IT Workers in Financial Services Growing Discontent

Posted 04/27/2010 at 5:03am | by Paul Lilly

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Things aren't so rosy in the financial services sector, at least for IT staff. According to a new survey, some 77 percent of IT staff employed in the financial services field would like nothing more than to change jobs within the next year.

The survey pinged 540 permanent and contract IT staff in March, over two-thirds of which said they will begin looking for employment elsewhere within the next three months, with 41 percent citing salary as the main reason why.

"Salary freezes, increased workloads, and redundancies have resulted in decreased loyalty from employees, which has contributed to feelings of unrest," said Sam Corcoran, director at Hays Finance Technology.

According to Hays, 28 percent of staff believed that the financial crisis had caused increased stress. Another 25 percent said they now work longer hours, while nearly half (48 percent) of IT professionals believe that the recession had decreased job security.

Also leading to a feeling of discontent is the lack of bonuses. More than half of respondents said they didn't receive a bonus in 2009, while 42 percent said that a bonuses should make up at least 20 percent of their annual package.