Cuts to bonuses and stagnant salaries are causing many workers in the Square Mile to consider jumping ship.
As a result, more than half of City workers do not believe that they will be doing the same job in a year’s time, research released today indicates.
The poll, conducted by recruitment firm Astbury Marsden, suggests that with banks under pressure to restrict pay packages and shore their regulatory capital, “switching employer is one of the few ways to achieve double digit pay growth” according to Managing Director, Adam Jackson.
Only a quarter of those polled saw a clear career path ahead of them at their current workplace and somewhat unsurprisingly, 42 per cent did not see their current job as a long term career.
“Once there is a recovery in the trading conditions for banks we will see many of the current concerns of City staff dissipate - but until then employers do want to consider some low cost methods for improving staff morale and retaining their top talent,” said Jackson.
But in the meantime, Jackson urged employers to think beyond monetary increases in order to help.
“Flexible hours, birthday days off, creative rearrangements of workspaces, gym memberships and a more extensive or inclusive social calendar are low cost ways of keeping staff engaged,” he said.
Furthermore, according to Jackson, if employers ensure that they know employee’s longer term work goals, there is a better chance retaining them without significant pay increases.