PracticePeople In Practice55% of finance staff report gloomy prospects

55% of finance staff report gloomy prospects

Poll shows that majority of employees in the finance sector feel that they would have to head for the door to move up career ladder

A study has shown that many finance sector staff have little faith in career
prospects at their current organisation.

As the annual performance review and promotion season gets under way, 55% of
employees said that they would have to switch organisations to progress in their
career, and 44% felt they deserved to be promoted within six months.

The research, conducted by
Investors
in People
(UK) and
YouGov polled more than
1,300 UK employees (before excluding self-employed and lone
workers) and suggests that secrecy and poor communication surrounding the
promotion process could be to blame for employee frustration.

Statistics showed that over a third of employees in the finance sector
believed they had been overlooked for promotion in the past. For 55% of these
employees the rejection was compounded by the fact the reasons were not
explained to them.

Commenting on the findings, Investors in People director June Williams said:
‘This research clearly highlights the dangers of bad communication. Bosses in
the finance sector need to be much clearer about the opportunities available and
create a clear plan of action to help employees achieve their goals.’

‘Managers should also remember that promotion isn’t just about new titles or
salary increase – for many employees, being given new responsibilities is more
important. What’s more, without new challenges, the temptation is to seek
progression by moving on elsewhere. Not only does this cost employers as they
spend time and money to replace them, it ultimately benefits the competition who
are only to happy to snap up new talent.’

Further reading:

Ten tips: communications 

Insider Business Club: learning to
lead
 

Career development: reaching for the
top

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