A report commissioned by a fellow recruitment firm has stated that almost a quarter of workers are actively planning to change employers in the next few months.

This “great resignation” has apparently been prompted by a high number of vacancies and post-pandemic burnout. 24% of those surveyed admitted planning to change jobs within three to six months, which marks a significant increase from the 11% who had expected to change jobs in previous years. Those working in manufacturing, construction, tech and logistics fields are most confident about finding a new role. 

Of major concern to employers is the cost of these staff changes, an estimated £25,000 per worker. Research carried out by Oxford Economics found that it takes recently hired professional workers nearly 28 weeks to reach their optimum productivity, which has prompted some employers to start looking at the need to improve pay and conditions to help retain their best employees.
A recent virtual roundtable of FINTECH entrepreneurs hosted by the Great British Entrepreneur Awards discussed a number of topics relating to the impact and future prospects for the sector. The panel firmly believed FINTECH will continue on the path it was following prior to the pandemic, but as a result of the pandemic will see an acceleration of trends, for example the decline in in-person and in-branch banking to online and open banking. 
Younger generation pave the way
The Great Resignation is being led by the 24-34 year old demographic; these are deemed most open to change, with over 77% actively looking to change jobs during 2022. A further 74% of 18-24 year-olds also admitted that they were aspiring to be in a new role before the end of the year.
With many workers revisiting how they life their lives since the pandemic, it is believed young people are now prioritising a work-life balance, and thus less likely to settle for jobs which fail to provide this. However it is not just the young who are moving jobs; research suggests senior level employees and CEOs are also looking for a change and this is not just a challenge limited to the UK. 
Banking and Finance following the trend?
In previous years the thought of changing jobs in the final quarter of the year was unheard of. The banking and finance job market still operates in the final months of the year, but generally there has been a reluctance to leave behind the bonus they have worked for all year. It is also felt that a consequence of the post-pandemic bull market to be that a number of bankers may have reached their FIRE Number (financially independent, retire early) sooner than they had expected, especially after working from home giving a little more clarity too their work/life balance.
This brings challenges for banks as a cycle of resignation, recruitment and remuneration feeds on itself when the industry is short-staffed – some internal promotions can fill these roles particularly with larger houses but the war for talent becomes even more evident in times such as these, hence the benefits of working with specialist recruitment consultancies such as Campbell & Fletcher.
“I would say 50% of our time is spent identifying and evaluating the talent pool right across the banking and finance sector, and then fully understanding both the clients needs but also those of the candidates,” commented Tracy Fletcher, MD of Campbell & Fletcher Recruitment, “Salary is now no longer often the main driver for candidates.”

If you are thinking about your recruitment needs for 2022, then you need to start looking now. The best Candidates are not on the market for very long as they are being snapped up in what is a very hot job market at present. Our team have built up an extensive network of the best candidates and talent across the Banking, Financial Services and Commercial markets and would love to talk, please don’t hesitate to contact the team on 0161 932 1722.