A lack of career progression is the main reason professionals in the financial services sector seek new employers, says a survey conducted by eFinancialCareers, a global career site.
Nearly two-thirds (64 per cent) of employees in the industry said that they were considering a change of employment in order to further their careers. This was followed by perceived higher compensation at other organisations (43 per cent) and a lack of recognition for their accomplishments from their current employers (40 per cent). The report said that long working hours, at 14 per cent, was the least cited motivation for changing employers.
George McFerran, managing director Asia-Pacific at eFinancialCareers, said that the grievances professionals in the sector expressed were also found in recent industry trends.
"The slowdown in hiring activity has led to less people movement between financial services companies," Mr McFerran said.
"For finance professionals, this means there has been less opportunity to take advantage of internal openings created by staff turnover, and the large- scale layoffs experienced at the end of last year are also likely to have stalled the potential for some individuals to progress within their organisations."
The survey also reported that the best way to keep employees was to offer a promotion as incentive for staying, with 49 per cent of respondents saying that would sway their minds. Forty per cent felt a provision of defined career progression is something companies can do to keep their staff.
Some 54 per cent of those surveyed said a minimum pay rise of 10-29 per cent would change their minds, while 23 per cent said that no amount of money would convince them otherwise.
Those staying put in their current jobs also cited that opportunity for career progression as the main reason for not seeking new employers.
The findings were taken from the eFinancialCareers 2013 Employment Survey conducted last month. The survey polled a total of 1,262 employed bankers and finance professionals in Singapore, 512 in Hong Kong and 572 in Australia.