Banking candidates seek salary and career progression

Jo Faragher

Salary is a key driver for jobseekers in the professional services and banking sectors, but pay levels and bonuses remain stagnant, according to a survey of candidates and clients by specialist recruiter Ambition.

Around a third of respondents cited salary as the most important factor when looking for a job, despite the fact that during 2012 only 31% of employees received a pay rise of 5% or above. Almost half did not receive any pay rise last year, and only 15% expect an above 5% pay increment this year, the survey found.

Stress levels are also high in banking and professional services, with eight out of 10 respondents saying they worked more than 40 hours a week, and 87% saying they felt either constant or occasional pressure to work more hours. 

Despite salary being a major motivator, the key factor that would force staff to leave their employer would be lack of career progression – cited by 40% of respondents. However, almost a third said they would find it difficult to secure another role in the current climate, and 58% said they would be prepared to relocate if it meant furthering their career.

When they do look for roles, recruitment agencies were ranked top of job search avenues, above online job boards and LinkedIn.

Andrea Williams, Ambition’s UK managing director, said: “There is a growing appetite to hire individuals who can challenge the status quo, drive new and innovative initiatives and therefore drive business growth opportunities. Overall we are more optimistic about 2013 as early market indicators have been relatively positive.”