Finance Industry Sector Update June 2011

June 16

The industry continues on the pace of a strong recovery in 2011. According to a survey by released May 9, 2011, just over 62% of financial professionals plan on moving to a new employer in 2011. What's even more telling is that over 80% of the respondents reported that their current employer hasn't done anything positive in the way of incentives to keep them from leaving.

The survey included responses from financial professionals from all financial sectors and varying levels of experience from one year to more than 15. The survey also showed that seeking a better career opportunity elsewhere remains the number one reason given for deciding to change employers, followed by increased compensation and frustration over not receiving recognition for accomplishments.

However, that doesn't mean finding a new job in your area of expertise is going to be easy. In fact, the survey found that six in 10 believe it would be difficult to find a favorable new position.

"Financial firms should also keep in mind that when a talented employee leaves, the cost of replacing that person involves more than money," said Constance Melrose, Managing Director, eFinancialCareers North America. "There are also the intangible costs that go beyond the expense of finding and training a new hire – the impact to those left behind of losing a close colleague as well as a key member of their team."

The survey concludes by reporting that for companies seeking to retain their talent, money still talks the loudest. According to the survey, nearly 40% of the respondents said increased salary would be the most persuasive way of keeping them in their current jobs, while 15% said a higher or guaranteed bonus would be sufficient. The third most popular reason for staying was the offer of more interesting or challenging assignments (13.1%), followed by a promotion or a new title.

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