PracticeConsultingMass exodus to hit City workforce

Mass exodus to hit City workforce

Banks, investment houses and companies operating in London's financial heartland should begin bracing themselves for a mass exodus of staff over the next five years.

Link: City businesses face smaller security levy

A new survey has uncovered that more than half of the youngest workers in London’s financial district would quit the City tomorrow if they could.

Overall, as many as three-quarters of those people currently working in London’s square mile, want to leave the financial district within the next five years, research by Chiumento, the HR consultancy, found.

The potential mass exodus is the result of continuing job cuts and changes in the City of London, while key worries for employees include fear about terrorist attacks, pension and financial security concerns.

Just 7% of those surveyed said they were happy to remain in their jobs.

And more than three-quarters would like to quit the capital altogether for greener pastures elsewhere.

Richard Chiumento, managing director, said: ‘The situation in the City is even worse than we anticipated. The stark reality is that City workers want out and that City jobs will never return on the same scale. This represents an even bigger challenge for employers in terms of re-engaging and motivating stayers, as well as helping those who chose to leave their City careers.

‘Employers must think about the implications of a shrunken workforce, while employees need to consider their futures carefully. If that future ultimately rests outside London or in a different career, now is the time to develop a realistic plan to make that move. Key to this will be their ability to identify transferable skills that can open up different career paths that they may previously have not considered.’

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