Career Motivations
Over two thirds (68%) of surveyed European financial services professionals have not been promoted in the past twelve months. This sits in contrast with the high salary expectations they hold for a move, creating both a negotiation and a pipeline challenge: candidates who enter a process with unrealistic expectations are more likely to drop out at offer stage, increasing time-to-hire and business costs. The promotion picture reflects how many firms have been disciplined on headcount, which means progression-hungry professionals will increasingly look externally rather than waiting for an internal opportunity that may not materialise.
QUESTION 22
Have you been promoted in the last 12 months?
Yes - promoted internally by my current employer
Yes - promoted by moving to a new employer
No
QUESTION 23
How much of a pay rise would you look for in your next role?
Flat move
1-10%
11-20%
21-30%
Over 30%
“We’re seeing a lot of candidates across Europe who are very motivated by career progression but not finding the internal route available to them. They are not necessarily unhappy day-to-day, but they have reached a ceiling and want to know what their next step could look like. Employers who can offer that clarity, whether through a title change, more responsibilities, or strong progression opportunities, see more success across both hiring and retention than those who solely rely on compensation.”
Joseff Richards, Senior Vice President - Head of Selby Jennings Netherlands
Push Factors
The top reasons that would influence respondents to leave their current company:
01. Low base salary
02. Poor work-life balance
03. Low/no bonus
Pull Factors
The top reasons that would attract respondents to a new company:
01. Higher base salary
02. Larger bonus
03. Better company reputation/brand
This year’s push factors point to a workforce under dual pressure. Low salary is still the primary driver of departure, but the notable change this year is work-life balance moving up to second place - overtaking both bonus dissatisfaction and lack of career progression compared to last year’s results. That movement suggests that the day-to-day experience of a role is becoming a breaking point in its own right, and that professionals are less willing to absorb unsustainable workloads in exchange for financial reward alone. The pull side tells an interesting parallel story. Salary and bonus lead the attraction picture as expected, but better company reputation has displaced good work-life balance from the top three entirely this year - meaning the firms attracting the strongest candidates are not just paying well, they are building a brand that people actively want to be associated with.
“Work-life balance concerns tend to manifest differently across European markets. In London, for example, long hours and commutes make it a more acute pressure point than other finance hubs with strict contract cultures. But across the board, salary and disappointment on bonus are the things that tip people from passive dissatisfaction into active searching.”
James Warnaby, Managing Director - Selby Jennings London
QUESTION 24
Are you happy at your current company?
Yes
No
With over two in five financial services professionals saying they are not happy at their current company, firms are sitting on considerable attrition risk. The most effective response is proactive rather than reactive: regular conversations around compensation, recognition, and career progression can help address issues before they lead to resignations. Selby Jennings helps firms understand where they are positioned competitively and identify the talent most at risk before a resignation triggers the conversation too late. Good onboarding, transparent progression frameworks, and regular check-ins on what people value will all determine whether a hire who cost you significant time and resource stays long-term.
“41 per cent saying they are unhappy is a number that should prompt a real conversation internally - not just at leadership level but with the managers closest to those people. A lot of the time, by the time someone is ready to resign, the decision has already been made weeks or months earlier. What changes things is being asked, before it gets to that point, what would make the role better.”
James Warnaby, Managing Director - Selby Jennings London
Spotlight: Counter Offers
Counter offers are an expected part of the hiring landscape
Nearly a quarter of surveyed financial services professionals have received a counter offer, so firms should always plan for the possibility when hiring.
- 24% have received a counter offer after resigning
- 30% have resigned but never received one
- 46% have never resigned
Compensation dominates counter offer structure
Employers primarily rely on financial incentives to retain talent. Among respondents who had received a counter offer, offers included:
- 86% salary increase
- 29% promotion or title change
- 26% bonus or retention payment
- 21% expanded responsibilities
But most professionals still decline
The good news for hiring managers is that most professionals who receive a counter offer decline it. But the acceptance rate is still high enough to create business risk.
Among respondents who had received a counter offer:
- 69% declined it
- 31% accepted it
Acceptance is driven by immediate and personal factors
For those who accepted a counter offer, the top reasons for deciding to accept were:
- Compensation – 64%
- Manager relationship – 52%
- Career progression – 48%
- Trust in employer follow-through – 48%
- Job security – 36%
Rejection is often driven by longer-term considerations
For those who rejected a counter offer, the top reasons for declining were:
- Career progression – 69%
- Compensation – 42%
- Culture and leadership – 35%
- Trust in employer follow-through – 33%
- Work-life balance and flexibility – 22%
The bottom line: Understand why people leave to reduce the risks
Employers can reduce counter offer risk when hiring and reduce attrition by:
- Identifying the real reason behind a career move early
- Aligning on compensation and progression
- Maintaining engagement throughout offer processes
“Counter offers are increasing in the UK, particularly around bonus season - when people receive their bonus and immediately start asking themselves whether it was enough, you tend to see a spike in resignations and, consequently, in counter offers. What we are seeing is that money alone does not resolve it. The majority of those who received a counter offer and turned it down did so primarily because of career progression - and a salary increase does not fix a promotion ceiling.”
James Warnaby, Managing Director - Selby Jennings London
More Counter Offer Insights:
Spotlight: Relocation
Relocation is part of career progression for many professionals
Nearly half of surveyed financial services professionals have relocated for a role, creating opportunity for employers targeting talent beyond their immediate area.
- 47% have relocated for a role
- 53% have not
Relocation decisions are driven by progression first
The decision to relocate is usually tied to long-term career outcomes.
- 47% would primarily relocate for a significant career step
- 35% for higher compensation
- 13% for improved lifestyle or flexibility
- 5% to support a spouse or partner relocating
Future mobility depends on the opportunity
Most professionals are open to relocating, but the role needs to justify the move.
- 32% are very open to relocating
- 24% said they are somewhat open
- 31% would only relocate for the right opportunity
- 13% are not open to relocating
Most employers provide relocation support
Three quarters of professionals who have relocated received formal support from their employer, focused on financial assistance.
- 64% received a relocation allowance or lump-sum payment
- 48% received housing support
- 48% received visa or immigration support
- 34% received tax or legal support
- 24% received no support
But future relocation expectations are higher than current support
Professionals expect a package that reduces both cost and complexity when considering a future move:
- 82% expect a relocation allowance
- 73% expect housing support
- 72% expect visa or immigration support
- 51% expect tax or legal support
- 50% expect a cost-of-living adjustment
The bottom line: Relocation only works when it reduces friction
In a market where relocation is conditional, the burden is on the employer to make a strong offer, which should do three things to improve conversion:
- Position the role as a clear step forward in progression
- Address financial impact through allowance and cost-of-living support
- Reduce complexity with housing, legal, and relocation logistics
“Across Europe’s major finance hubs we see a lot of cross-border movement. The primary drivers are career advancement and compensation, which means that employers who can offer both - along with a relocation support package - have access to a considerably wider talent pool than those hiring only locally. Selby Jennings has the network and the presence across these hubs to support both candidates and employers navigating those moves.”
Joseff Richards, Senior Vice President - Head of Selby Jennings Netherlands
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