Sunday, August 14, 2022

Most IT staff in financial services want to change jobs

Over three quarters (77 percent) of IT staff working in the financial services sector are looking to change jobs within the next year, a new survey shows.

By surveying 540 permanent and contract IT staff in the financial services sector in March,
recruitment experts Hays also found that two-thirds of these professionals plan to start looking as early as in the next three months, with 41 percent citing salary as their strongest motivator.

Sam Corcoran, director at Hays Finance Technology, said: “Salary freezes, increased workloads and redundancies have resulted in decreased loyalty from employees, which has contributed to feelings of unrest.”

Hays found that 28 percent of staff believed that the financial crisis had caused increased stress, while a quarter of respondents said they now work longer hours. Redundancies in the sector have also led to nearly half (48 percent) of professionals believing that the recession had decreased job security.

Meanwhile, over half of respondents said they did not receive a bonus in 2009, which is significant as 42 percent of respondents said that a bonus should make up to at least 20 percent of their annual package. Despite this, only one percent of respondents said a bonus was the greatest motivator for changing jobs.

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Jim Love, Chief Content Officer, IT World Canada

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