The number of counter-offers made by financial services firms has dramatically risen, according to financial services recruiter Astbury Marsden.

The research shows that 75% of staff trying to leave should expect to receive lucrative counter-offers, up from 5% at the start of 2009.

Astbury Marsden says in stark contrast to the first half of 2009, when managers within City firms were actively looking to reduce costs and shed staff, existing employers are now offering those staff looking to hand in their notice an increase in their basic salary of between 10-20% to stem the flow of defections.
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Mark Cameron, chief operating officer at Astbury Marsden, says: “This figure is up from just 5% at the start of 2009, when buyback offers were extremely rare. They were only really applicable to the very highest performers – the key money earners.

“This time last year, managers would have secretly been delighted to see staff leave and cut their overheads. They would have done little more than wish the departing staff member good luck.

“Now employers are having to fight tooth and nail to secure the good, but not even necessarily the very best performers. The sheer volume of buybacks in the market is close to the peak witnessed in 2006 and bodes well for anyone looking to switch jobs.”