In a recent survey, 60% of financial professionals said they’re looking for a new job outside of the industry, noting that the profession hasn’t kept up with changing work expectations, according to a July 12 report from Medius.
In addition, 60% said they wouldn’t recommend a job in finance to Gen Z workers. They pointed to numerous reasons, including better compensation in other fields (53%), high levels of burnout and poor work-life balance (53%) and lower security and stability than in previous years (38%).
The numbers “highlight a concerning trend for finance professionals, with many considering employment options in other sectors,” Paul Ellis, the UK director at Medius, said in a statement. “Our data also found that only 25% recommend a job in finance to Gen Z.”
Finance pros also discussed issues related to administrative responsibilities and repetitive tasks. About 87% said they’re responsible for replying to vendor emails, and 92% said they’re responsible for approving invoices — both of which take several hours per week.
Fraud vulnerabilities pose major risks as well, with 44% of finance pros saying their finance team alone is responsible for protecting their company from fraud.
With more professionals leaving the industry, finance workers reported lower operational efficiency and compliance issues, such as being unable to close their books on time or pay supplier invoices.
Although attrition rates appear to be stabilizing overall, about half of companies experienced a turnover rate of at least 15% in 2023, according to a Gallagher report. As retention continues to improve, employee experience and productivity may still need help, the report found.
Employee retention has become a top priority for both operations and HR, even surpassing revenue or sales growth for some companies, according to another Gallagher report. To increase retention, employers are focusing on compensation, total rewards and the employee experience, including diversity, equity and inclusion (DEI) efforts.
Among finance professionals, 71% said a strong DEI culture is a key factor in deciding whether to work at an organization, according to a report from the Association of Chartered Certified Accountants. Hybrid work, mental health and higher salaries were important for talent attraction and retention in 2024 as well.
