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Retention Tips in the Financial Services Sector

Retention Tips in the Financial Services Sector

Employers need to be aware that despite the continuing shift in market sentiment being positive news for all financial services companies.  Employees of these companies are starting to perceive an importance in the market.  As a result they are beginning to expect commensurate improvements in pay and conditions.

Overall whilst there are slight improvements for staff in pockets of the market, the majority of larger employers are unlikely to make wholesale changes whilst expecting more for the same or less.  We have identified this as a key driver in the increased appetite of individuals in these companies to apply for a new job and for the rise in the number of passive to active job seekers.

Employers that meet the appetite through better pay and work/life balance of these newly active candidates will be in the prime position to choose from the cream of the crop.

There will also be a number of new entrants recruiting in this area and we would expect roles in compliance and financial crime to be at the top of their agenda.  We could anticipate some big financials investments to support some new FDI companies into this space.

Top 3 Employer Tips from Abacus:

  1. Identify your future talents and develop personal development plans (banking and non-banking skills)
  2. Increased focus on retention (retain top/key performers with sought after skills, by offering more meaningful pay rises and other stay incentives)
  3. Speed to hire is essential (The most in-demand talent have several options and businesses that prolong their hiring process will lose their preferred candidate to competing offers)

 

More employer tips can be found within our 2015 Financial Services Salary Survey.  Alternatively to receive more information regarding candidates in the Financial Services market.  Please contact the Abacus Financial Services Team in confidence on 028 9031 3157 or call anytime (day/evening) by speaking to Damian Farrell.

 

 

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