Retention is going to be a key concern for resourcing departments in 2010, according to Ben Barrat, head of talent acquisition (finance) for recruitment outsourcer Alexander Mann Solutions.
 
Barrat says there is no doubt that retention is going to be a huge issue in the finance industry in the coming months.

“We have already seen some banks offering 30-40% increases in base salary as a way of retaining staff without using bonuses and employers are going to have to become increasingly creative in their efforts to retain top performers.
 
“Currently, there is a kind of two-tier system, where businesses that aren’t state-financed are looking to take advantage of the talented staff who might considering their options.  Banks know  that,  by  investing  in executive recruitment now,  they  can give themselves a great competitive advantage in the future and  so I would expect to see significant numbers of people being recruited by rival banks over the next few months as the battle for top talent escalates.
 
“Workers in the City tend to have a very good idea of what is going on in other businesses around them and they know that, at the moment, there’s a good chance that the grass is greener elsewhere.”