Relocation is fast becoming popular in Financial Services. Here's why you should be considering it too
The UK financial markets are in a state of flux. With new regulations like GDPR and MiFID II creating significant changes in the way the industry operates, and an explosion in Financial Services taking place from Bristol to the cities in the north of the UK, it’s no wonder that relocation is becoming an attractive prospect for many. Whether it’s Edinburgh, which already contains13% of all the UK’s banking jobs, or London, which is recognised as one of the top financial hubs in the world and accounts for 50% of the sector’s total output, is ripe for you to seize the moment and make a move to greener pastures.
Though myriad factors can lead to you relocating, from the chance at a higher quality of life, to an attractive new position, or the temptation of better pay, relocating somewhere new can seem more daunting than simply changing jobs. However, it can also pay off a hundredfold, introducing you to new people, letting you expand your network and make a fresh start in a challenging and dynamic environment.
Here’s what you need to know about how it can benefit you.
How can this improve your career?
It’s no secret that the Financial markets are a competitive place to work, and relocation can help you get ahead. A strong demand for financial services has seen the market grow at a faster rate than the rest of the economy, creating a demand for jobs and increasing competition for the most talented employees. As a result, the opportunities for better pay and career progression, should you choose to move, are high, as companies try to entice professionals into new jobs with a range of employee benefits, including training and financial incentives.
In addition to this, the UK is fast becoming home to a flourishing market in the north. Though London remains an important financial hub, with the largest banking sector assets in Europe, at a value of £5.9tn, two thirds of jobs are outside the capital, and this number is growing. Edinburgh is already well on the way to becoming a wealth and asset management hub, whilst many insurance and financial firms have opened offices in Manchester, Birmingham and Leeds. Moving will give you the chance to become part of that organisation’s growth plans, and prove your worth in a small but growing financial landscape and letting your career progress faster than it otherwise would. You’ll also be able to rebuild your network in a completely new area, resulting in more opportunities, new colleagues and, eventually, new career links.
In addition, with working for home opportunities becoming more established within the industry, moving offers you the chance to pick a job that will let you improve your work-life balance- an important trend in a workforce where work-life balance is started to become prioritised over corporate success.
Which factors should you consider?
With 47% of the UK workforce looking to switch jobs in 2018, you’re not alone in wanting to make a fresh start. However, not all companies will support a request to relocate. Ultimately, this means that you may need to actively look for different job opportunities within the area you want to move to. Understandably, this can be a big step, so before you close the door on your current job, there are some factors that you will need to consider first.
The first thing that needs to be addressed is the impact that the move will have on your career. Is the job you’re moving into secure- and what is the reputation of the firm that you’re moving into? Do the benefits of making the move outweigh the drawbacks and obstacles, and is there room for professional growth within the company? In the often-small world of financial services, you also need to consider whether the move you’re making will impact your dealings with colleagues and clients, especially if you work in a job like Financial Advising, where building and maintaining good relationships with clients is key to success. There’s also a strong chance that your firm might put forward a counter offer: for advice on dealing with those, see our blog for advice on how to manage them quickly and professionally.
Quite apart from the professional implications of making the move, you also need to consider the practicalities of moving. How much will your move cost, and how will it be funded? Have you secured new accommodation, and have you taken the time and cost of your daily commute into consideration as well? Unless you’re moving solely to progress your career, settling in should also be a priority, so check that you are a good match for your new employer’s company culture, and whether your work-life balance will improve by moving. When it comes to such a big change, everything should be taken into consideration.
Tips for making the move
Before you commit to your new job, make sure you’re comfortable with doing so! Put half a week aside to explore your new home before making the decision: get a feel for the surroundings, see if you can continue your hobbies whilst there, and take a look at the local social scene. What are your new work-mates like? During the interview stage, why not ask your employer if you can meet the team- who you’ll doubtless be working closely with- and have a tour of the offices. Can you picture yourself working there full-time? Given that a good company culture is closely linked to high engagement levels- and happy staff are 12% more productive than their less fulfilled counterparts- it’s something that’s definitely worth taking into account before you make your choice.
However, committing to a move doesn’t mean you can’t have a back-up plan in place should things go awry. Relocations do work out for many people, but if you find that you’re not one of them, you need to decide what you’re going to do. Do you know anybody that can help you out- or can you change industries? Can you move back? It doesn’t have to be a five-step plan, but knowing that you have options can often make the moving process less stressful.
It’s time for a change
At IDEX Consulting, we know the importance of making the right move in your career. Why wait? Start your journey today by browsing our jobs in Financial Services today, or browse the range of career opportunities we have waiting for you in London.