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IS THE UK FINANCIAL SERVICES SECTOR FACING BRAIN DRAIN OF RISK PROFESSIONALS?

IS THE UK FINANCIAL SERVICES SECTOR FACING BRAIN DRAIN OF RISK PROFESSIONALS?
 
In a survey of over 1000 risk professionals undertaken by specialist financial services recruiter, McGregor Boyall, over half would consider relocating to an alternative financial centre.  Respondents were free to choose more than one location and over half (55%) said that they would consider Europe, a similar percentage opted for the Far East almost half (48%), said that they would be happy to relocate to the US and over a third (37%) would consider the Middle East.
 
Commenting on the results, Laurie Boyall, Managing Director of McGregor Boyall said: With EU officials deliberating over regulations to control bankers bonuses and looking at remedying unsound pay structures, institutions could see their ability to remunerate as they would wish effectively taken away from them. This could lead to Londons and Europes - attractiveness to high fliers diminish it will be interesting to see how this develops.
 
Other key findings from the survey included:
 
While over a quarter of risk professionals have had no pay increases over the past two years, the majority have seen an increase by varying amounts.
 
Almost 60% felt that this was a good time to look at changing jobs and two thirds said that they were actively seeking a new role signalling a renewed confidence in the market. 
 
The main influencers for changing roles were a wish for increased responsibility, the desire to work for a different organisation, and also a wish to change working patterns.
 
Almost 80% of the respondents to our survey had been in their current role for more than two years, added Boyall.  Those who have sat out and successfully ridden the recession are now getting itchy feet.  Consequently retention strategies are going to be key and should be right at the top of the HR agenda. 

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