City workers question future with their firms

The
majority of City workers do not see a future within their company, new research
shows.

A
survey of 800 City workers in London and Dublin shows that 51 per cent feel
there are no future development opportunities within the company they currently
work for.

The
CitiPeople Index, from global recruitment specialist Morgan McKinley, finds
only 3 per cent ‘strongly agreed’ their skills are being fully utilised within
their current role, while a further 36 per cent ‘agreed’.

More
than 60 per cent of employees don’t feel their skills are being used to the
optimum within their current role.

When
asked about performance management reviews within City firms, 53 per cent of
employees believe they accurately record their performance, although 43 per
cent did not feel that promotions were directly linked to performance
management systems.

A
further 37 per cent of respondents don’t believe performance management reviews
adequately assess their potential to move to the next career level. Three-quarters
of those surveyed find appraisals useful in terms of future career development.

Encouragingly,
61 per cent of employees think that they receive sufficient training and could
easily take on new responsibilities in their current role.

Hesketh
Emden, head of performance consulting for OakwoodUK.com, which works with
clients in the financial services sector, said: "These results bear out
there is much to do to integrate recruitment, development, performance
management, retention and succession planning."

David
Twiddle, managing director of Morgan McKinley, believes the study shows HR
needs to improve development opportunities for staff. "The results of this
survey should provide very interesting feedback for HR. The challenge for HR is
in retaining ‘star’ players in the current market where they see no visible
opportunities to progress," he said.

www.morgan-mckinley.co.uk

By
Quentin Reade

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