This could be a good year for job seekers in the financial sector. The latest eFinancialCareers survey released today found that nearly two out of three (62.1%) financial professionals plan on moving to a new employer in 2011. Moreover, four out of five (80.5%) say their current employer has not offered them any positive incentives to stop them from jumping ship.
Perhaps an even more important statistic in terms of opportunities for job seekers is that close to two out three (61.7%) say that if they found an appropriate new position at another firm there's nothing their current employer could do to prevent them from moving.
The survey included responses from financial professionals from all financial sectors and varying levels of experience from one year to more than 15. The take away for job seekers? Opportunity with a capital "O." With this many financial professionals planning on shifting companies, the result could be a sizeable number of job opportunities for job seekers.
Headhunters certainly think so. Three in four financial markets professionals say they've been contacted by a recruiter since the beginning of the year.
The survey results reflect a Wall Street tradition, that you may have to move from one financial firm to another to advance your career, especially if the person you report to has no intention of leaving or of being promoted any time soon.
The eFinancialCareers survey showed that seeking a better career opportunity elsewhere remains the number one reason given for deciding to change employers, followed by increased compensation, and frustration over not receiving recognition for accomplishments.
That doesn't mean finding a new job in your speciality is going to be easy. In fact, the survey found that six in 10 believe it would be difficult to find a favorable new position.
"Financial firms should also keep in mind that when a talented employee leaves, the cost of replacing that person involves more than money," said Constance Melrose, Managing Director, eFinancialCareers North America. "There are also the intangible costs that goes beyond the expense of finding and training a new hire? the impact to those left behind of losing a close colleague as well as a key member of their team."
For those companies seeking to retain talent, money still talks the loudest. According to the survey, nearly four in ten (39.9%) said increased salary would be the most persuasive way of keeping them in their jobs, while 15% said a higher or guaranteed bonus would do the trick. The third most popular reason for staying was the offer of more interesting or challenging assignments (13.1%), followed by a promotion or a new title.