Two-thirds of finance professionals are confident about their job security despite foreseeing a worse economic situation.
Almost two-thirds (63%) of respondents are still confident about their job security over the next six months, new research by New Selby Jennings revealed. This is despite the fact that 6 in 10 employees foresee a worse economic situation for the next 12 months.
Survey during Covid-19
The survey was conducted to understand financial services professionals’ views on:
• Economic outlook
• Perceived job security
• Current job satisfaction
• Satisfaction with compensation
It was conducted during February and March 2020 through email and telephone conversations with over 140 financial services professional across North Asia. The majority of the samples are middle to senior levels professionals.
Finance professionals' bonuses
Despite the background of an uncertain economic environment and the pandemic, the research shows the majority are still receiving bonuses, while 40% of respondents still believe that they are likely or very likely to receive increased compensation in the next 12 months. Furthermore, close to 60% of respondents are receiving or have received an increased bonus this year compared to last year.
Loss of valuable talent
The survey also shows that just over half of the respondents (55.5%) are satisfied or highly satisfied with their current jobs. That is a very slim majority, with 44.5% of employees not fully satisfied. HR managers should take note—with a challenging year ahead, failure to address employee satisfaction could result in loss of valuable talent.
Abimanu Jeyakumar, Head of Selby Jennings, North Asia, said, “Asia is an important market for banks, financial institutions are not pulling out and they are in for the long haul. They also know they need good people—those who can demonstrate the ability to add value in either a bull or bear market—to take them through whatever challenges lie ahead.”
Looking forward
According to the survey, only 31% of respondents feel confident or very confident that the job market will improve. While this may result in less willingness to change jobs at the moment, many respondents still believe in themselves and their ability to find work. The data shows that if made redundant, close to half of the current employees are confident in their ability to find a new role within three months.
Jeyakumar added, “Volatility means opportunity. We’re all expecting a bounce-back in activity, and this means we now need the right people in the right seats for when that happens. So we’re still getting headcount approved for hiring in Hong Kong banking.”
Paul Arkwright
Publisher
