Dissatisfaction with pay and career opportunities, along with lack of respect and poor management, are the factors driving finance employees to leave their jobs, according to a new survey.
The survey, released Monday by the Gartner research firm, polled 462 finance employees who had left their jobs in recent years. It found that compensation has been the top attrition driver for finance function employees since 2020, followed by future career opportunities, respect, people management and manager quality
"CFOs consistently rate talent challenges as one of their primary concerns," said Shannon Cole, senior director analyst of research in the Gartner Finance practice, in a statement. "While compensation is the top attrition factor for finance employees, and it may be difficult for CFOs to change that, there is certainly an opportunity to slow attrition in the function by addressing inadequacies in how their teams are managed."
Over the past five quarters, finance employees who quit due to dissatisfaction with future career opportunities most frequently cited few open or available job opportunities. To a lesser extent, employees who departed their employers were dissatisfied with career paths that were unclear or not a good fit, did not receive timely advancement opportunities or were passed over for promotion.
Finance and accounting employees also pointed to a perceived lack of respect as one of the top reasons why they left their jobs. Satisfaction with the employer's reputation for people management, and the employee's firsthand experiences with manager quality, are among the top drivers of attrition as well.
"Finance employees place a very high value on feelings of respect in the workplace, likely influenced by the culture and profession of public accounting," Cole stated. "Accountants are dedicated to their duty, which they show by working extra hours and weekends when needed to meet reporting deadlines. When these employees don't feel respected within their companies, it very quickly becomes a strong driver for attrition."
