Financial services workers getting itchy feet
Financial services companies need to be conscious that nearly two-thirds of Australian finance professionals (62 per cent) are willing to change jobs this year.
That is the bottom line of the latest analysis released by eFinancialCareers within its Retention Survey.
What is more, the survey found that the professionals exhibiting itchy feet were being driven by a number of factors, including 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.
Commenting on the results, eFinancialCareers managing director APAC George McFerran said that with nearly two thirds of employees looking to jump ship this year, the message for employers was resoundingly clear.
"If firms want to keep key people, they must do much more in setting out defined career paths for them," he said.
McFerran said that while ongoing difficult economic conditions had no doubt hampered firms' abilities to provide career path certainty, this had led to a major backlash, with employees increasingly voting with their feet and looking for greener pastures elsewhere.
The survey also found that Australian finance workers were also being driven by factors such as the need for more flexible working hours and employment packages that included childcare subsidies and healthcare.
It found that when seeking a new position, a salary increase of between 10-29 per cent for nearly half (49 per cent) of those surveyed was the minimum compensation increase they would accept.
The survey found the drivers for those who do not intend to leave their current employer in 2012 (38 per cent) were similar to those who intend to leave (62 per cent) - the opportunity for defined career progression, better working conditions and satisfaction with the level of recognition for accomplishments.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
