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
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.’
Accountancy Age Jobs is delighted to announce the launch of a brand new look website for finance and accountancy professionals
The old fashioned method of placing recruitment adverts in the local rag is dead
The new joiners, from school leavers to graduates and those on industrial placements, will be working across a range of service lines
Accountancy firm school leaver programmes really do open the door to a whole new career and immerse you in the world of work from the get go