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Headhunting On The Rise On Wall Street - Wall Street & Technology

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Headhunting On The Rise

Headhunting On The Rise On Wall Street More than half of the 1,422 people surveyed said between 1 and 5 headhunters had contacted them since the beginning of 2011.
May 12, 2011 
 
Headhunters are vigorously approaching Wall Street executives, according to a new survey from eFinancialcareers, who reached out to 1,422 financial professionals.
Confirming the economic recovery in the financial sector, 40% of executives said they had received more calls from headhunters than last year. More than half of those surveyed said between 1 and 5 headhunters had contacted them since the beginning of 2011.
The top incentive headhunters offered was a better salary, followed by better career opportunities and a better title, according to the survey from the online financial job marketplace.
"When it comes to Wall Street, money talks," says Constance Melrose, managing director of eFinancialCareers North America. "The industry has been through a couple of years of recovery. People have started to feel more comfortable moving. Higher salaries are being offered."
Given new regulatory rules governing bonuses, Melrose said she is also seeing headhunters tempt new employees with higher guaranteed bonuses.
And it looks like the strategy of headhunters is paying off. According to the survey, 40% of executives said they had seen a greater number of voluntary departures from their department or area of specialty compared to last year.
Meanwhile, 80% of executives said their employers had not offered them any positive incentives this year to deter them from moving to another firm.
Among those surveyed, 53% work in the front office, with the remaining number equally split between the back and middle office.
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