Q&A: A Swiss headhunter elaborates upon making the move from London to Zurich
Want to get out of London? Want to go to Zurich? We spoke to Reto Jauch, founding partner of search firm Jauch Associates, which has offices in Zurich and in London.
Q: Do you see many London-based financial services professionals moving to Switzerland?
Yes – there’s movement from London to the whole of Continental Europe – but not only to Switzerland. There’s a large pool of talent in London and the financial crisis seems to have created a big incentive for people to move into the rest of Europe. The main reasons for having come to or for staying in London – job offers, career opportunities, higher pay and bonuses, a strong currency, have all been eroded since the financial crisis began.
Q: Which languages do you need to speak to get a financial services job in Switzerland?
Language skills are still important, but less so than a decade ago. Candidates must evidently speak very good business-level English – much as in London. German-language skills are often no longer required, although they’re often still required by local companies like Swiss pension funds. Generally, it helps if candidates are international and have worked in London and in other locations globally.
Q: How does pay in Switzerland compare to pay in London?
Generally, people are paid more in London. However, the income gap between London and Switzerland has been substantially reduced. This is due to the depreciation of the pound relative to the Swiss Franc, and to falling bonuses in London. It’s made it easier for Swiss companies to attract good people from London to go and work there.
Q: Why should people want to move from London to Switzerland?
Needless to say, the quality of life is a big draw. Many people decide they would like to raise their children in Switzerland. But don’t come to Switzerland expecting to significantly improve your ‘work life balance’: in Zurich, you will work similar hours to London.
Q: Are there any downsides to working in Switzerland?
Yes, your network may shrink. If you work in Switzerland you may lose touch with fellow professionals – the cluster of financial services professionals working here is smaller. Maybe that would be an issue in the longer term.
Q: Thank you very much.
