Nearly half of Aussie finance professionals planning to jump ship in 2013

by AB15 May 2013

Almost most half (46%) of Australia’s finance professionals intend to move to a new employer in 2013, according to a recent survey conducted by career site network, eFinancialCareers.

The eFinancialCareers Employment Survey found the intended movement of Australian finance professionals resulted from a continued lack of career progression in their current firm (54%), perceived higher pay at other employers (38%) and frustration with a lack of recognition for their accomplishments (33%). The factors motivating employees to leave their current firm were also cited as the main reasons in the 2012 eFinancialCareers Employment Survey.

The desire to change employers amongst Australian finance workers (46%) compared favourably to finance centres Singapore (64%) and Hong Kong (74%) for 2013, says eFinancialCareers managing director APAC, George McFerran.

“The slowdown in hiring activity has led to less people movement between financial services companies,” says McFerran. “For finance professionals, this means there has been less opportunity to take advantage of internal openings created by staff turnover, and the large-scale layoffs experienced at the end of last year are also likely to have stalled the potential for some individuals to progress within their organisations.”

“While many companies are mindful of the risk associated with losing top talent, outward pressures can’t always be overcome. In this situation we tend to see more candidates looking externally for a chance to advance their careers despite the challenging hiring environment.”

 When asked what factors, apart from compensation, would be critical in their decision to move to a new employer, a supportive culture and good working environment came top, followed by a defined career progression. The survey also found that two-thirds of Australia-based finance professionals (65%) were keen to keep their flexible working arrangements if they were to move to a new employer.