in the financial services industry can be focused on remuneration as opposed to corporate culture or values due to the competitive nature of the business. It can, therefore, be a difficult task to engage and retain employees as readiness to move is greater in comparison to other industries. From a communications perspective, it can be more difficult to engage employees with the bank’s strategy.
• The McKinsey Quarterly article ‘A Talent shortage for European banks’ (July 2008), focuses on the challenges that banks face filling critical positions in a growing competitive international market. Their research found that in the next three to five years, the shortage of professionals already working in the organization capable of working in specific areas that are vital to the success of the business will be become problematic. Banks will, therefore, have to look outside of their organizations for top talent, which can be risky as they must ensure that they are sufficiently qualified and that they understand key business objectives, as well has functioning effectively within a different corporate culture.

We find that top international marketing and communications professionals in the financial services industry possess the following desirable traits:

• Solid economics/business academic education
• Experience working with financial services, to have gained in depth knowledge of its products and services
• Passion for banking
• Capable of understanding non tangible products and services
• Holistic vision
• Able to function in complex and political environments
• Analytical mindset
• Strategic mindset but flexible enough to adapt swiftly to the market
• Native English skills
• Excellent messaging skills
• Energetic and resilient personality
• Adaptable
• Diplomatic

There are many comparable attributes that both marketing and communications professionals share. However, we have noted that clients seeking top communications talent do not always require experience in the financial services industry in comparison with marketing positions. This is because less financial knowledge is required, while experience in complex and political organisations is essential. We, therefore, sometimes look for candidates with experience in industries where knowledge and skills can be transferred such as: political organisations, NGOs, consultancy and taxation firms, business-to-business service companies.

Salaries

As well as generous salaries, holidays and performance based bonuses, Banks offer up to 30% off financial products and services such as mortgages, which can make a huge impact on one’s net disposable income.

Below we have listed typical approximate marketing and communications salaries in the Netherlands:

Experienced Specialist level
€40,000 – 55,000 + performance based bonus and company profit share

Senior experienced Specialist
€60,000 – 75,000 + performance based bonus and company profit share

Manager (managing a team of professionals)
€75,000 – 90,000 + performance based bonus and company profit share

Director/Head
From €100,000 + performance based bonus and company profit share