Subscribe to RSS
As banking sector pay and bonuses remain under pressure, 53% of City workers say they are planning to change jobs within the year.
That’s the message from recruitment firm Astbury Marsden, which also revealed that over recent years, regulators have put considerable pressure on banks to cut bonuses and increase their regulatory capital, thereby placing some restrictions on pay and promotion plans.
Adam Jackson, Managing Director at Astbury Marsden, elaborated on how the changes are prompting more City workers to consider switching jobs, in order to achieve a higher level of income.
Jackson commented: “Increases in total remuneration have been weak across the entire economy since the credit crunch and banking has been no exception. Staff who have suffered from falling bonuses and a freeze in basic pay are looking at switching employer as one of the few ways to achieve double digit pay growth.
“However, few major banks are immune from the pressure to manage down staff costs and many other areas of financial services which bankers have typically moved into – such as hedge funds – are also subdued.”
The recruitment firm says that it is not just slow growth in remuneration that is worrying City staff, with only 25% believing they have a clear career path with their current employer, and 42% stating that they did not view their current job as a long-term career.
“Once there is a recovery in the trading conditions for banks we will see many of the current concerns of City staff dissipate – but until then employers do want to consider some low-cost methods for improving staff morale and retaining their top talent,” Jackson explained. “Flexible hours, birthday days off, creative rearrangements of workspaces, gym memberships and a more extensive or inclusive social calendar are low-cost ways of keeping staff engaged. They are also the kind of small perks employers would want to consider to retain those financial services tech specialists being targeted by FinTech companies.”
Print
Email
