Research shows it is not all about the money for financial services candidates
Posted by: Jessica Wood on Wed 29 April 2015
We’ve released the results of our ‘Candidates vs Employers Research 2015’; detailing the views of 51 financial services professionals and the reasons behind their career decisions. The results highlight that, although salary is still a key motivator for many people – it is far from the only driver. For example, 77% of candidates stated that good employer communications with staff and a strong management team were important factors for them when choosing their current role.
The research was conducted as an online survey in November and December 2014 with both employers and candidates invited to respond. The results uncover some interesting differences between what candidates want and what employers think they want.
The survey looked at four key areas: pay and benefits; training and development; employer profile; and ‘other’ (covering aspects such as commuting time and job title). When asked which of these four was the most important overall, ‘pay and benefits’ was the highest-ranking answer for both candidates (71%) and employers (56%). However, 43% of candidates stated that an employer’s profile was the second most important factor when making career decisions – but only 16% of employers thought the same.
Three important aspects that employers seem to be underestimating in particular are:
- The employee benefits package (ranked as important by 62% of candidates and 32% of employers)
- Good employer communications with staff (candidates 69%/employers 44%)
- A well-defined training and development programme (candidates 54%/employers 32%)
On the other hand, employers are over-estimating the importance of job security and stability to today’s candidates (80% of employers thought this was an important factor in keeping people in their current roles, as opposed to 54% of candidates).
As you might expect, ‘good career prospects’ featured frequently throughout the results from both parties – and 72% of employers thought this was a key reason that people move to a new company.
When looking at candidates who had recently taken a new role, 71% specifically stated that an increase in salary was one of their main drivers in looking for a new role. However, only 52% actually achieved this increase – and 33% had taken a new role with a decrease in salary. The second highest motivator when looking for a new role was the desire for a new challenge (34% of candidates).
A copy of the full research report is available here.