how to deal with workplace competition in banking & finance jobs.

14/01/2019

Workplace competition in financial sector jobs is at an all-time high. With job security decreasing, more banking professionals are looking for ways to secure their own futures within a company and may do so at the expense of their colleagues. This can be healthy behaviour, since workplace competition shows a drive and determination to actually be employed and a passion for that particular job. However, some of it can be quite unhealthy and emotionally draining. Here is how financial professionals can keep tabs on what is happening around them.

Consider the workplace
The financial sector is naturally a competition-based industry. This can have both benefits and drawbacks, but saying it is nothing but a drawback is not doing the whole idea of workplace competition any sort of service. Workplace competition can result in innovation, which is exactly what the financial services sector relies on to secure new customers and the most innovative thinkers can secure their futures for years to come. It is therefore important to not get confused by the ideas of arrogance and ambition. Those who are ambitious will be driven by intrinsic factors: that inner voice pushing them on to succeed. Arrogance is a simple assumption that someone is better than another person.

Consider yourself
Not everyone is cut out to work in the financial sector, so those who are easily upset by competitive people might not find work situations very comfortable since they are always going to be surrounded by driven individuals. However, it is important that financial professionals trust their own abilities first and foremost. Being secure in this knowledge will ensure they are doing a service to the general public and those who have placed their trust in them. Any insecurity should be dealt with promptly, since it can be toxic to be overly anxious about work situations, but sometimes it is just a part of the field.

Further tips for managing workplace competition in financial services jobs

Managing competition
Financial professionals should always draw on their courteous and chatty manners in order to maintain workplace rapport. They should always aim to be friendly without losing focus on the task at hand. Similarly, those in financial services should attempt to work with one another as opposed to against them. Yes, recent economic activity has put a strain on many industries and the financial sector is no exception, but those who are able to maintain rapport with one another tend to be the personnel who last in roles as opposed to flagging themselves to managers are potential let-goes.

Advocate cooperation
Workers should always be the pioneers behind workplace changes they want to see happen. It can be hard to approach management with ideas, but it is far harder to be upset or dissatisfied with a role, which can manifest itself in unhealthy ways. The use of inclusive language can help naturally spark this: using “we” instead of “I” can help foster cooperative feelings rather than simply committing to the daily grind of competition. Similarly, asking instead of demanding can go a long way in boosting positive feelings.