4 in 5 finance professionals snub working abroad

But half of them are geared up to leave banking and move to other industries.

According to eFinancialCareers 2012 Movement Survey, over 8 in 10 (82%) of Hong Kong finance professionals have no intention of leaving Hong Kong in 2012. The city’s stable and well-developed economy, supported by continued growth from Mainland China, makes it an ideal market for finance professionals to wait out the downturn. A similar proportion (81%) also said they would recommend Hong Kong as a place to live to other finance professionals.

Here's more from 2012 Movement Survey:

When asked about the best things about living in Hong Kong, financial professionals cited:

· A safe place to live (23%)
· A favorable tax regime (18%)
· Greater job opportunities (16%)

Compared to their counterparts in the APAC region, Hong Kong finance professionals are the least likely to move and consider moving to a different country by the end of 2012.

The survey further revealed that over 8 in 10 (84%) Hong Kong finance professionals are not considering relocating to Mainland China despite the increasing importance of China as a main driver of business for the region. As the global economy picks up, Hong Kong professionals with experience and skills applicable to the China market will be in high demand.

Although Hong Kong’s finance professionals wish to stay in the city, many face the slowing of the financial sector where large bonuses are no longer incentives to deal with a stressful work environment and long working hours.

Of those surveyed, 50% of finance professionals said they were prepared to move their careers into other industries while remaining in Hong Kong. Over 4 in 10 (43%) believe sectors outside financial services offer more job opportunities, and over 2 in 10 (22%) cited greater remuneration packages on offer. The top industries finance professionals are looking to transition to include hardware and software technology (19%), media and advertising (11%), and travel and tourism (7%).

With such a high desire from finance professionals to switch industries, financial institutions are now faced with retention challenges. In order to retain top performers, finance firms will need to provide employees with a well mapped out career path and opportunities to grow or try different job functions within the organization that will help advance their careers in the long term.

The eFinancialCareers 2012 Movement Survey was conducted between 15 June, 2012 and 2 July, 2012. There were 653 respondents, and all of them were employed bankers and finance professionals living in Hong Kong.