By Jack Barnett
Workers are keen to capitalise on bumper bonuses handed out by banks, brokers and insurers, a new survey published today shows.
Around a quarter of Brits want to shake up their careers and move into the financial services sector, according to consultancy KPMG.
Of those considering moving to a job in the City, some 58 per cent want to get their hands on a higher salary and bigger bonus.
The cost of living crunch has strengthened incentives for people to embark on a career change in a bid to boost their income and shield themselves from soaring prices.
Financial services workers notched the second quickest rise in pay in the three months to June at 6.3 per cent “partly because of strong bonus payments,” according to the Office for National Statistics.
Firms in the Square Mile are also grappling with a shortage of skilled workers, prompting them to hike pay to outbid competitors in the race for talent. Several big name law firms and banks have raised starting pay.
Firms are turning to historically under-represented workers to fill roles. Big four accountant PwC last week said it is scrapping the 2:1 requirement to get on its graduate programme.
“In the competition for talent, financial services firms should consider extending the scope of their search to include non-traditional pools of talent which can help boost diversity and inclusion,” Karim Haji, head of financial services at KPMG UK, said.
Rising prices are putting household finances under intense pressure, forcing over a third of workers across the UK to look for a new job, KPMG said.
“Given the rising cost of living and the broader economic uncertainty, it makes sense that many individuals will be considering their current roles,” Haji added.
Accounting for CPI inflation, real pay fell 4.1 per cent last quarter, the fastest drop since records began in 2001. Inflation is expected to peak at over 13 per cent.
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