A recent study has revealed that those working in finance jobs are more likely to leave their current company if their role is failing to meet their expectations rather than because of the salary and benefits they receive.
Almost a third of Chief Financial Officers and Finance Directors disclosed that the main reason why employees within their department left the company was because expectations about their role had not been met. This was followed by dissatisfaction within the role and then finally, the inability to fit in with the corporate culture of the company.
Shockingly, only 9% suggested that the desire for a higher salary and bigger benefits was the primary motivation for staff to leave. However, when you consider that employees’ hope of receiving pay increases and benefits have become less viable amidst the current climate of wage freezes and recession, this statistic suddenly becomes less surprising.
What this information reveals to employers is that in order to retain their top performers, they need to recognise and focus on areas that are the most important to staff.
Institute for Employment Studies Senior Research Fellow, Peter Reilly, confirmed that workplace frustrations were a major factor in driving turnover amongst those in finance jobs. Considering why people would want to work for a company (good work-life balance, career progression and training) could be the difference between high turnover rates and long-standing loyalty.
What is the main thing that keeps you loyal to your job? Would you rather have a big salary and lots of benefits or is how you progress within your career and fit in with the company more important to you? Let us know your thoughts below.