Can’t move, won’t move: Most staff seek security, not a new job

With financial services jobs being jettisoned left, right and centre by the likes of Westpac and ANZ, a new report from Robert Walters has found that only 40 per cent of bank employees are prepared to shift roles.

The research surveyed almost 700 professionals from the legal, accounting, engineering, mining, sales and marketing, and banking sectors. When all those industries were combined, a massive 83 per cent said they would be prepared to change employers if an opportunity presented itself.

The contrast with cautious banking candidates is clear. Moreover, HR people at banks, who have spoken to eFinancialCareers recently, tell us that job seekers are reluctant to move as vacancies dry up and fear of ‘last in first out’ returns.

One international bank in Sydney lost about 15 people to post-bonus movement in early 2011, but this year only two people have resigned. This lack of musical chairs means there aren’t so many backfill opportunities for candidates.

“However, I don’t think people working in the Australian financial services market are less willing to move than at the height of the GFC,” says Andrew Hanson, director of financial services, Robert Walters.

It’s also fair to say that there are pockets in financial services that are more affected by the downturn than others. “In the i-banks there’s not a lot of movement, with more people losing jobs than are being hired,” says Hanson. But there are more jobs within superannuation and insurance.

The resources boom means mining analysts are also in demand and can earn significant six-figure sums. “The banks want analysts who are either geologists or mining engineers and have experience in the mines,” says John Coles, CEO of Executive Group International.

That said, big miners such as Rio Tinto and BHP Billiton are fighting back. “They are cashed up and can offer similar salaries to the banks,” says Coles.

“If you have a front-office job and are earning a base salary north of $200k in Australia, you should stay put until bonuses are paid by the end of Q1 or the start of Q2, as the investment banking appetite for front-office talent has slowed down,” warns Sharmini Thomas, director, financial services, Michael Page International.