“Citi has to redefine itself. They’re trying to an extent I haven’t seen before. However you’re not going to get someone with a first in economics going to this Malaga shop,” says one ex-employee. “It’s a nice PR spin that some people have taken at face value, but if people think about it hard enough they’ll think it doesn’t make any sense.”
They add: “If you go into banking at a decent firm it’s a high intense, high pressure lifestyle, and people who go into the industry go in with their eyes wide open.”
It comes as workers quit in droves. Pent up numbers of those wanting to resign were released as the economy bounced back post-Covid, while others re-evaluated career choices on furlough.
According to Ipsos, over half of 16 to 34-year-olds considered quitting their jobs or were actively looking for a new role in the three months to mid February.
It has created a record 1.3m job vacancies in Britain, according to the latest figures by the Office for National Statistics (ONS). Meanwhile, there remains one million more slots than workers with degrees to fill them, with the number of graduate vacancies sitting 20pc higher than in pre-pandemic 2019, according to the Institute of Student Employers.
It is a similar story worldwide as the 9-5 working pattern and lunch al desko has become unpalatable for those now used to ruling their own workday during lockdowns.
Gaelle Blake, head of permanent appointments at Hays UK&I, says. “If employers don’t get the basics right such as offering competitive salaries along with flexible and hybrid working – the majority of professionals will look elsewhere.”
From Pelotons to full-time remote working and increasing numbers of companies offering unlimited annual leave, such as Octopus Energy. Employers are on a wooing spree to boost work-life balance and make office life more attractive, with some desperate not to haemorrhage more talent.
Almost half of 2,000 UK workers recently surveyed by LHH Recruitment said new employees received preferential treatment, from pay to better benefits.
“We’re certainly seeing companies getting more creative in what they can offer prospective staff when trying to recruit in a competitive market,” says Blake, adding that sign-on bonuses previously restricted to industries such as finance, have “now seeped into areas experiencing severe staff shortages such as technology and construction”.
At boutique bank Hambro, an extra month of paid holiday is on offer; Atom bank has moved to a four day week – no pay cut required – and Virgin Money has upped leave days and flexibility.
