JACKSONVILLE, Fla., July 12,
2024 /PRNewswire/ -- Medius research has found 60% of
financial professionals are looking for a new job outside of the
sector, as employees say the profession hasn't kept pace with
changing expectations. When asked if finance professionals
would recommend a job in the sector to Generation-Z (those born
between 1996 and 2010), 60% of respondents said they wouldn't
recommend it to the younger generation. The reason why? According
to those in the sector, other fields now offer better compensation
(53%), they've experienced high levels of burnout and poor
work-life balance (53%), and a career in finance offers less
security and stability than in previous years (38%).
Administrative responsibilities and repetitive tasks are
two issues which are blighting the profession. 87% of finance pros
say they are responsible for replying to vendor emails, taking up 8
hours per week. Additionally, 92% are responsible for approving
invoices, with most saying they approve 13 invoices per day.
The new findings released today by fintech, Medius, paint a
worrying picture for business leaders in terms of both talent
recruitment and retention.
Paul Ellis, UK MD, Medius
says: "The new findings released today highlight a
concerning trend for finance professionals, with many considering
employment options in other sectors. Our data also found that only
25% recommend a job in finance to Gen-Z. Burnout, poor work-life
balance, and better opportunities elsewhere are all driving this
trend."
Zeeshan Malik, an ex-finance
professional says: "Having first hand experience in the
finance sector's highly bureaucratic environment, these findings
deeply resonate with me. Although the work was important, it
involved repetitive and mundane tasks, unfortunately for which the
compensation was subpar. The relentless pressure and overwhelming
hours often left me and my colleagues struggling to maintain a
work-life balance, leading to severe burnout. My decision to leave
finance was driven by the pursuit of a healthier, more fulfilling
life. The industry must adapt to modern workplace expectations and
undergo significant changes to retain its talent and appeal to the
next generation, or it risks losing young professionals like
myself."
As financial professionals leave the sector, businesses are left
worryingly vulnerable to fraud. 44% of finance
professionals say their finance team alone is responsible for
protecting the business against fraud, while 44%
report invoice fraud as the most common type of
fraud their business faces.
Furthermore, the survey found that businesses dealt with
approximately 13 cases of invoice fraud each year, and
when asked to quantify the financial loss to their business,
financial professionals estimated it came to an average of £104,000
in the UK and $93,000 in the US.
A professional exodus also leaves businesses vulnerable to
compliance issues and reduced operational efficiency. For instance,
33% of invoices require manual intervention despite current
automation efforts, and 19% of finance professionals are unable to
close their books on time, with the principal issue being paying
supplier invoices.
However, it's not all doom and gloom. As HR functions and
operations address recruitment and retention for finance
professionals, positives can also be found in the use of
technology. As AI and automation is implemented across businesses,
54% say they have more time for innovative strategies, and 93%
are satisfied with their organization's adoption of AI.
For more information on finance teams and to read the full
Financial Census report
visit https://www.medius.com/financial-census/.
For more information, please contact:
Dan Bird, Fight or Flight for Medius
Dan.Bird@fightflight.co.uk +44 7885 670798 /
Medius@fightflight.co.uk +44 330 133 0985
This information was brought to you by Cision
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SOURCE Medius