Over one third (38%) of accounting and finance staff have put their career plans on hold as the recession impacts businesses, with a quarter (26%) no longer aiming for promotion, according to the quarterly Badenoch & Clark Employment Study.
The figures paint a glum picture of the accounting and finance market, with a significant portion of workers now taking stock of their position and simply hoping to hold on to their current role, rather than extend their career.
The study also highlighted the knock-on from the economic downturn and the major impact on accounting and finance employees, with only 16% of workers positively rating their company morale.
a growing need for businesses to adopt more rigorous methods in setting out career plans
Lynne Hardman, Executive Director at Badenoch & Clark, comments: “There’s no denying the recession is hitting a large part of the workforce very hard. Constant reports of redundancies and unemployment figures make it an undeniable fact. This study has highlighted the knock-on impact of the current mood – plummeting levels of ambition amongst accounting and finance staff. The danger of such an atmosphere is that current employees become disengaged with the business and productivity levels plummet.
“As some of the best talent out there becomes increasingly entrenched in what they see as ‘safe’ roles, we’re seeing a lot of employers actually needing to invest more heavily in attracting new people when they need them. In London especially, employers are having to do more to bring in the best accounting and finance staff in the market – providing a clear career path for workers needs to be a central part of the offering to attract the best talent.
“With the very serious downturn businesses in the UK are experiencing, staff need to be motivated and clear of their goals now more than ever. This study shows a growing need for businesses to adopt more rigorous methods in setting out career plans, ensuring staff don’t simply tread water and lose ambition.”
To request your copy of Badenoch & Clark’s Career Planning guide, contact Honor Simmonds at honor.simmonds@badenochandclark.com or 020 7429 5286
