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
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
