For decades the only thing Wall Street firms had to do to attract top talent was offer the most competitive salaries and bonuses. But that may not be enough anymore.
That’s according to a recent report out by Toigo Foundation and Russell Reynolds Associates, a New York-based executive search firm. The two firms surveyed 300 financial professionals with six to 10 years of post-MBA experience to uncover why some Wall Streeters might be thinking about leaving finance.
The global survey covered the financial, ethnic, and geographical gamut.
According to the survey from Toigo Foundation and Russell Reynolds, 50% of mid- and senior-level finance leaders are considering leaving their employer, and 20% are considering leaving finance.
The prospect of going in to tech in particular is appealing to a lot of Wall Streeters, especially as big tech companies now offer compensation packages on par with the Street.
“This parity stimulates MBA graduates and mid-career professionals to begin thinking about options, particularly if work is perceived to be less impactful,” the report said.
“Compensation differences no longer become the driving factor for choosing — and staying with — a given career path,” the report added.
The report outlined the top work/life balance factors young Wall Streeters consider when they are thinking about where they want to work. The top four are as follows: flexible work schedule, office location, vacation time and sick leave, and telecommuting.