What makes candidates move? HR says it's stability and reputation (more than money)

In the second report (click here to read part I) from the recent eFinancialCareers recruitment roundtable in Sydney, the attendees give their opinions on what is motivating candidates in the current market. The delegates, who asked not to be named, are senior HR professionals at major financial institutions in Australia.

Recruitment levels are rising, but banks aren't so keen to offer large salary increases in order to attract talent. "Increments are reasonable rather than fantastic. We haven't returned to pre-GFC levels yet," commented one roundtable panelist.

In general terms, job security and career progression are just as (if not more) important factors than salary level when it comes to convincing candidates to jump ship, although of course there are exceptions, especially at the senior end. "It's all about the opportunity. Candidates really want to know what the job can do for them," said an attendee.

After 18 months of layoffs and cancelled offers, many jobseekers want to join a firm which offers a degree of protection from redundancy.

This cautious sentiment can even apply to contracting. One delegate said her bank has started to offer more three-year project roles because a long tenure attracts better quality candidates.

International banks might be recovering from the GFC, but the brand/reputation of the institution definitely still affects decision making. "Candidates continue to fear last in first out and are asking more detailed questions in interviews. They are also doing a higher level of due diligence on their employment contracts."

Career progression is generally more important than it was before the financial crisis.

As mentioned in Monday's roundtable article, counter offers have returned to the market, but in some case they take the form of a promotion rather than more money.

The panelists thought that the plight of unemployment candidates who were laid off at the start of the GFC was become desperate.

"The earlier they were cut, the worse it is for them because there's a presumption that they're underperformers. Some managers won't even consider them. And all unemployed candidates get a good grilling in interviews, so you must get your story right."