Employee loyalty soars in banking and finance
The majority of banking and financial professionals wanted to stay with their employer for more than five years but the onus was on employers to look after them and provide them with career progression opportunities, a recruitment firm said.
A survey by Hays found 69 per cent of Australians believed in job loyalty and would stay with one employer for more than five years, with 20 per cent saying they would stay with an employer for up to five years, with 11 per cent likely to change employers every one to two years.
Hays Australia and New Zealand managing director, Nick Deligiannis, said the figures suggested that most employees desired stability, security, and loyalty, and added loyalty should be mutually inclusive.
"This means employers need to provide all staff with ongoing training and development, regular reviews, and promotional opportunities," he said.
"They also need to deliver what they promised in the recruitment process so that the reality of working at their organisation matches what they promoted when they were attracting top talent."
Lack of career progression was the number one reason employees sought to change jobs, Deligiannis added.
While long-term, loyal employees enjoyed additional benefits and internal promotions, it was important for employees to consider moving on if their current employer did not offer them career progression opportunities.
"Loyalty is a noble quality, but it should not be at the expense of your own career advancement. Employers need to make sure the two go hand in hand," he said.
AUTHOR
Malavika Santhebennur
Recommended for you
New York-based firm CC Capital has bumped up its offer to stay ahead of rival bidder Bain Capital.
In a tight race against Morgans, AMP Financial Planning has won back its position as the largest individual licensee in Australia, according to Wealth Data.
Learning to delegate authority and relinquish a hands-on approach is a critical step towards building a self-sustaining financial advice practice, says Assured Support.
Private wealth management company Stellan Capital has appointed a new chief executive, who brings over three decades of experience in the global financial services industry.
