Career Motivations
The financial services industry is in the middle of a significant generational transition. Baby Boomers are retiring at scale - roughly 10,000 Americans reach retirement age every day - and as senior leaders exit, the roles, responsibilities, and institutional knowledge they carried are moving to the next generation. That dynamic is driving the promotion activity visible in this year’s data.
At the same time, salary expectations for those who do move are aggressive. With more professionals confident about their market value and more willing to act on it, companies need to ensure offers are calibrated to where the market actually is.
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%
“Companies are performing better, so it makes sense that there are more promotions off the back of that profitability. But there is also a bigger structural story - there are a lot of people retiring and getting out of the industry completely, and someone has to take on those responsibilities. That generational change curve is creating real movement, and it’s pushing people up faster than the traditional tenure-based model would have. People know their skill sets are valuable, and they feel like they can demand more when they move. Companies are going to have to meet those expectations or watch the ripple effect on comp keep building.”
Ben Hodzic, Managing Director - Selby Jennings USA
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/bonus
Our top push factors have moved in a telling direction this year. Low/no bonus has overtaken poor work-life balance as the second most cited reason professionals would leave - a direct reflection of a year when markets did well and expectations moved with them. The pull factors are equally clear: higher base salary and a larger bonus lead, followed by better company reputation. Professionals are not just chasing money in the abstract - they want to be well compensated and to work somewhere worth working.
“The push and pull factors are basically telling you the same story from two directions - people leave when they’re underpaid and burned out, and they join when the money is better and the company is one they can be proud of. None of this is surprising, but it’s consistent. If you can get ahead of the push factors internally before they become a reason to leave - pay fairly, deliver on variable comp, and build a brand that people want to be associated with - you’re already winning the retention battle before a resignation or counter offer conversation situation even starts.”
Ryan Mazza, Managing Director - Selby Jennings USA
QUESTION 24
Are you happy at your current company?
Yes
No
More than a third of financial services professionals say they are unhappy at their current company - and that number deserves attention even if the majority answer yes, as the combination of unhappy employees and a buoyant external market is exactly the environment where the talent pipeline starts leaking before leadership notices.
“38% saying they’re unhappy is a number you can’t ignore. When the market is as active as it is right now and people are feeling confident about their options, that kind of dissatisfaction does not stay theoretical for very long. The firms that are going to hold onto their best people are the ones actively asking why - and following through on what they hear back.”
Ryan Mazza, Managing Director - Selby Jennings USA
Spotlight: Counter Offers
Counter offers are not widespread, but they matter
A relatively small proportion of surveyed financial services professionals said they have received a counter offer, but the impact on hiring outcomes is significant when they occur.
- 18% have received a counter offer after resigning
- 32% have resigned but never received one
- 50% have never resigned
Compensation is the foundation of most counter offers
Employers primarily rely on financial incentives to retain talent, supported by additional rewards or role changes. Among respondents who had received a counter offer, offers included:
- 68% salary increase
- 40% bonus or retention payment
- 30% promotion or title change
- 28% expanded responsibilities
- 19% equity or long-term incentives
But most professionals still decline
The good news for hiring managers is that most professionals who receive a counter offer still decline it. But the acceptance rate is still high enough to create business risk.
Among respondents who had received a counter offer:
- 65% declined it
- 35% accepted it
Compensation drives counter offer acceptance
For those who accepted a counter offer, the top reasons for deciding to accept were:
- Compensation – 78%
- Trust in employer follow-through – 53%
- Culture and leadership – 40%
- Career progression – 37%
- Manager relationship – 30%
Rejection is often driven by longer-term considerations
For those who rejected a counter offer, the top reasons for declining were:
- Career progression – 58%
- Compensation – 54%
- Trust in employer follow-through – 44%
- Culture and leadership – 35%
- Work-life balance and flexibility – 22%
The bottom line: Reducing counter offer risk starts with understanding why people leave
Employers can reduce counter offer risk when hiring and reduce attrition by:
- Identifying the real reason behind a move early
- Consistent alignment on compensation and progression
- Maintaining engagement throughout offer processes
“Counter offers are definitely more prevalent in certain sectors and at certain seniority levels - the more impact someone has on the business, the more likely the company is going to fight to keep them. But what our findings show is that when someone has already gotten to the point of resigning, money alone usually is not enough to change their mind – and progression, trust, and culture are harder things to fix with a single conversation. At Selby Jennings we help candidates think through all of those dimensions before they make a decision - so that if a counter offer does come, they already know whether it actually addresses why they wanted to leave.”
Ben Hodzic, Managing Director - Selby Jennings USA
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.
- 45% have relocated for a role
- 55% have not
Most professionals provide relocation support
Most professionals who relocated received structured support from their employer, focused on financial support rather than practical assistance.
- 72% received a relocation allowance or lump-sum payment
- 26% received housing support
- 17% received a cost-of-living adjustment
- 17% received no formal support
Future mobility depends on the opportunity
While most professionals are not actively looking to relocate, it would be considered by the majority when the role justifies the move.
- 46% are very or somewhat open to relocating
- 29% would relocate for the right opportunity
- 25% are not open to relocating
Career progression and compensation drive decisions
The decision to relocate is usually tied to career and financial outcomes.
- 44% would primarily relocate for a significant career step
- 39% for higher compensation
- 14% for improved lifestyle or flexibility
- 3% to support a spouse or partner relocating
Future relocation expectations are higher than current support
Professionals expect more than a lump sum payment when considering a future move:
- 83% expect a relocation allowance
- 45% expect housing support
- 41% expect a cost-of-living adjustment
- 31% expect househunting visits
- 28% expect support with the costs of selling and buying a home
The bottom line: Relocation only works when it reduces risk
In a market where most professionals are not actively looking to relocate, the burden is on the employer to make a strong offer, which should do three things to convert interest into acceptance:
- Justify the move through progression or compensation
- Reduce financial exposure through allowances and cost-of-living support
- Remove practical friction through housing and logistics support
“Financial services in the U.S. is concentrated in a handful of metro areas like New York, Chicago, Boston, Houston, and the Bay Area, so relocation often means moving toward one of those hubs rather than between them. A lot of the movement we see is people coming from smaller markets or graduating from universities across the country and relocating to where the roles are. That mobility is actually a real advantage for employers who are willing to consider candidates beyond their immediate geography. Selby Jennings has access to talent across the entire country, and being open to relocation can really expand the pool for hard-to-fill roles.”
Ben Hodzic, Managing Director - Selby Jennings USA
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