New research by Robert Half revealed that the majority of UK financial services executives are concerned about losing their top performers within the next year.
Nearly nine in 10 executives at UK financial services companies are concerned about losing top performers over the year ahead, according to recruitment specialist Robert Half Financial Services.
Research carried out for the firm, and based on more than 100 interviews with executives at UK firms, found that business leaders believe that staff retention relies most on a rewarding career path, rather an increased salary or bonus.
However, 67% of those polled said that if adopting a better career development policy would encourage valued employees to stay, they would implement it. Increased salaries and bonuses were cited by 54% of respondents.
Other incentives mentioned by survey respondents included offering flexible working (28%)and providing counteroffers to keep key staff from moving to a different employer (27%).
There has been substantial change in the financial services sector over the past couple of years, said Luke Davis, vice president at Robert Half Financial Services. Increased regulation and more reporting requirements have led firms to restructure, to better demonstrate their transparency and accountability.
“On top of that, we are witnessing the introduction of a significant number of challenger banks and fintech start-ups that are providing alternative employment opportunities for talented professionals,” Davis said.
“As we approach 2016, more and more professionals start to think about where their career will progress and benefits will become a priority,” he added
“While companies may be tempted to provide counter-offers in a bid to retain staff, this is generally a short-term solution and the employee ends up leaving in the long run. Regularly benchmarking remuneration coupled with establishing career paths and advancement opportunities will help companies keep their most valued assets on board.”
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