Financial services workers look elsewhere for career progression
Australians working in the financial services sector believe they will have to move jobs to improve their chances of career progression, a new survey reveals.
The Robert Walters Pay and Bonus Survey, released yesterday, found that 45 per cent of accountants and financial services professionals were looking to change roles within the next three months, while 76 per cent said they expected to move jobs before the end of 2016, with improved career progression the most common reason for looking for a new position.
Robert Walters Sydney commerce director, Brett Rose, said the survey results highlighted the need for employers in the accounting and financial services sector to provide their staff with opportunities for career progression.
"As the survey has shown, candidates need to feel that their current job is contributing to their overall career development, otherwise they are likely to seek out alternative opportunities," Rose said.
While the search for improved career opportunities was the most frequently given reason for looking for a new role, one in five financial services workers said pay was a significant motivating factor for considering moving job.
Although pay was raised as a reason accountants and financial services professionals were looking for new roles, two-thirds of those surveyed anticipated a salary increase in 2015, which was higher than the average across all professions of 60 per cent.
However, when it came to the prospect of receiving a bonus in the year ahead, financial services workers were the least optimistic of those surveyed, with 34 per cent of respondents expecting to receive one.
AUTHOR
Nicholas O'Donoghue
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
