One in four accountancy sector workers unhappy with their workplace
Research, commissioned by financial protection specialist Unum, reveals the impact of workplace wellbeing on staff loyalty in the accountancy sector.
New research shows more than one in four employees in the accountancy sector (28%) said they would consider leaving their job if they didn’t feel cared for by their employer.
The research from ICM, commissioned by Unum, found a further 27% of employees in the accountancy sector said not feeling well looked after would make them less likely to stay with an employer long-term and 20% said this would make them feel less motivated and productive.
Although the picture remains mixed, the findings indicate that wellbeing has improved in the accountancy sector post-recession. 71% of respondents said they currently feel well looked after by their employer and 38% thought levels of wellbeing had improved over the last three years.
Research was also commissioned in four other sectors – legal, IT & tech, media & advertising and retail. Compared against these, employees in the accountancy sector were amongst the most satisfied with current levels of wellbeing. Just 29% felt only adequately or poorly looked after by their employer, compared to 37% in the retail and tech sectors and 41% in the legal sector. There is a clear correlation between this and the length of time staff plan to stay with a firm, with more employees in the accountancy sector saying they have no plans to leave their current employer than in any other sector.
The research found that one of the most tangible ways for accountancy firms to show they care is by providing a comprehensive benefits package – especially one that provides support for staff when they fall ill. 60% of respondents said a good benefits package was important to them and 57% specifically highlighted financial support through ill health, making this a bigger factor in staff loyalty that a good bonus (56%) or financial provision in old age (51%).
It also found that although salary remains a key consideration for employees the sector, softer elements around management and recognition are almost as important.
Steve Harry, CFO of Unum said: “This research shows that workplace wellbeing has a very real business impact for firms in terms of loyalty and retention. And with research we commissioned earlier this year showing staff turnover costs the accountancy sector on average £39,230 per employee, this is an issue employers simply cannot afford to ignore.
“People stay with companies that demonstrate they value – and care for – their employees. One of the most tangible ways to do this is to provide a best practice employee benefits package, including long-term benefits like Income Protection which supports staff financially if they fall ill. Employers should look at their entire benefits offering to help them improve wellbeing and keep their best people.”
There are a number of additional factors which can determine how large an impact this wellbeing lag has on a business:
· Women are much more dissatisfied with current levels of wellbeing than men
Across all sectors, 42% of women said their employer did not look after staff well compared to just 30% of men. The biggest discrepancy was in how well staff felt their employer would support them financially if they fall ill with 28% of women saying their employer provides them with no provision for this, compared to just 17% of men.
· Different generations have very different priorities in the workplace. Younger workers aged 18-34 place far greater importance on career progression, inspiring senior leadership and feeling a part of a team than their older co-workers. Meanwhile, the desire for support during ill health and old age becomes stronger as workers get older.
· Larger companies can learn from SMEs in making staff feel cared for. Across all sectors, nearly a third of employees in large companies (30%) say wellbeing has got worse in the last three years compared to just 14% of employees in small companies, and 41% say current levels of wellbeing are only adequate or poor compared to just 26% in SMEs.
Steve continued: “It’s important to understand that employees – whether we’re talking about their gender, generation or which sector they work in – have very different needs and expectations of their employer when it comes to wellbeing. Only by understanding the needs of their own employees and tailoring employee benefits accordingly can an employer drive maximum loyalty.”