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Mass exodus in finance sector

Ref. PR-02300

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Half of Australian finance and accounting staff plan to quit their jobs, with 50% either already seeking a new job or thinking about taking the plunge, according to new research released today by specialist financial recruitment firm, Robert Half.

Robert Half’s Workplace Survey of 330 Australian finance, accounting and HR professionals also found that 90% of employers did not introduce retention packages for key finance and accounting staff during the downturn, highlighting a key reason for the planned exodus.

“We are currently experiencing a major increase in the number of finance staff looking at their options. They’ve been sitting tight for some time, working harder and working longer but their efforts have been unrewarded and in many cases unnoticed,” said Andrew Brushfield, Director of Robert Half.

The survey echoes this sentiment, with over two thirds (68%) of respondents indicating they had experienced a decline in working conditions in the last 12 months, which saw them working longer hours and experiencing more stress.

“Given the turnaround in the economy, if employers are serious about staff retention, they need to start putting strategies in place now to keep their star performers on board,” said Brushfield. “For example, creating a less stressful workplace, encouraging professional development, and introducing reward systems and financial incentives are all effective strategies.

“But where employers have lacked in the last six to 12 months is in giving recognition where recognition is due. The candidates we’re talking to understand why cuts were made across their business, but feel unappreciated and unnoticed for the hard yards they’ve put in.

“It is vital that employers of finance and accounting staff re-evaluate their current approach to staff retention, and begin implementing the necessary strategies to keep them engaged and passionate about their work,” Brushfield warns. 

According to the study, stress levels have also significantly influenced employee leave trends. It found:   

  • 58% of finance workers have not taken allotted annual leave in the last 12 months.
  • Of that, 46% say they have not taken their leave because their workload is too heavy.
  • 25% have taken sick days when they are not sick, mainly because they couldn’t face going into work (13%), and that there was too much stress in the office (12%).

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For further information, please contact Alan Chapman, Marketing & PR Director on 02 9241 6255.