Throughout the financial and professional services world, there are thousands of people working away who know that they want to leave their current role for pastures new… however; there is a specific portion of employees who, despite all of the intention and motivation to join somewhere new feel locked in by their current employer.
It’s a sensible thing for a business to do as it keeps staff in place when the business has invested time, money and effort into someone – before mentioning the need for them to do their job!
Long term incentive plans, bonuses with claw-backs and, most commonly, the requirement to pay back study fees to an employer who has supported you through the ICSA / ACCA / STEP or any other qualification are the typical ways to keep employees in place.
Whilst they make sense, as a recruitment professional, I’ve had hundreds of candidates who have called me the day their claw-back is no longer due saying, “get me out of here!”.
In a candidate driven market, Financial Services businesses are vying to get new candidates in the door… in almost every case, that new business will buy out your study costs… or they will think about a workable solution to make the move financially rewarding if you’re walking away from a bonus / LTIP.
Don’t let lock-ins be a blocker to your career. If you want to make a move but are concerned about claw backs on LTIP, bonus, study costs or anything else… get in touch as 90% of the time there’s a workable solution in the candidate driven world of Financial Services!
doug.newman@ofcpartners.com
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