<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR>'Just get me out', say half of bank execs
</TR><!-- headline one : end --><TR>47% of finance staff here would jump ship for better pay or work-life balance, survey finds </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Michelle Tay
</TD></TR><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->IN TODAY'S turbulent economic climate, one might expect everyone with a job in the financial sector to cling to it - yet plenty are up for a change.
In fact, half of finance professionals here are ready to jump ship if the opportunity arose, a recent survey has revealed.
<TABLE width=200 align=left valign="top"><TBODY><TR><TD class=padr8><!-- Vodcast --><!-- Background Story -->RELATED LINKS
<!-- Audio --><!-- Video --><!-- PDF -->
<!-- Photo Gallery -->
</TD></TR></TBODY></TABLE>Despite ongoing retrenchments, most of these professionals said they would like more pay, while a good number also want a better work-life balance.
Recruitment firm Robert Half said that half of finance professionals here expressed dissatisfaction with their employment, even as concerns over job security and waning career prospects intensify in the downturn.
The firm surveyed more than 3,500 finance professionals across 14 countries last October.
The survey found that only 53 per cent of the 200 Singapore respondents were satisfied with their jobs - the second lowest globally after Japan, where 47 per cent of its financial workforce said they were satisfied with their jobs.
The survey also found that half of the Singapore respondents said they were 'open to a job change at the right opportunity'. Thirty-five per cent of respondents cited a pay increase as the main motivation for a change, while 21 per cent wanted a better work-life balance.
Mr Tim Hird, managing director of Robert Half Singapore, said the survey results show that 'job satisfaction and company loyalty will continue to be tested as companies tackle the challenges posed by the economic downturn, including those related to their human capital'.
Mr Pan Zaixian, head of financial services at search firm Robert Walters, said the tangible ennui stems from the fact that these professionals are essentially doing more for less.
'We're in a situation where headcount has been cut and work has been redistributed, which means existing staff have a heavier workload,' he said.
'Many people are entering the new fiscal year without pay increases and bonuses, so from a total remuneration point of view, it's more work for less pay.'
He added that with human resource restructuring in many companies in the downturn, staff have to get used to reporting to new superiors - which may be another source of discontent.
Also, according to the survey, only about half of Singapore respondents felt secure about their jobs.
In fact, research from another human resource consultancy reveals that as many as a third of Asian employees - across all sectors - are frustrated in their jobs.
Hay Group Insight, the employee and customer research division of global management consultancy Hay Group, said only 16 per cent of the Asian workforce in general believe that they are effective in their jobs.
This is largely due to employees feeling a lack of empowerment and professional development, and is in contrast to the United Kingdom, where the study found that 40 per cent of employees considered themselves effective workers.
With all that stress, Mr Pan said it is not surprising to see people want to move out of the industry. He has even noticed professionals with financial experience of more than 10 years wanting a change.
'Bankers who have been bankers their whole lives are very exploratory at the moment, inquiring about opportunities in industries such as aerospace or hospitality,' he said.
'They seem to have quite a 'just get me out of here' attitude.'
Robert Half's Mr Hird pointed out that while monetary reasons remain an important consideration in a job switch, finance professionals are increasingly looking for the ability to manage both their career aspirations and personal lives.
'We are advising both our clients and candidates to focus less on monetary compensation packages but more on the content and scalability of jobs,' he said.
An attractive position would include training and career advancement opportunities, having leaders and mentors, and other non-monetary incentives that go towards personal development and a healthy work-life balance, he added. [email protected]
</TR><!-- headline one : end --><TR>47% of finance staff here would jump ship for better pay or work-life balance, survey finds </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Michelle Tay
</TD></TR><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->IN TODAY'S turbulent economic climate, one might expect everyone with a job in the financial sector to cling to it - yet plenty are up for a change.
In fact, half of finance professionals here are ready to jump ship if the opportunity arose, a recent survey has revealed.
<TABLE width=200 align=left valign="top"><TBODY><TR><TD class=padr8><!-- Vodcast --><!-- Background Story -->RELATED LINKS
<!-- Audio --><!-- Video --><!-- PDF -->
<!-- Photo Gallery -->
</TD></TR></TBODY></TABLE>Despite ongoing retrenchments, most of these professionals said they would like more pay, while a good number also want a better work-life balance.
Recruitment firm Robert Half said that half of finance professionals here expressed dissatisfaction with their employment, even as concerns over job security and waning career prospects intensify in the downturn.
The firm surveyed more than 3,500 finance professionals across 14 countries last October.
The survey found that only 53 per cent of the 200 Singapore respondents were satisfied with their jobs - the second lowest globally after Japan, where 47 per cent of its financial workforce said they were satisfied with their jobs.
The survey also found that half of the Singapore respondents said they were 'open to a job change at the right opportunity'. Thirty-five per cent of respondents cited a pay increase as the main motivation for a change, while 21 per cent wanted a better work-life balance.
Mr Tim Hird, managing director of Robert Half Singapore, said the survey results show that 'job satisfaction and company loyalty will continue to be tested as companies tackle the challenges posed by the economic downturn, including those related to their human capital'.
Mr Pan Zaixian, head of financial services at search firm Robert Walters, said the tangible ennui stems from the fact that these professionals are essentially doing more for less.
'We're in a situation where headcount has been cut and work has been redistributed, which means existing staff have a heavier workload,' he said.
'Many people are entering the new fiscal year without pay increases and bonuses, so from a total remuneration point of view, it's more work for less pay.'
He added that with human resource restructuring in many companies in the downturn, staff have to get used to reporting to new superiors - which may be another source of discontent.
Also, according to the survey, only about half of Singapore respondents felt secure about their jobs.
In fact, research from another human resource consultancy reveals that as many as a third of Asian employees - across all sectors - are frustrated in their jobs.
Hay Group Insight, the employee and customer research division of global management consultancy Hay Group, said only 16 per cent of the Asian workforce in general believe that they are effective in their jobs.
This is largely due to employees feeling a lack of empowerment and professional development, and is in contrast to the United Kingdom, where the study found that 40 per cent of employees considered themselves effective workers.
With all that stress, Mr Pan said it is not surprising to see people want to move out of the industry. He has even noticed professionals with financial experience of more than 10 years wanting a change.
'Bankers who have been bankers their whole lives are very exploratory at the moment, inquiring about opportunities in industries such as aerospace or hospitality,' he said.
'They seem to have quite a 'just get me out of here' attitude.'
Robert Half's Mr Hird pointed out that while monetary reasons remain an important consideration in a job switch, finance professionals are increasingly looking for the ability to manage both their career aspirations and personal lives.
'We are advising both our clients and candidates to focus less on monetary compensation packages but more on the content and scalability of jobs,' he said.
An attractive position would include training and career advancement opportunities, having leaders and mentors, and other non-monetary incentives that go towards personal development and a healthy work-life balance, he added. [email protected]
