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The war for talent is back on

A new report by recruitment consultants, Badenoch & Clark, has revealed that the war for talent in the banking and financial services sector is back, with over three-fifths (62%) of employees in the sector looking to move jobs.

However, employers remain blissfully unaware with 86% claiming to be quite to very confident that their staff will stay once the upturn takes off.

It seems that those looking to move won’t be short of opportunities to do so, with almost three-quarters (71%) of employers in the sector expecting to increase headcount in the next twelve months.

There is, however, good news for employers – there was a concern last year that the downturn would lead to a migration of talent overseas. This no longer appears to be the case as opportunities are increasing and over half (54%) of employees are feeling confident about the future of the sector.

Guy Emmerson, Associate Director, Banking & Financial Services at Badenoch & Clark, comments: “While many employers recognise retention as a key challenge, it’s questionable as to whether they realise the extent of the issue. Our research in 2009 highlighted a lack of motivation and engagement of employees on the part of financial institutions during the downturn – the natural conclusion being that employees would move once the recovery was in sight. This appears to be bearing out with a significant number of employees expressing a desire to move jobs.

“When you consider the cataclysmic downfall the sector has faced in the last two years, the findings of this study are perhaps not surprising. If you take into consideration higher salary expectations alongside low levels of morale and increased workloads, it’s no surprise that employees are keen to pursue new jobs. However, employers need to be aware of this potential exodus. as it is likely to coincide with their own recruitment drive and could leave them high and dry.”

Badenoch & Clark

Mercredi 16 Juin 2010

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