"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"
Of employees actively considering changing jobs, as many as 62% say they are considering moving into a new sector or career altogether.
While the vast majority of UK financial services workers (77%) said they felt well supported by their employer during the last year and 72% 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%), salary (33%), feeling unvalued (25%) and not being encouraged to learn new skills (19%).
Skills training clearly plays an important role in job satisfaction. Over half of financial services employees (55%) said they are worried that their career will stall if they do not develop more skills. As many as 55% of workers said their workload impacts their ability to train and learn new skills that could further their career. Only 59% 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. 84% 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.
Daniel Mason, vice president of Visier, commented: “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
“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.”
