The Profusion Banking and Financial Services survey found that 92 per cent of banking and financial services employees would be open to looking elsewhere for employment as a result of volatility in the industry over the last several years.
“Banking and financial services generally attract individuals who like the fast paced dynamic and highly paid environment, and the developments since the GFC have really curtailed the sophistication of the banking products,” Profusion Group chief executive Rod Jones told InvestorDaily.
“A lot of the risk-taking activities have really been removed from the banking sector and banks have had to go back toward the basics in terms of customer related business.
“It has made banking and financial services a less dynamic environment for people who have joined the sector for a dynamic role.”
The survey, which analysed responses from more than 3,000 participants across financial services, found that 54 per cent of respondents were actively job seeking, while 38 per cent were not actively searching but would be open to new opportunities.
Mr Jones said that the results reflected the current environment of the financial services industry.
“I think that it’s a relatively new statistic and I think it’s quite relevant to the exact time that we’re in,” Mr Jones said.
“Losing this talent to other industries would have a huge impact on an industry which is consistently striving to innovate and stay ahead of market changes, while also working very hard to ensure they maintain compliance within Australia’s constantly changing regulatory environment.”
Respondents in the survey cited a lack of career opportunities, unchallenging work and inadequate remuneration as the main factors for job dissatisfaction.
“Retention is very much an issue in the banking and financial services sector at the moment and the key staff needs to be retained and looked after,” Mr Jones said.
“Those three factors that I’ve mentioned are probably the three main ways that they can be held through this period and retained.”
