Almost four out of five workers in the Australian finance sector are considering moving into an alternative industry.
According to the latest eFinancialCareers Movement Survey better job opportunities (39%) and the potential for higher remuneration (25%) were the two main reasons that respondents gave for considering leaving the finance sector.
In terms of where they would like to work, the majority of the 78% of financial services workers who are considering moving on are attracted by the booming resources sector, with mining (26%) and oil and gas (10%) being the top two preferences.
“This survey fires a large warning shot over the bows of Australia’s financial firms if they want to retain key staff. It comes at a time when Australia’s two-speed economy is attracting finance workers out of the slow lane and onto the superhighway – the booming resources sector,” said eFinancialCareers managing director Asia Pacific, George McFerran.
“It means financial service firms need to immediately pay closer attention to their retention strategies of their key staff to avoid business risk and significant churn.”
In terms of workforce mobility, however, 82% of respondents said they were not considering a move interstate.
“This reluctance to move around the country makes it difficult for companies to redeploy their staff to other areas. Financial institutions are having to be increasingly more creative in luring staff and candidates to interstate and regional roles,” said McFerran.
It was a similar story when it came to overseas opportunities, with 76% of respondents saying that they were not considering moving to another country this year. Quality of life (74%) was given as the main reason for wanting to stay in Australia.
However, while finance workers are considering jumping ship, the banks are desperately trying to recruit financial planners and superannuation experts, and this could just mean a pay rise.
As reported in Wealth Professional earlier this month, the latest Hays Quarterly Report suggests that hiring managers in the banking and financial services sector are on the lookout for key wealth management staff to fill crucial vacancies this quarter.
“Superannuation continues to flourish and this quarter is a peak period in this space,” said Jane McNeill, director of Hays Banking. “Wealth management is another busy area and there is always a requirement for experienced Financial Planners and Paraplanners.”
Click here to read the full report.
CBA employees must get a pay rise, says FSU
Financial planners in big demand
Financial planners in demand, salaries to rise