Morning Coffee May 03 2011

Time to Quit Your Job?

By kyle stock

Finance firms glad to be done grappling with the recession may soon find themselves struggling with another demon: retention.

According to a new survey by Deloitte, 65% of workers are either looking for a new job or plan to do so in the next 12 months. That's up from 55% two years ago.

"The strategy of relying on the recession as a retention strategy, probably isn't going to hold any more," said Jeff Schwartz, a Deloitte principal who helped compile the report.

Women are more restless than men. Some 55% of female workers surveyed said they were "actively" looking for a new position, compared with 41% of men.

Female employees are particularly attractive to banks and brokerages looking to level gender ratios. Schwartz said there will be "a riptide" pulling select employees out of their current jobs with lucrative offers.

Finally, the Deloitte report suggests the balance of power has swung from employers to employees, thanks in part to social networking sites that let workers passively play the job market the way serial daters jockey a account.

In the coming months, savvy managers will be making sure to please superstars -- only some of whom will be their employees.

Networking's Biggest Secret (FINS)

No, it's not a glass of scotch. It's old friends and colleagues. A new study shows "dormant connections" are more valuable than the people you speak to all the time.

Every Vote Counts (WSJ)

Firms are listening to say-on-pay votes. In some cases, they are trimming compensation or lobbying for support from major shareholders.

Why Everyone Should Have an Office (FINS)

Space is shrinking in offices, with companies like UBS adopting open seating plans and communal areas. Here are six reasons why this is bad news for workers and companies alike.

Crisis Pay (Bloomberg)

The folks cleaning up the Lehman mess are seeking $500 million from Barclays for allegedly stiffing Lehman workers on bonuses it agreed to pay when it bought the firm. Barclays said it paid the full $2 billion as promised.

Are Some Jobs Gone for Good? (NYT)

Some 58% of the U.S. population is employed, down from 65% a decade ago. As recessions come and go, many jobs stay gone.

Lost in Translation (WSJ)

Want to score points with clients? Speak English. A new survey shows investors hate jargon.

Luxury Limited (NetNet)

Jets of companies controlled by PE firms are 40% smaller than those owned by public companies, according to a new study. Portfolio managers, evidently, are more frugal than shareholders.

Burnout Battle (MarketWatch)

Cite recent company success to make a case for a personal break. This and other tips on lightening your workload.

List of the Day: Making Money Pay

Money doesn't always make people happy because they are often bad at spending it. A trio of researchers have laid out a plan to get the most emotional bang for your buck.

1: Buy experiences; not things.

2: Help others.

3: Save now; spend later (not vice-versa).

(Source: SmartMoney)

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