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A recent survey found that 60% of finance professionals said they were looking for a new job outside the industry, pointing out that the industry is not keeping up with changing work expectations. According to a report on July 12th: From Medius.
Additionally, 60% said they would not recommend a career in finance to a Gen Z worker, citing a variety of reasons, including better pay in other fields (53%), higher levels of burnout and poor work-life balance (53%), and less safety and stability than in the past (38%).
The figures “highlight a worrying trend for finance professionals, with many considering career options in other sectors,” says Paul Ellis, UK director at Medius. It said in a statement“Our data shows that only 25% would recommend a career in finance to Gen Z.”
Finance professionals also discussed issues related to administrative responsibilities and repetitive tasks: Approximately 87% said they were responsible for responding to vendor emails, and 92% said they were responsible for approving invoices, both of which take up several hours per week.
Vulnerability to fraud also poses a significant risk, with 44% of finance professionals saying that their finance team is solely responsible for protecting their company from fraud.
As more professionals leave the industry, finance professionals are reporting reduced operational efficiency and compliance issues, such as being unable to close the books or pay supplier invoices on time.
Although turnover rates appear to be stable overall, roughly half of companies Attrition rate reached at least 15% According to a Gallagher report, employee retention is expected to improve further in 2023. The report notes that while retention rates continue to improve, there is still room for improvement in employee experience and productivity.
Employee retention is A top priority for both operations and HRAccording to another Gallagher report, some companies are seeing growth even surpassing revenue and sales growth. To boost employee retention, employers are focusing on employee experience, including compensation, total rewards and diversity, equity and inclusion (DEI) efforts.
71% of financial professionals A strong DEI culture is a key ingredient A report by the Institute of Certified Public Accountants found that hybrid working, mental health and high salaries remained important in attracting and retaining talent in 2024 when deciding whether to work for an organisation.
