Define career progression or risk losing key staff

by 26 Apr 2012

Frustrated by the lack of defined career progression and recognition of their accomplishments, nearly two thirds of Australian finance professionals intend to move to a new employer in 2012, according to a recent survey.

The survey found that the desire to change employers amongst Australian finance workers was also fuelled by other key motivating factors including the need for more flexible working hours and employment packages that included childcare subsidies and healthcare.

The survey of more than 500 Australian finance professionals from eFinancialCareers showed that when seeking a new position, a salary increase of between 10-29% for nearly half (49%) is the minimum compensation increase they would accept.

According to George McFerran from eFinancialCareers, the results indicate that if firms are prepared to better map out career progression for their employees, with clear indicators for promotion and more flexible working conditions, it is likely the result will be more satisfied employees, a lower churn rate and a reduction in recruitment costs.

The message for employers is resoundingly clear. “If firms want to keep key people they must do much more in setting out defined career paths for them. Ongoing difficult economic conditions have no doubt hampered firms’ ability to provide career path certainty but unfortunately this has led to a major backlash with employees increasingly voting with their feet and looking for greener pastures elsewhere,” McFerran commented.


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