Banking & financial services at risk of brain drain
26 May 2009
Employers risk alienating staff as businesses restructure
According to Badenoch & Clark’s latest Workplace Study, entitled Is banking and financial services heading for a brain drain?, banking and financial services organisations risk loosing their most valued talent through short term business plans and poor communication. There is evidence that some of the industry’s best professionals have started responding with their feet, with many moving abroad in search of a more stable working culture.
As businesses attempt to weather the economic crisis through major restructuring projects, staff are being left in the dark over their future. Only half (49%) are aware of their company’s overall business strategy, with the rest increasingly unsure of the direction their organisation is taking. Many are labeling this group of uninformed professionals ‘unguided missiles.’
As a result, over three quarters (77%) of banking and financial services staff in the UK are concerned about their future, with nearly half (42%) feeling under greater pressure at work.
Alison Burgin, executive director at Badenoch & Clark said of the research: “Employers are clearly putting in a lot of work to ensure their business is able to withstand the current difficulties and will be in a position to grow when the upturn comes. With that comes a huge amount of change, but this study has revealed the failing of many employers to communicate that change to the bulk of the workforce. The result is an industry full of nervous workers; something that is in danger of leading to a significant exodus of valued talent.
“Workers are facing longer working hours, increased responsibility and fewer rewards. With this comes added pressure and high levels of job insecurity. Opportunities in other countries and industries are becoming significantly more attractive – a fact that this study has backed up.
“There are so many tried and tested ways of communicating with employees, from company intra-net sites to regular cascade meetings. It needn’t be something that takes up a lot of time and energy, but with out it there’s a real danger of a workforce that becomes directionless and eventually leaves to pursue more attractive opportunities.
“Unless banking and financial services employers face up to this reality, the sector will be facing up to a brain drain at the precise moment it needs the best talent to rebuild in the post credit-crunch era.”
For more information, please contact
Andrew Bentham / Gavin Collins
Mandate Communications
T: 020 3128 8103
F: 020 3128 8171
E: andrew.bentham@yourmandate.com
Notes to Editors
About the survey
The figures quoted above are from the report entitled ‘is banking and financial services heading for a brain drain?
The research in this report is based on responses received from over 700 banking & financial services professionals, gathered through telephone and face to face interviews made by Badenoch & Clark consultants across the UK, Germany, Luxembourg and The Netherlands. The report also drew upon the extensive market knowledge held by our industry experts.
The research covered employees as well as HR and line managers across a broad range of banking & financial services sectors, businesses and levels of seniority.
About Badenoch & Clark
Badenoch & Clark is a leading international recruitment consultancy specialising in placing professionals into permanent, temporary, interim and contract roles.
Badenoch & Clark is a leading international recruitment consultancy specialising in placing professionals into permanent, temporary, interim and contract roles. The company specialises in recruiting for accounting & finance, banking & financial services, Human Resources, IT, legal, marketing and public sector roles.
Badenoch & Clark has offices throughout the UK and an expanding mainland European presence through subsidiaries in The Netherlands, Germany and Luxembourg.
