Three in four (74%) of finance professionals in Hong Kong plan to jump ship to a new employer in 2013, while only two third (64%) in Singapore and one in two (46%) in Australia plan to do so, reveals the eFinancialCareers 2013 APAC Employment Survey results.
When seeking a new position, nearly four in ten (36%) surveyed finance professionals in Hong Kong said they were looking for a minimum compensation increase in the range of 10-19% to accept an offer, while three in ten (32%) were looking for 20-29%.
As the leading financial career site, eFinancialCareers’ survey showed that the lack of career progression at their current employer and the perception of higher compensation elsewhere were the top factors for those seeking a new employer, followed by the frustration with the lack of recognition for accomplishments at their current employers.
The slowdown in hiring activity has led to less people movement between financial services companies.
"For finance professionals this means there has been less opportunity to take advantage of internal openings created by staff turnover, and the large scale layoffs experienced at the end of last year are also likely to have stalled the potential for some individuals to progress within their organisations," says George McFerran, Managing Director APAC at eFinancialCareers. "While many companies are mindful of the risk associated with losing top talent, outward pressures can’t always be overcome. In this situation we tend to see more candidates looking externally for a chance to advance their careers despite the challenging hiring environment.”
When deciding on a new employer, eFinancialCareers survey showed that promotion and a supportive culture and a good working environment, were equally the most tempting factors for finance professionals, followed by defined career progression, Non-monetary benefits were also noted as crucial, with healthcare leading, as the most critical benefit (65%), followed by flexible working hours (21%), revealing the desire for improved work-life balance amongst finance professionals.
A minimum salary increase of 10% to 29% from their current employer would stop over half (55%) from leaving their jobs. Excluding compensation, perceived better working conditions, recognition for accomplishments and opportunity for career progression were the main motivators for staying with their current employers.