Most financial services professionals expect to keep their jobs

Concern among financial services professionals about whether they would keep their jobs appears to have eased in 2021.

Last year’s turbulent economic conditions caused by the pandemic meant that many in the industry were fearful about their employment future in 2020 but two thirds now expect to keep their jobs for at least the next six months.

A global survey from specialist financial services recruiter Selby Jennings shows that 58% of respondents are positive or very positive about the job market. This sentiment was also reflected in a wider poll of skilled professionals in Canada last month.

However, while job security worries have weakened, only half of industry professionals are satisfied with their current job and 6 in 10 are considering looking for a new role in the next six months including 55% of those in North America.

“Passive candidates are much more willing to take recruiter calls just to see what is on offer,” said Kareen Bakr, managing director of Selby Jennings. “Candidates are holding all the cards as they know that companies are in need of talent as businesses recover from 2020.”

Financial incentives are important to respondents with 66% globally motivated by a higher salary including 61% of those in North America. Almost two thirds globally reported receiving an annual bonus, a similar share to the previous year and most in North America are confident of another bonus this year.

Career progression and flexible working are both considered important for many of the professionals polled.

Almost two thirds of North American respondents said they are willing to relocate for a new role with Florida among the destinations that would be attractive.

Economic outlook

Respondents were also asked about their economic outlook with 55% predicting a better economic situation in the coming 12 months.

In North America, this optimism was slightly lower at 52%, perhaps reflecting the relative strength of the regional economy already.