Nearly half (45%) of German-speaking financial professionals intend to move to a new employer this year according to the latest survey results from eFinancialCareers.de, with only one in five 20% of those surveyed committed to staying with their current employer. A further 35% of the financial professionals were undecided whether or not to jump ship.
The results mirror a similar survey by eFinancialCareers in the United Kingdom, where 52% of City workers said they definitely want to switch to new employers - only 12% wishing to stay in their current role. As in the UK, the main reason for German financial professionals wanting to switch jobs was the allure of better career opportunities elsewhere.
And of those German speaking professionals wanting to move, 72% said they would consider working in another country – with Zurich and London being the most popular destinations. The majority (61%), though, do want to stay within Europe- only 3% wanting to move to the Middle East, 13% to North America and 18% to Asia Pacific.
And post the banks’ reporting season, competition for talent is heating up in Germany. 47% 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. 53% nevertheless believe it will be hard or very hard to find a favourable new position in 2011.
Based on the results of the eFinancialCareers.de survey, it also appears that many employers are already taking steps to retain their key staff in Germany. Over a third (36%) 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. In the UK, only a quarter 26% of those surveyed claimed that they had been offered incentives to stay put.
Moreover, just over a fifth (21%) 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. For overwhelming majority however, there would be no turning back should an acceptable offer come in.
James Bennett, MD at eFinancialCareers EMEA & APAC, added:
“Developing strategies to retain top performing staff is now a major issue for HR managers within German banking organisations as staff become increasingly open to the idea of switching employers. Striking the right balance between retention and recruitment will be key in the second half of the year.”
The eFinancialCareers.de survey of 255 German speaking financial professionals took place between 17 and 30 May 2011. Of those surveyed, 74% had more than 5 years work experience and 50% held front office positions. In the United Kingdom, the eFinancialCareers.com survey of 444 banking professionals took place 11-19 April 2011.
