Only one in eight (12%) City finance professionals are committed to staying with their current employer this year, according to the latest survey by eFinancialCareers – with more than half (52%) saying they definitely intend to move to a new employer in 2011, and a further 36% saying they are considering jumping ship. The allure of better career opportunities elsewhere was cited as the overriding factor influencing their decision to move.
For a third (34%) this means considering working overseas – Hong Kong and Singapore being the most popular destinations. However, the majority (52%) said they would prefer to stay in the UK.
Separately, two thirds (67%) of respondents said the UK’s changing regulatory environment was not having any impact on their decision to move employer.
However competition for talent is heating up. Forty-six percent of those surveyed said they had received more calls from recruiters so far this year compared to the same period last year – only 14% said the number of calls was down compared to last year. That’s in spite of a slim majority (51%) believing it will be hard or very hard to find a favourable new position in 2011.
Based on the results of the eFinancialCareers survey, it would also appear that some employers are already actively taking steps to retain their key staff. A quarter (26%) of the employees surveyed claimed their firm had already offered sweeteners to keep them at the firm this year, most typically offering an increased salary, higher bonus or more challenging assignments.
Likewise, a third (32%) of the employees surveyed said if they were to find a new position, a counter offer from their current firm could make them change their minds. But for the remainder, there would be no turning back.
James Bennett, Managing Director EMEA and APAC at eFinancialCareers.com, commented:
“The fight to retain good people is on. And while the majority may wish to stay in the UK, significant numbers are now looking towards Asia, drawn by the prospect of lower taxes, better work-life balance, and better economic opportunities. Indeed, the City of London cannot afford to be complacent given the significant increase of job opportunities now being advertised in the Far East.”
The eFinancialCareers survey of 444 banking professionals took place 11-19 April 2011.
