No price on career development in the city

- Almost half of City workers actively seeking new job
- Career development potential rated over pay increases
- City workers want benefits that promote work life balance

Research released today by specialist recruitment agency Robert Half Financial Services Group reveals that 43 per cent of City workers are actively looking for a new job, with the majority (52 per cent) citing better career development potential as the main reason. Only 16 per cent said that they were seeking a new job in order to gain a pay increase.

The survey shows that finance workers in the West End are most likely (63 per cent) to seek out better career development opportunities followed by 53 per cent of ëCityí workers and 45 per cent of workers from the Docklands.

Neil Owen, Branch Manager of Robert Half Financial Services Group said:

ìTraining, mentoring and leadership opportunities are important tools in keeping staff engaged and motivated, particularly when it comes to dealing with the younger generation. Employees want to feel like they make a difference and are appreciated by their superiors, otherwise they will look for career progression elsewhere. The onus is firmly on the employer to provide meaningful incentives.î

The research indicates that the priorities of the workforce in the City are changing. A tailored benefits package is now an important retention strategy; far more so than salaries. Interestingly, the survey shows that employers are beginning to recognise this change with a move away from hard benefits such as bonuses and pension contributions towards softer benefits that focus on helping workers achieve a healthy work/life balance.

According to the survey, the benefits most desired by City workers are flexi-time (26 per cent), extra holiday (26 per cent), gym facilities (23 per cent) and options to work from home (21 per cent) while share options (15 per cent) and bonuses (13 per cent) are lower on the list.

Neil Owen said:

ìA tailored benefits package is now recognised as a powerful retention strategy. As the war for talent continues to intensify, employers will need to offer a diverse range of benefits to meet the individual needs of each employee. Benefits such as career develop opportunities, flexi-time and extra holiday will enhance employersí ability to attract and retain top talent.î

Younger workers in particular appear to the most willing to embrace more flexible benefits with 24 per cent of respondents under the age of 35 expressing a desire to work from home, compared to just 16 per cent of over 35s.

While employers appear willing to accommodate this change in attitude, they still have a long way to go. According to the survey, bonuses (58 per cent) and pension contributions (55 per cent) remain the two most received benefits.