Internal mobility 'magic ingredient' for staff retention: LinkedIn | Accountants Daily

Website Notifications Get notifications in real-time for staying up to date with content that matters to you. Financial service employees offered a promotion or opportunity are much more likely to stay at the firm, survey finds. By Keeli Cambourne•14 November 2022•3 minute read Internal mobility is key to retaining staff in financial services, according to the latest LinkedIn Global Talent Trend report. Employees who were promoted or given another opportunity were more likely to stay at their company longer than those who remained in the same role, the October survey found. Two years after an internal move there was a 76 per cent chance the employee was still at their company against a 50 per cent likelihood for a staffer who had stayed in the same role. The differences widen after three years, at 65 per cent versus 38 per cent. Of the 15 industries LinkedIn analysed, financial services companies saw the biggest improvement in employee retention among internal movers at the three-year mark while retail companies had the least likelihood of retention even with employees who had moved internally. LinkedIn said hiring activity started to slow down after the post-pandemic recovery in 2022, in line with the slower pace
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