Do employees look for internal opportunities?
Live recruitment market data to help you make decisions
A 60 second snapshot to take the temperature of professionals in FinTech, Financial Services & DeFi – delivering data and insight to help you make decisions.
We believe retention is more important than recruitment. For companies, retaining staff reduces the costs (financial and time) of recruitment and training as well as the risk of making a bad hire. For us, as recruiters, it may seem counter intuitive, but speaking with a prospective candidate about a company with low turnover and a strong ability to retain makes our clients more attractive. It is an easier ‘sell’ – in particular in times of uncertainty.
One of the main tools of retention is being able to offer talent the opportunity to move internally. Whether that is more seniority, a new team, a different function, a secondment to a project or something else, pastures new are attractive. Retaining a good employee is better for the business, although may cause an issue for their current team.
Having an easy way for people to become aware of new opportunities is an easy win but ensuring a culture of internal mobility begins, we believe, with people managers believing in it and encouraging their teams to be open to internal opportunities.
As always, our polls cover all levels and both technology and non technology roles. We received 344 responses across FinTech, Traditional Financial Services and DeFi and our results are broken down into:
- Executive (VP, Director, Head of Function, CXO, etc.)
- Non Technology (operations, corporate services, sales, risk, compliance, etc. below Executive Level)
- Technology (all areas of technology from build to test below Executive Level)
This week we asked:
“Do you look for opportunities within your current employer before engaging in an external job search?”
The Results
By Sector/Level
Key take aways?
- One in Three employees are unlikely to look for an internal opportunity before making the decision to leave
- Executives are the least likely to actively look (33%), technology staff are most likely (42%)
- Men are more inclined to look internally (66%) with 61% of women indicating that they would
- As a subset of technology, a huge 45% of women voted ‘No, I’m gone’ – way above the 16% average for the population
What can you do?
- Make it easy for staff to find internal opportunities – advertise (even a company wide email) open roles and projects
- Encourage people managers to communicate internal opportunities when they arise but also in 1:1s, performance reviews, etc.
- Watch closely for leaving queues – unexplained absence, dip in performance, other changes in behaviour – and open a conversation. If 64% of people indicate they would look for internal opportunities, they want to stay, make that easy for them
- Create an internal mobility policy
- Ask people, at regular intervals, where they see themselves going in their career – can you facilitate that path? If not, is there somewhere else in the business that can?
We are asking weekly questions to our pool of professionals to give you live market info to help making decisions.
Check out our recent surveys including:
- How will talk of recession impact the recruitment market?
- If I was told to come back to the office 5 days per week I would…
- Employees expect compensation for high inflation
- Are you accessing the full talent market? Probably not…
If we can help solve any of your talent headaches – get in touch – paul@ttrmail.com