Financial services companies believe career development is the key to staff retention
The vast majority (89%) of financial services executives are concerned about losing their top performers to other employers in the next 12 months. More than two thirds (67%) say they will adopt a policy of providing better career development opportunities to encourage valued employees to stay, while just over half (54%) said they would provide current employees a raise in remuneration or bonuses.
Additional retention efforts will see almost three in ten (28%) offering employees flexible working, while only 27% said they would make counter-offers to valuable staff looking to move to another employer.
Luke Davis, Vice President, Robert Half Financial Services, said, “Over the last couple of years the finance services sector has seen substantial change, including more regulation and reporting requirements and the need to restructure to demonstrate transparency and accountability. On top of that, we are witnessing the introduction of a significant number of challenger brands and FinTech start-ups that are providing alternative employment opportunities for talented professionals. There are plenty of factors in place that may lead to individuals considering a move.
“While salary and benefits may be declining factors when employees are considering a move, finding the positions that offers the right combination of career development, competitive pay and benefits will be a priority.
He continued to say that counter-offers, which may be used in a bid to retain staff, are generally a short-term solution. Instead, regular benchmarking remuneration, together with establishing career paths and advancement opportunities, help companies to keep their most valued employees on board.
Robert Half launched its 2016 Salary Guide in October. The annual salary guide enables organisations to determine appropriate remuneration for accounting and finance, financial services, technology and administrative professionals at all levels.
The annual study was developed by Robert Half UK and is conducted by an independent research firm. The study is based on more than 100 interviews with senior finance executives from companies across the UK, with the results segmented by size, sector and geographic location.