Britain is getting older, and its workforce with it. Senior staff are now likely to hold on to their positions for longer, meaning progression into the top ranks of an organisation is perceived as more challenging for ambitious employees sitting beneath them.
Marks Sattin’s research has shown that progressing to the top is an increasing concern for finance professionals, with 63% believing it is now harder for junior staff to progress to director or partner level than it was for professionals now occupying those positions. Furthermore, 85% said they would change jobs if they believed their career progression was being inhibited by older colleagues.
With the economy continuing to recover, job opportunities are increasing in the financial services industry, therefore HR departments need to have strategies in place to deal with employees’ career development concerns or risk losing their top talent. Our latest salary survey reveals skilled accountants are in high demand and those in the job market are likely to receive multiple offers. With this level of temptation, firms must have a comprehensive staff retention strategy in place.
There has always been intense competition for the best employees in the financial services industry, and generous counter-offers can only go so far. While a pay rise can prove tempting in the short-term, career development minded employees will always put their long-term interests ahead of short-term gain.
Finance professionals have unanimously shown they would not think twice about switching jobs in order to see their careers progress, and only those HR departments willing to provide a clear plan of career trajectories will hold on to the best staff in a labour market that is increasingly favouring employees.