The financial sector in Finland directly employs around 36,000 people. In addition to direct employment, the sector provides employment through outsourced services across other industries. The number of personnel has declined over the years due to retirements and efficiency measures. However, recruitment continues as the workforce ages and new services require fresh expertise. Financial companies are often highly international and demand a wide range of skills, and strong customer service abilities and the capacity to interact with diverse individuals are especially valued. Most employees have a background in business studies, including vocational qualifications, bachelor in business administration degrees and university education.
Wages in the financial sector are relatively competitive, averaging €5,073 per month in banking and finance and €4,447 per month in insurance services (figures from September 2023). For comparison, the average monthly earnings for salaried employees in the industrial sector were €4,886, and retail averaged €3,559 per month. Across the Confederation of Finnish Industries (EK) member organisations, the average was slightly over €4,200. In addition to competitive remuneration, the sector also invests in staff training and professional development.
The financial sector offers a wide variety of roles for those interested in sales, customer service, financing or investment. Support functions such as human resources, legal affairs, financial administration and communications also offer numerous opportunities. Job titles in the sector are diverse: to name a few, they include service advisors, customer service managers, claims handlers, pension advisors, portfolio managers, economists, development managers, analysts, economists and bank managers.
Transformation of work in the financial sector
Financial sector work teams are becoming more diverse, comprising professionals from various fields, such as mobile service developers, sales coaches and taxation experts. Because managers can no longer be expected to possess deep expertise across such a broad range of subjects, managerial roles are evolving towards a more coaching-oriented approach. The increasing autonomy of work further emphasises the importance of supportive leadership. Remote and mobile working have become more common for many employees.
Digitalisation has already revolutionised processes in the insurance sector, significantly reducing manual tasks. New skills required of employees relate to processes that are now partly handled by robots and automated online customer service. Online meetings via Teams or Zoom have become part of everyday work, and offices where customers previously handled matters in person have largely shifted to appointment-based services. Essential skills for an employee therefore include system proficiency and the ability to assist customers via chat services. Remote work enables virtual organisations, where virtual leadership, online meetings and the ability to communicate through blogs and social media are increasingly important.
Collective agreements
The financial sector’s collective agreement sets the minimum terms of employment for banks, finance houses, card companies and certain other companies specifically mentioned in the agreement. The agreement covers employment conditions including working hours, notice periods and holiday pay. It also stipulates minimum wages for the sector’s employees and trainees. The collective agreement is universally binding. It has been signed by Finance Finland on behalf of employers and by Trade Union Pro and the Federation of Professional and Managerial Staff YTN on behalf of employees. Insurance companies adhere to the insurance sector’s collective agreement, also signed by Finance Finland and Trade Union Pro. This agreement outlines minimum employment conditions for office staff and field sales representatives, similar to those in the financial sector’s agreement. It is universally binding.