Organisations trying to get employees into the office five days a week struggle to retain staff as COVID has led to a shift in the pendulum of power.
Kaizen Recruitment managing director Matt McGilton - the latest industry expert to appear on the FINSIA Podcast - delved into the way the COVID pandemic has completely re-shaped the financial services sector.
While working from home is a must for many executives, other impacts have seen super-sized salary demands and even the return of signing-on and retention bonuses, according to Matt.
“We survey candidates intentions and expectations in terms of what they are looking for from a good employer and flexibility and the option to work remotely is the number one theme,” he said.
“The vast majority of the organisations who we speak to are operating on a two days in the office and three from home model.
“What we are finding if organisations move the dial to five days a week, it impacts their ability to retain people.”
Large salary demands are also commonplace as companies deal with the impact of the Great Resignation.
“Some of the requests for salaries increases have been – I won’t say ridiculous – but it has been incredibly generous,” he said
At the beginning if the pandemic Kaizen was highlighting the fact it was a good time to move because salaries were on the rise, but recently he and his team have been trying to cool that narrative.
“There is only so much clients can pay. But we are still seeing the expectations.
“People have expectations of 30% to 40% above their current salaries – and in some cases getting that.”
With the pandemic leading to an exodus of migrant workers and ongoing shortages, the pendulum of power has shifted.
“Employers are having to pitch to candidates.”
Download the FINSIA Podcast here.
