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More Than Half of UK Financial Services Workers Plan to Change Jobs in the Next Year, shows Visier Study
London, UK |
Research commissioned by people analytics company Visier reveals that more than half of financial services employees in the UK expect to actively look for jobs outside their current company in the next 12 months – with almost a quarter (24 percent) already looking for new jobs, suggesting a potential peak season of resignations in the sector. Of employees actively considering changing jobs, as many as six in ten (62 percent) say they are considering moving into a new sector or career altogether.
While the vast majority of UK financial services workers (77 percent) said they felt well supported by their employer during the last year and 72 percent said they would recommend their company as a place to work, the major reasons for seeking a new role are poor work/life balance (43 percent), salary (33 percent), feeling unvalued (25 percent) and not being encouraged to learn new skills (19 percent).
Skills training clearly plays an important role in job satisfaction. Over half of financial services employees (55 percent) said they are worried that their career will stall if they do not develop more skills. As many as 55 percent of workers said their workload impacts their ability to train and learn new skills that could further their career. Only 59 percent said they are confident their employer is bringing in the right people to keep pace with clients’ expectations for digital services.
This concern is shared by HR leaders in financial services. The vast majority (84 per cent) feel there are significant skills issues within their business and when looking for new candidates. More than two-thirds believe that the sector’s lack of available candidates is holding back their company’s digital transformation strategy.
“An employee’s work life balance and salary has always been a driving factor for moments of change in jobs and careers. However, we are increasingly seeing the consequence that a lack of skills training is having on an individual’s career and we are not surprised to see that many are concerned about the impact it will have for future employment and personal growth,” said Daniel Mason, Vice President EMEA of Visier. “As financial services businesses go through yet more upheaval to the ways they are used to working, they need to be conscious of other factors that can impact the retention rate of their employees, and in addressing the skills gap head-on to drive digital transformation.”
Rob Etheridge, MD and Global Head of Workforce Management and Analytics at Deutsche Bank said: “The FS sector is working through a significant skills shortage, so it is concerning to see a large proportion of FS employees are considering leaving their role as this will continue to broaden the skills gap within the industry. At Deutsche Bank, we have invested in workforce insight tools to better understand workforce dynamics, which is especially important given recent changes in employee working habits and expectations. As part of this approach, we are focusing on the skills profile of the organisation and how we can leverage insights to positively impact talent retention and job satisfaction.”
For a deeper dive into the research and to read more about the impact of skills on financial services job satisfaction, and the power of workforce data in helping organisations rise to the challenge, check out the full Visier Report on “Addressing the Financial Services Skills Crisis Through People Analytics”.
Research of 1,003 employees of financial services companies in the UK and 250 HR employees working in the financial sector in the UK was conducted by independent research company Censuswide between 17-24 May 2021.