London has lost its competitive edge as a global hotspot for banking, according to almost one fifth (18.2%) of banking and financial services professionals, which is deterring them from working in the sector.
25 July 2011<br />For immediate release<br />London no longer capital for banking<br />London has lost its competitive edge as a global hotspot for banking, according to almost one fifth (18.2%) of banking and financial services professionals, which is deterring them from working in the sector.<br />After the turbulence of the recession, nearly a third (34.2%) of professionals find the banking sector unattractive, with London lagging behind other global cities named as a major reason, according to Change for Growth, the latest Workplace Study from specialist recruiters Badenoch & Clark.<br />Around a third of professionals also said negative public perception of the banking sector (34.2%), higher workloads (34.6%) and excessive regulation (28.1%), generated by the recession are pushing them away from the sector.<br />With nearly three quarters (71%) of employees surveyed currently job hunting or planning to leave in the next twelve months, there is a danger that professionals could seek more buoyant markets abroad or even leave the sector all together.<br />Yet, while employees are turned off by banking, employers are planning for growth. Nearly two thirds (63%) of employers in the sector are planning to hire during the next twelve months.<br />Kay Senior, Operations Director for Banking and Financial Services at Badenoch & Clark said: “Confidence in banking and financial services has been rising during 2011, albeit with some fluctuation recently, and employers’ hiring strategies for the next twelve months reflect this.<br />“However, the sentiment of employees does not echo this optimism, particularly following some head count freezes announced in recent weeks. Their concern over London’s ability to compete on a global scale and the negative public perception of banks are indicative that low morale and insecurity is rife amongst employees.<br />“To seize the drivers for growth, employers need a motivated and enthusiastic workforce. Employers should focus on effective communication between management and employee, to permeate the feelings of buoyancy throughout the organisation and generate an engaged workforce.<br />“With over a quarter (26.1%) of jobseekers believing the perception of employer brand as an important factor when considering a new role, employers should also focus on communicating the credibility of their organisation to potential employees. Reputation is clearly a key factor for banking professionals, playing a vital role in attracting talent.<br />“If employers do not make moves to improve the way their organisation is perceived, they risk losing talent to competitors abroad or even another industry sector altogether”.<br />Ends<br />For more information, please contact:<br />Hannah Buckley / Beth Nicol <br />MHP Communications<br />T: 020 3128 8116 / 8140<br />E: email@example.com / firstname.lastname@example.org <br />Notes to Editors:<br />About Badenoch & Clark:<br />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.<br />Badenoch & Clark has offices throughout the UK and an expanding mainland European presence through subsidiaries in The Netherlands, Germany and Luxembourg.<br />About the Change for Growth<br />Change for Growth was produced by Badenoch & Clark, based on information gathered from approximately 900 banking and financial services professionals through telephone and face to face interviews. The report also draws upon the extensive market knowledge held by Badenoch & Clark’s industry experts. <br />