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Friday, 14th August 2020
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62 p.c. under salary pressure to hold staff Back  
Companies in the financial sector are being forced to offer higher then normal salary increases and introduce a host of other benefits in order to attract potential recruits and hold on to existing staff, according to a new survey of human resources managers.

The survey, commissioned by recruitment consultants Eden Recruitment, found that 62 per cent of HR managers in the financial sector felt obliged to offer relatively high salary increases over the last two years. In addition, 38 per cent of those questioned said they had introduced financial bonuses and performance related bonuses as incentives for staff to remain on.

Other incentives that have been introduced by HR managers over the last two years include health insurance/ life assurance/ pension cover (26 per cent of respondents); company car (18 per cent); flexi-time (17 per cent); working from home (11 per cent); and share purchase schemes (10 per cent).

Younger staff - those between 18 and 30 - were seen as more likely to leave a company in the financial sector within a two year time frame than staff that had been with the company a long time.

According to the survey the main reasons for remaining at or leaving a job are job satisfaction (cited by 66 per cent of HR managers), remuneration (55 per cent) and benefits package (36 per cent).

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