- Sector at risk of a ‘mass talent exodus’ in 2014
- 46% of employees report to being unmotivated
- 52% planning to leave their job role in the next 12 months
New research commissioned by Talent Q reveals that organisations in the finance sector have the lowest levels of employee engagement in the UK. By failing to motivate and engage employees effectively, the finance sector is at risk of losing their best talent over the next 12 months.
The findings, taken from Talent Q’s ‘Putting the ‘I’ into engagement’ report – an in-depth survey of 1,255 employees, across sectors and job roles1 – offers insight into post-recession employee attitudes and individual workplace concerns. The research reveals that 46% of employees in the financial services feel unmotivated in their roles and 52% of people within this sector claimed they were planning to leave their jobs within the next 12 months. This is supported by research from Hay Group which revealed employee turnover is set to spike at an average of 23% around the world in 2014 and more specifically at 18% in the UK in 2015.2 By comparison, the most motivated employees were found in the architecture, engineering and building sectors, with 79% reporting being ‘fairly’ or ‘very’ motivated.
Lucy Beaumont, Solutions Director at Talent Q, comments, “Across the board, a significant proportion of those working in the financial sector are unmotivated, disengaged and ready to leave their current role. This is an alarming state of affairs.
“Rocked by recent scandals, the financial sector already suffers from poor public perception which can heavily influence the motivation levels of those working in the sector. As the economy begins to recover, new job opportunities will arise and UK employers are at risk of a mass talent exodus. This is further fuelled by a local and international demand for talent and the prospect of a better work-life balance in other sectors such as in commercial and industrial businesses.”
As well as a close look at the wider employment landscape, the report examines the impact of engaging with employees on an individual level. It reveals that within the financial services, 81% of respondents stated that engagement on an individual level would better motivate them and improve their performance levels. However, only 41% of respondents believe this currently happens.
The research also explores the role of line managers in employee engagement and reveals that 52% of financial services’ workers say they feel neglected by their line manager; reporting that they feel they have either insufficient time or resources, or both, to dedicate to managing them. However when asked for their reasons for wanting to leave their jobs within the next 12 months, only 13% attributed this to their line manager, with 36% of respondents attributing it to the organisation or job role.
When looking more closely at line manager relationships with staff, only 6% of employees describe their working relationship as having a ‘personal element’, with ‘amiable’ being the most popular descriptor (48%). Two thirds (61%) disagree with the statement ‘my line manager adapts their working styles to suit me’, suggesting that line managers are failing to get the best out of team members because they are not treating them on a personal and individual level, or being empowered to do so.
Beaumont concludes: “Line managers play a vital role in an organisation’s ability to increase engagement levels. They need to be empowered to address the needs of individuals within their teams. Big bonuses have often been the default motivator for the financial services yet our research shows that only a third of employees will be truly motivated by this. Understanding what motivates an individual employee is a key piece of the talent management jigsaw and one that cannot be overlooked.
“These workforces have delivered through the toughest economic recession in decades and organisations would be foolish if they didn’t take steps to retain staff. We strongly urge employers to re-address their employee engagement methods and respond to the individual drivers of employees who may well be looking for another job right now.”