On the lookout: 4 out of 10 Singapore finance professionals are busy seeking new bosses

Current employers are becoming fidgety.

In what appears to be a worrying trend in Singapore's HR sector, another survey has revealed alarming numbers about Singapore's financial service professionals. 41% of them are found to be actively seeking new employers and over half admitted that they are open to offers from other firms.

According to eFinancialCareers, almost two thirds of financial services professionals in Singapore say that their current employer is an enjoyable place to work.

Here's more from eFinancialCareers:

Of respondents who are not actively looking to change jobs but open to opportunities, and those who are not looking to change jobs: The main reasons keeping respondents satisfied in their current position are the people they work with (23%), manageable working hours (15%) and compensation (13%).

“Banks understand that professionals are looking beyond financial incentives, and as a result have become more focused on corporate culture. They are making a concerted effort to be attractive places to work and this is clearly producing positive results in the workplace,” said George McFerran, Sales & Marketing Director at eFinancialCareers.

But despite the encouraging findings, staff retention remains a challenge. Four in ten (41%) are actively seeking a new employer and over half (52%) while not actively looking are open to new opportunities.

Only 7% of respondents are not interested in looking for a new position at all. George McFerran said: “it is very normal for ambitious people to be open to job opportunities; this has always been the way.

However, finance professionals today are able to develop and interact with far wider networks more efficiently than ever before. This enables them to actively manage and develop their career with a far greater degree of control than was previously possible.”

He added: “this presents financial services organisations with both an opportunity in attracting top talent but also a threat when it comes to retaining the talent they already have. Today, even people who are completely satisfied at work are often indirectly connected to the job market and this means carefully developed employer branding is crucial for companies wanting to differentiate themselves.”

When asked who their employer of choice would be if they could choose, Goldman Sachs came top, followed by JP Morgan and DBS. The most common factor behind the choice was company reputation (36%) followed by perceived career prospects (26%).

Whether actively looking or not, the minimum base salary that the majority (43%) will accept from a new employer is 20-29%. The number of respondents looking for this level of pay increase is up by 9% from last year.