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Talent wars break out in banking and finance

Friday 16th July 2010

The war for talent in the banking and financial services sector is back, with more than three-fifths (62%) of employees in the sector looking to move jobs.

That is the verdict of a new report by recruitment consultants, Badenoch & Clark which also found that employers remained blissfully unaware - with 86% claiming to be quite to very confident that their staff will stay once the upturn takes off.

It seems that those looking to move will not be short of opportunities to do so, with almost three-quarters (71%) of employers in the sector expecting to increase headcount in the next 12 months.

There is, however, good news for employers – there was a concern last year that the downturn would lead to a migration of talent overseas. This no longer appears to be the case as opportunities are increasing and more than half (54%) of employees are feeling confident about the future of the sector.

Guy Emmerson, Associate Director, Banking & Financial Services at Badenoch & Clark, said: "While many employers recognise retention as a key challenge, it’s questionable as to whether they realise the extent of the issue.

"Our research in 2009 highlighted a lack of motivation and engagement of employees on the part of financial institutions during the downturn – the natural conclusion being that employees would move once the recovery was in sight. This appears to be bearing out with a significant number of employees expressing a desire to move jobs.

"When you consider the cataclysmic downfall the sector has faced in the last two years, the findings of this study are perhaps not surprising. If you take into consideration higher salary expectations alongside low levels of morale and increased workloads, it’s no surprise that employees are keen to pursue new jobs.

"However, employers need to be aware of this potential exodus as it is likely to coincide with their own recruitment drive and could leave them high and dry."

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Mike Jones

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Recruitment Today

End of beginning as downturn slows slightly
The seasonally-adjusted CIPS/Markit Purchasing Managers’ Index (PMI) rose to 42.9 in April from 39.1 the previous month, but was lower than last year’s figure of 49.7. Despite remaining below the neutral 50.0 mark (a figure less than 50 indicates a contraction) for the 13th month running, the PMI moved further from February’s joint survey record low.