DECD/IFS Center Research Summary February 2009

Objective Introduce IFS to the unaware, establish credibility and authority across all audiences and build utilization of the IFS Center. Create meaningful messages and identify the most compelling ways to introduce IFS Center and tell its story.

Challenges Connecticut’s financial services industries are here because of the workforce. The economic crisis has started to hit the state very hard (especially in Fairfield County.) The press is full of bad news. Displaced employees are looking for anything that will help them find new jobs (not just training, but job placement.)

Challenges The vast uncertainty makes it hard for employers to know what sort of training is needed. Employers want training, but the downturn is making it harder to spare workers during business hours.

Opportunities The strength of the state’s financial services sector is recognized by those already working within the category. Economic turnaround will require training tied to real career opportunities. Education and training has moved from “nice” to “necessary.” The bad news makes the IFS Center story far more compelling.

Research Findings of Strategic Importance Employers and employees familiar with IFS Center see significant value in the service it provides. The greatest hindrance to the program is the lack of clear, available information. Employers will be more concerned than ever about allowing training during work hours. IFS Center classes that are tailored for employer needs will provide critical proof. Some employers may resist direct promotion to employees.

Brand Expression Evaluation Employers 1. IFS Center Financial Services training delivered through the Community College System is far more advanced than most people realize. You owe it to yourself to investigate the possibilities. –No bias was shown toward the Community College System. The second half of the statement caused concern that would be problematic.

Brand Expression Evaluation Employers (con’t) 2. “No matter what financial services training your company needs, the IFS Center can provide it. On- site, off-site, director through referral” –The statement was too broad and an over claim. “It’s impossible to provide everything in the world.”

Brand Expression Evaluation Employers (con’t) 3. “The financial services world is changing fast. IFS Center is here to help you and your employees stay ahead of the curve” –The idea that IFS Center kept you ahead of the curve by providing the right training was believable. Agreed that IFS is a strong resource. –Some wondered where that curve was heading, reflecting the general uncertainty pervading the financial services atmosphere.

Brand Expression Evaluation Employers (con’t) 4.IFS Center knows your business. Our instructors are from the industry and are dedicated to serving the industry. A strong appeal of the program.

Brand Expression Evaluation Employers (con’t) 5.The IFS Center is a highly nimble organization. We fit our programs to your needs with an approach that’s both brisk and efficient. –Employers found it believable, but weren’t sure about the word choices (nimble, efficient and brisk).

Brand Expression Evaluation Employees 1.IFS Center Financial Services training delivered through the Community College System is far more advanced than people realize. You owe it to yourself to investigate the possibilities.” –There were no perceived biases against the community college system. Several employees expressed genuine satisfaction with the quality of the education – often citing the real-life credentials of the instructors. While a few expected more in-depth training in their specific case, they all felt there were more challenging available, that they would take if their schedules allowed.

Brand Expression Evaluation Employees (cont’d) 2.“The financial services industry in Connecticut is vast, offering a surprisingly wide range of career opportunities. IFS Center will show you where it’s a great fit for you.” –Employees currently working in the industry in Fairfield county agreed to the vastness because of their close proximity to NYC. Employees in Hartford area thought the word “vast” was overstated, but agreed that the opportunities were considerable, and diverse.

Brand Expression Evaluation Employees (cont’d) 3.For every job lost in the financial services sector, new ones are formed. IFS Center is where your skills are matched with these new opportunities. –Employees for the most part agreed with this statement because jobs are evolving, however they were skeptical when discussing what those new careers would be. There was also little belief that there was a one-for-one exchange of old jobs and new. They believe that the overall pool is shrinking.

Brand Expression Evaluation Employees (con’t) 4. Employees trained/retrained by the IFS Center hit the ground running. No one is better prepared for today’s challenging environment.” –Some employees thought the training was basic enough to help people understand and prepare, but that it isn’t a full training that would enable them to be completely self-sufficient. However, they found credible the general idea that the IFS Center prepares a person to get into a new area fairly quickly and proficiently.

Brand Expression Evaluation Employees (con’t) 5. A career in any part of the financial services industry can be far more exciting and rewarding than people outside the industry assume. –Several employees selected this statement as a favorite because they believe that people outside the industry have a less favorable view than warranted by the reality. Most people interviewed liked the category and saw the possibilities for rewarding jobs and careers. They clearly liked having their decision to be part of financial services reinforced.

Key Conclusions Employees and employers are concerned about the tough economic climate, but recognize that there are opportunities. Recognize the need for new skills. Very high regard for quality of instruction, but shouldn’t be overhyped. Testimonials may be most potent creative approach.

Recommended Brand Expression Changes in Connecticut’s extensive insurance and banking industries offer new and rewarding employment opportunities. Training provided by the industry professionals of the IFS Center will give you the skills to grow and succeed in this dynamic environment.