Career stagnation hits accounting and finance executives
The research findings are contained in CFgrOw authored by axr Director Brad Eisenhuth. The company interviewed over 250 senior accounting and finance executives (income $150,000 plus) across Australia and asked a series of questions relating to job status and recruitment processes.
Eisenhuth said, “We were not surprised by the findings. Most accounting and finance executives are not satisfied with their current job or place of employment. The research outcomes also found many people blame external factors that are beyond their direct control for their circumstances.”
The research findings highlighted that 66% of respondents viewed the current employment market as challenging. Over 71% of respondents indicated employment market conditions were one of the top three impediments to their career success. This was followed by age (40%), lack of network (34%) and finally recruiters (23%). Interestingly technical skills, behavior and personal drive all ranked poorly.
Eisenhuth explained, “Several factors contributed to the disgruntled career views expressed by executives. These included the general widespread negative rhetoric about employment market prospects, a lack of direction and clarity in large company environments, poor career planning and an all pervading pessimistic attitude to the job market.
“The cliché that the & lsquo;grass is greener on the other side’ I believe has certainly come into play with the significant number of executives who are unhappy in their current work environment. There has been a level of uncertainty within finance circles since the global financial crisis. Job uncertainty continues to be an ongoing issue relating to finance positions.”
The research paper also highlighted that when respondents looked at their current team members, only 62 per cent described them as high achievers with 60 per cent of these being from the internal recruitment processes.
Further a staggering 80 per cent of respondents lacked confidence in their company’s internal recruitment capability. This was as a consequence of a lack of a full understanding of vacant roles as well as the capacity to source the best talent and further add value to the process.
When asked about recruitment and selection, 57 per cent of executives believed they had generally made good decisions though conceded they have got it wrong on occasion.
Eisenhuth added, “Often internal recruiters are under time pressure and are not specialists in the industry for which they are required to make a selection. In some instances they don’t fully understand the role they are recruiting for to appropriately market the job. Conversely internal recruiters who have built forward thinking models for attracting the best talent to their business are the ones who select excellent talent.”