By Daniel Hunter
A survey of over 2,000 auditing and accountancy professionals has revealed that over 67 per cent of employees would leave their current role within a year if they were unsuccessful in securing a promotion.
These figures come from the 2013 annual CareersinAudit.com survey which also revealed that just 9 per cent would expect to continue in their current role beyond two-years if they failed in a promotion attempt.
Offering a niche service as a job board and career website for internal and external audit, IT audit, risk, compliance, advisory and assurance professionals, the CareersinAudit.com survey also discovered that 16 per cent of those surveyed would look to leave their role immediately if they were unsuccessful in securing a promotion.
These figures come just weeks after other published surveys revealed that staff in financial services and accountancy were amongst those least professionally fulfilled and who felt working life could be better.
In comparison, other industries such as gaming, display much higher staff retention rates. Principal recruitment consultant, Cara Kerr of Pentasia - one of the world leaders in the online gaming industry - explains: “Good talent is in high demand across our industry and clients go to great lengths to retain their existing staff as a consequence.
“A good example of where this currently occurs is in casinos. We have more positions than we do candidates so counter offers tend to happen on talented employees as the clients know the chances of bringing in a replacement can be slim. The average time a candidate spends in a company in gaming is 2 -3 years — they are sought after strong profiles and know that usually they can progress quicker by moving companies.”
Simon Wright, Operations Director of CareersinAudit.com comments: “The survey results make for interesting reading, particularly when you place them in direct comparison to other industries such as gaming. Staff turnover costs UK businesses approximately £42bn a year therefore it is vital for auditing and accountancy firms to ensure their staff remains engaged and valued in-house.
"To think that 16 per cent of those surveyed would look to leave immediately is eye-opening for the accountancy profession as retaining staff is vital to ensuring customers and clients remain satisfied with an organisations’ service.”
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