Two-thirds of Singaporean finance employees plan to quit

Uh-oh, should banks be alarmed?

Two thirds of surveyed finance professionals (66%) intend to move to a new employer in 2012, the 2012 Retention Survey in Singapore from eFinancialCareers reveals.

The lack of career progression was the most cited reason for seeking professional opportunities elsewhere, followed by the perception of higher compensation at other employers, and the frustration with the lack of recognition for accomplishments.

For those who intend to move to a new employer, flexible working hours were cited as the most critical non-monetary factors when moving to a new employer, followed by healthcare, and childcare subsidies

When looking for a new position, four in 10 respondents (41%) indicated that an increase of 10-19% was the minimum increment that they would accept when seeking a new job. On the flip side, a minimum increase of 10% to 29% from their current employer would stop over five in 10 (52%) from leaving their jobs. Excluding compensation, promotion, followed closely by a defined career progression, would help them change their mind and stay with their current employers.

Despite their desire to change jobs, the majority realises that it is going to be tough: over six in 10 (62%) of those intending to move to a new employer in 2012 believe it is going to be difficult.

Temptations to seek new employment

For respondents who do not intend to leave their current employer (34%), the opportunity for career progression was cited as the most important factor, followed by satisfaction with the level of recognition for accomplishments, and perceived better working conditions at their current employer.

Over four in ten respondents (44%) who intend to stay on at their current employers would be tempted to move jobs by a 20-29% increase in total compensation. In terms of non-monetary benefits, the top two temptations to move were flexible working hours and onsite child care.

“The message to employers is loud and clear, defined career progression is absolutely critical to finance professionals and our survey clearly demonstrates that it is the key driver of their employment plans for 2012. Consequently, organisations who are able to offer this, not only give themselves the best opportunity of retaining their top talent but a distinct advantage in any forthcoming recruitment activities.” said George McFerran, Managing Director, Asia Pacific, eFinancialCareers. “Interestingly, non-monetary benefits, in particular flexible working hours and child care, also figure very prominently in the plans of those finance professionals looking to move in 2012, a clear sign that the industry must continue to evolve as its workforce moves further away from the traditional stereotype.”

The eFinancialCareers 2012 Retention survey was conducted in February 2012 through to March 2012. There were 1,421 respondents, and all of them are employed bankers and finance professionals living in Singapore.