Banks retaining back office staff with promises of front office moves

Investment banks are being forced to roll out an increasing number of incentives to stop their back office staff jumping ship. As well as salary rises, a potential front office move is being used as a carrot to keep people on board.

It's been a buoyant first half for operations recruitment, with most candidates seeking new opportunities juggling multiple job offers as well as being counter-offered by their current employer, according to recruiters Robert Walters.

"In the operations space candidates with external job offers are being counter-offered around 70% of the time," says Sally Martin, associate director of our investment banking operations division. "Largely these are substantial pay increases, but banks are also offering candidates potential promotions or sometimes a move across to a front office position."

Gravitating from the back office to a front office position is obviously a highly sought-after move, but one usually reserved for the lucky few. It still remains difficult, but banks are increasingly using it as a retention tool.

"It's unlikely that candidates within operations roles will be transferred across directly to a sales or trading role," adds Martin. "Instead the roles being offered are more closely aligned to their skill-set - product development, structuring, or business management positions."

Such a move is also dependent on the job role you're currently in, with a move from, say, settlements across to trading still largely beyond the realms of possibility.

"The most likely people to switch to a front office role are those whose job already involves a degree of client connectivity," says Mike Hartwell, managing director of recruiters Hartwell Buck. "Network management, exotic trade review or product control positions, for example. Those in middle office roles also have a good chance of making the move."

He adds that banks are in a "bidding war" for back office candidates as they seek to both grow their teams and retain the staff they have.

"The most common retention tool is a strong financial incentive, coupled with greater responsibility in their current role and the promise of promotion down the line," he says.