Staff working in the UK finance sector are increasingly stressed because of under-staffing, with more than half wanting to change jobs, new research reveals.
The 2005 annual survey of 2,000 finance professionals, by recruitment company Robert Half, shows that staff in the sector are no longer able to cope with increased workloads, longer working hours and stress, as employers fail to address the issue of under-staffing. As a result, 51% of respondents are looking for a new job.
Of those actively looking to move, 54% think their organisation is understaffed – 18% higher than those not looking to move. And when the same respondents were asked how under-staffing had affected them, 58% said workloads had increased and 40% were suffering from increased stress.
Unsurprisingly, with less staff and increased workloads, finance professionals are working longer than average hours.
The average working week in the UK is 37.5 hours, but almost a quarter (24%) of those surveyed worked an average of 50 hours a week. Even more disturbing is that 43% feel guilty about not putting in enough hours.
Steve Carter, managing director of Robert Half Finance & Accounting, said: “A certain amount of staff turnover is inevitable and necessary to fuel the market. However, when more than half the workforce is job-hunting it is essential that companies look hard at what they offer their staff. As the sector picks up, companies that don’t react will find it difficult to recruit and keep top talent.”
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