A quarter of accountants have turned down a job opportunity because of a perceived lack of clear opportunities for progression.
42 per cent of all finance professionals stated that having a clear career path and opportunities for promotion are the most important factors in job satisfaction.
A third of accountants cited training courses as key in ensuring job satisfaction.
According to research released today [2 August 2007] by specialist financial recruitment firm Robert Half Finance & Accounting and the Institute of Chartered Accountants in England and Wales (ICAEW), employers are falling short when it comes to offering their staff career and development opportunities and are risking losing valuable talent. Whilst 42 per cent of all finance professionals surveyed stated that having a clear career path and visible promotion opportunities are key in ensuring their job satisfaction, only 17 per cent rated their organisation highly in these areas.
The survey clearly shows a marked discrepancy between what chartered accountants are looking for and what they are currently being offered by their existing organisation. The ICAEW/Robert Half Career Benchmarking Survey was conducted with over 3,000 chartered accountants who work in business in the UK.
Being able to see a career path and opportunities for progression were listed as key factors in ensuring job satisfaction for finance professionals across the board ñ from tax specialists (40 per cent), business analysts (64 per cent) finance managers (51 per cent) to finance directors and CFOs (32 per cent). It is interesting to note that slightly more women than men rated opportunities for promotion as an important influencer in determining job satisfaction (47 per cent versus 40 per cent). 65 per cent of accountants aged under 35 years old stated that having a clear career path is important to them compared to 26 per cent of those aged 46-55 years old and just 18 per cent aged over 55 years old.
Access to training and development was also listed as an important factor in ensuring job satisfaction as stated by almost a third (32 per cent) of all chartered accountants in business.
Training features high on the list for all job roles and is a particular focus for chief accountants (52 per cent), tax specialists (50 per cent) and business analysts (44 per cent). Predictably those in CEO/MD and CFO roles are less likely to rate training opportunities as a key driver of job satisfaction (18 per cent and 21 per cent respectively).
Phil Sheridan, UK Managing Director, Robert Half International, said:
ìIn todayís marketplace where skilled candidates are such a precious commodity, employers need to look carefully at what they are offering their existing members of staff in terms of career development and training. Todayís finance professionals can now afford to be selective in who they choose to work for and are looking for clear career progression opportunities, salary advance and job satisfaction, and will look to move elsewhere if their current employer does not deliver. Organisations must not compromise when it comes to nurturing their talented finance professionals.î
Michael Izza, Chief Executive of the ICAEW, commented:
ìIt is reassuring to see the importance that chartered accountants in business place on training and career progression. Continuing Professional Development (CPD) is a key element of a professionalís lifecycle and, coupled with further qualifications like the Corporate Finance Diploma, all help ensure that members are able to progress their career as well as being attractive to future employers. Companies also need take heed and recognise what is important to ACAs in business.î
Interestingly when asked about the importance of an opportunity to transfer or a secondment overseas, only 7 per cent of all chartered accountants surveyed stated that it played an important part in ensuring their job satisfaction, below a good ëinformalí work social life (11 per cent) and the companyís environmental policy (12 per cent).
