Nearly two thirds of Australian finance professionals (62%) intend to move to a new employer in 2012 according to a recent survey conducted by eFinancialCareers, the leading global career site network for professionals working in the investment banking, asset management and securities industries.
The eFinancialCareers Retention Survey* found the high intended movement of Australian finance professionals resulted from a number of factors namely, a lack of defined career progression at their current employer, perceived higher earnings elsewhere and a frustration at the poor recognition of their accomplishments in their current job.
eFinancialCareers Managing Director APAC, George McFerran said: “With nearly two thirds of employees looking to jump ship this year, the message for employers is resoundingly clear. If firms want to keep key people they must do much more in setting out defined career paths for them. Ongoing difficult economic conditions have no doubt hampered firms’ ability to provide career path certainty but unfortunately this has led to a major backlash with employees increasingly voting with their feet and looking for greener pastures elsewhere.”
The desire to change employers amongst Australian finance workers, the survey found, was also fuelled by other key motivating factors including the need for more flexible working hours and employment packages that included childcare subsidies and healthcare.
When seeking a new position, a salary increase of between 10-29% for nearly half (49%) Australian finance professionals is the minimum compensation increase they would accept.
Yet in the current climate, the majority of finance workers recognised in 2012 it will be hard to secure a new position with better prospects in their field of specialty.
The Stayers
The eFinancialCareers Retention Survey also found the drivers for Australian finance professionals who do not intend to leave their current employer in 2012 (38%) are similar to those who intend to leave (62%).
For the stayers, the opportunity for defined career progression at their current employer is cited as the most important factor for staying with their current firm, followed by better current working conditions and satisfaction with the level of recognition for accomplishments.
Four in 10 (41%) said they could be tempted to move employers if a minimum salary increase of between 20-29% was on offer. In terms of non-monetary benefits, the top two temptations to move were childcare subsidies and onsite childcare facilities. Over half (57%) consider moving to a different business unit (with their current employer) if the opportunity arose.
“This results show if firms are prepared to better map out career progression for their employees, with clear indicators for promotion and more flexible working conditions, it is highly likely the result will be more satisfied employees, a lower churn rate and their subsequent recruitment costs will be lower,” McFerran said.
