His comments come off the back of a new survey by Marks Sattin of more than 1,300 Australian professionals in finance, accounting, insurance, and wealth management.
“Career development is also integral to both attraction and retention, with finance professionals citing this as the second most important reason they both stay with their current employer and are attracted to a new role,” Williams said in the report.
Indeed, 16% nominated 'career development' as the primary reason for staying with their employer. This was the second-highest reason behind only 'work life balance' (22%) and above 'people I work with/for' (12%).
When the participants were asked about what attracts them to a new role, 36% said higher remuneration, 35% said career development and 10% said flexible working.
Moreover, 8% of respondents said they would forgo all their bonus for improved training options. This was compared to 40% who said they would forgo some of their bonus and 52% who said they wouldn’t forgo any.
“As we move into a candidate-driven market, employers should be looking to set themselves apart by executing on workforce engagement strategies that attract and retain top talent,” said Williams.
Williams added that the results indicate that the market is dominated by passive candidates and that there is an estimated shortage of skills in various sectors for 2016.
“With candidates having the upper hand in the Australian financial services and accounting market, and with increased pressure on remuneration budgets, employers must look at how they formulate and execute attraction and retention strategies to differentiate themselves,” said Williams.
Employers must ensure their value proposition is relevant to today’s market in order to attract and retain talent, according to Ieuan Williams, director of the specialist financial recruitment agency Marks Sattin.