Over three quarters of UK IT professionals working in financial services plan to look for a new job over the next year, according to a survey from recruitment outfit Hays.
In total, of 540 permanent and contract IT staff at banks, consultancies, hedge funds, fund managers and financial software vendors, 77% say they are looking to change job in the next 12 months.
Of these, two thirds plan to start looking in the next three months, with 41% citing salary as the strongest motivator. Another reason for unrest is increased stress since the financial crisis, cited by 28% and longer hours, experienced by 25%.
Nearly half of those polled say they feel the recession has weakened job security and most did not receive a bonus last year. This is despite 42% of respondents saying that a bonus should make up to at least 20% of their annual package.
Only once per cent cite bonuses as their greatest motivation for changing roles, as expectations change in a sector where traditionally people moved roles in search of bigger yearly payouts.
Sam Corcoran, director, Hays Finance Technology, says: "Many professionals feel as though their salary progression has been compromised by the recession and are no longer willing to stay in their current role when they believe they may be able to receive a higher salary elsewhere. Salary freezes, increased workloads and redundancies have resulted in decreased loyalty from employees which has contributed to feelings of unrest."