5 Major Reasons Why People Working in Financial Services Move Jobs (and Factors to Consider Before You Do)
In a busier marketplace, there may be more opportunity for candidates in roles in Financial Services in Ireland. We discuss 5 main reasons why candidates move jobs and factors to consider before making the move.
Relationship with your BossWhile it is information that is rarely volunteered at interview, the primary reason why a team member will stay or leave a job is often their relationship with their boss. Communication in this regard is key and while the expectation is that your Manager or Team Lead should be super organised and offer regular feedback and advice on your performance, it is often a case that they themselves have a manic schedule.
Factors to consider: Try and build in a routine monthly/quarterly one to one meeting with a set agenda. Have a clear template on your performance in your role to date and gain a clear sense of what you are doing well and what you can do better. By having a clearer picture in this regard you may well feel more engaged in your role.
Career ProgressionLooking at the careers of VP’s, Directors and CEOs there is often a common theme that exists – momentum. High performers always seem to strive to move from challenge to challenge, rarely sitting back.
Factors to consider: again communication is key to understand what further challenges exist in the business. Once you have built a strong track record in a role over an 18-24-month period, be explicit that you are keen on taking on a new challenge. It is useful to build your network across senior management so that you may be considered for ‘fast track’ when opportunities arise.
Ultimately if the right opportunities don’t exist and you feel you have delivered on your commitments then it may be a case that your next move may be outside of the organisation.
You’ve Been Headhunted!
You receive a call from an unknown number or an email from a contact asking to discuss a new role with a different organisation. You listen intently to understand what is on offer.
Factors to consider: Having your own career plan pays off – evaluate the new role vs what you are doing now. Have you built a strong track record with your current employer to speak of? If not, then maybe that is the priority. If the new position is going to get you to where you want to go faster, then pursue the next steps but have a clear set of criteria of what you are looking for.
Unfortunately, this is a factor that exists across the Financial Services sector globally. It is generally understood that there will be busy times of the month/year when everyone needs to work together to complete a major task but when it becomes daily, it often leads to attrition in a business.
Factors to consider: Again communication with your boss is key to understand if there is light at the end of the tunnel or if this is something you should get used to. If the quality of work you are completing is offering excellent experience and you are gaining more exposure than your peers then maybe in the grander scheme of things it could be an advantage but it often depends on personal circumstances and outside commitments such as family, sports, etc.
Money (or lack of!)
Having worked in the Financial Recruitment sector for 15 years I can tell you that we Recruiters are concerned when we hear that the sole motivation for moving to a new role is financially focussed. The reason being that it is common that as soon as the candidate resigns, they receive a new ‘counter offer’ from their current employer who always loved them in the first place and is sorry they didn’t value them enough. This leads to frustration from the other firm who has just offered them a new job.
Factors to consider: If you are underpaid in the market and your last salary review didn’t go as you had hoped, again communication is key. In a world of change in Financial Services organisations some budgets are tighter and other companies are paying a stronger premium for top talent so there can be varying levels of remuneration. Again focus your decision around your broader career goals as well as an uplift in salary rather than making the decision on salary alone.
If you’re asking, “What’s my worth?” click here get your copy of our 2020 Salary Guide.
[Edited in 2020]