City workers see chance to move

Tim Wallace
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City workers are increasingly looking for new jobs as prospects at rival firms improve
THE RESURGENT jobs market is encouraging City workers to jump ship to rival employers, as more opportunities become available, recruitment firm Astbury Marsden said today.

The proportion telling the firm the key reason to stay in their current job is a lack of opportunities elsewhere dropped by almost half in the past year, from 21.2 per cent to 12.9 per cent.

Overall, 60 per cent of City workers have changed jobs in the past three years, an unusually low proportion for the sectors. One-fifth have stayed in the same job for more than five years.

The most loyal are workers in private banks and wealth managers, where just 46 per cent have moved in the past three years. The most mobile are corporate brokers and stockbrokers, 67 per cent of whom have changed employer over the same time period.

Investment bankers are right in the middle of the table, with 60 per cent jumping ship in the past three years.

“Employers will need to be alert to the increasing risk of churn and plan recruitment and retention strategies accordingly,” said Astbury Marsden’s managing director Adam Jackson.

“They will also want to carefully screen those staff they are planning to recruit to ensure they have a good fit both in terms of skills and culture, as that will reduce staff turnover.”

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