banking and financial services industry:
2021 guide to severance & workforce transition.

Highlights from the 2021 banking and financial services report on severance and workforce transition include:

• 62% of firms offer severance to all employees, a drop from 1st place to 15th place among 18 industries in the past two years
• 31% offer severance once employees have five or more years of service time, a higher than average requirement compared with other industries
• among the 73% of companies that have formal redeployment programs, the top three areas of needed improvement are matching employees to job openings, providing career counseling and working with a consulting partner
• 57% and 54% of firms saw an increase in negative reviews on employer review sites and social media, respectively, following a layoff