Survey: UK finance sector heading for staff crisis

Increased workload could lead to record staff turnover.

Half of the people working in Britain’s finance sector are looking to change jobs, according to a recent salary and benefits survey.

The research was carried out by finance recruitment firm Robert Half Finance & Accounting in conjunction with Accountancy Age. It shows that finance staff can no longer cope with increased workloads, longer working hours and stress, as employers fail to address the issue of understaffing.

The nationwide survey of more than 2,100 finance professionals found that 51 per cent of respondents are looking for a new job. Of those actively looking to move, 54 per cent think their organisation is understaffed – 18 per cent higher than those not looking to move. And when the same respondents were asked how understaffing had affected them, 58 per cent said workloads had increased and 40 per cent were suffering from an increase in stress.

Longer working week

With fewer staff and increased workloads, finance professionals are working longer than average hours. The average working week is 37.5 hours, but almost a quarter (24 per cent) of those surveyed work an average of 50 hours a week. Even more disturbing is that 43 per cent feel guilty about not putting in enough hours, an increase of 16 per cent on last year.

The survey also uncovered less obvious effects of a long hours culture. When questioned on the benefits they would most like to receive, flexible hours came above extra holiday (14 per cent against 9 per cent). The importance of balancing working hours according to individual needs is taking on higher importance, although monetary rewards, such as bonuses, are still popular (17 per cent).

Changing social lives

Workers’ social lives are also evolving to adapt to longer working hours. Almost 10 per cent of respondents socialise with colleagues at least once a week, with going to the pub (46 per cent) and out to dinner (40 per cent) being cited as the most popular activities. The gap between friends and colleagues is narrowing to the extent that over half of those surveyed had socialised with colleagues at the weekend at least once or twice (55 per cent).

Phil Sheridan, district director of Robert Half Finance & Accounting, said: 'Prospective churn rates of these proportions are concerning. A certain amount of staff turnover is inevitable and necessary to fuel the market. However, when more than half the workforce is job hunting it is essential companies look hard at what they offer their staff. Cutting back on resources has been necessary in recent years, but as the sector picks up, companies that don’t react to this will find it difficult to recruit and keep top talent.'

To benchmark your salary go to the survey web page.

September 2005