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Over half of financial professionals in the Middle East are job hunting
Published: 18-Jun-2014 09:12 am
Publisher: eFinancial Careers
Global Career Satisfaction & Retention Survey by eFinancialCareers reveals nearly three quarters (72%) of finance professionals in the Middle East suffer some level of burnout, with nearly 2 in10 (19%) complaining of total burnout.
Unsurprisingly, the Middle East financial markets have the highest proportion of professionals actively seeking alternative employment, 53% against 36% globally*.
The Global Career Satisfaction survey conducted by eFinancialCareers, which polled finance professionals working within the financial centres of the world, reveals their level of loyalty to existing employers. It found that 53% of financial professionals in the Middle East are actively looking for a new job, more than any other region. A further 40% claim that whilst they are not actively looking for a job they would be open to opportunities.
The survey also reveals the reasons behind employees seeking a new position. A quarter (25%) blame a lack of career progression, whilst only 9% attribute their level of compensation as the trigger.
The research sought to compare retention levels in the United States, United Kingdom, Singapore, Hong Kong, Australia, France, Germany, and the Middle East. In the region, which includes Dubai, Qatar, Saudi Arabia and Kuwait, 38% of all surveyed finance professionals claim they move job every 4-5 years of service.
The survey also gauged levels of exhaustion at work. In the Middle East, nearly 2 in ten (19%) said they feel totally burnt out, one of the highest, just behind France (20%). The results correlate with the region’s level of satisfaction with their jobs, with only 61% feeling that their current employer provides an enjoyable place to work at. The UK and Australia have the highest levels of job satisfaction according to their employees, with 77% enjoying their workplace.
Of those not actively looking for a new job but open to opportunities, 19% say it is their relationship with a line manager that keeps them satisfied. Similarly 16% says their satisfaction is linked to the positive relationship with the wider team.
When asked about their employer of choice, just over a third of respondents (34%) said they didn’t have one. For those expressing a choice, HSBC scored as the most popular amongst finance professionals in the Middle-East. Emirates NBD and Abu Dhabi Commercial Bank were second and third respectively. Globally, Goldman Sachs was the number one employer of choice, followed by JP Morgan and BlackRock.
Speaking about the results, James Bennett, Global Managing Director of eFinancialCareers, said: “There is a clear gap between expectations and reality. Over 4 in ten (43%) of those actively looking for a job had originally accepted their current role based upon career prospects. Yet a quarter says the lack of career progression triggered their decision to change employer. It clearly puts the onus on managers and HR professionals to communicate with staff. Even more so as our research reveals that over half of them do not have regular meetings regular meetings with their line manager.”
About the Survey
*The eFinancialCareers Career Satisfaction & Retention Survey was conducted between April and May 2014. eFinancialCareers polled 8,761 finance professionals globally (UK, U.S., Singapore, Hong Kong, Australia, France, Germany and the Middle East), of which 543 are based and work in the Middle East. Respondents were asked about their career satisfaction and aspirations, and where they would want to work, if given the choice, and why.
eFinancialCareers, a Dice Holdings Inc. service, is the world’s leading financial services careers website, and the place to go for financial careers and talent.
eFinancialCareers provides finance professionals with the latest job opportunities, career information and invaluable industry insights they need to maximise their potential. The site connects them to roles within many of the world’s most respected financial organisations.
Through its recruitment solutions eFinancialCareers provides financial services recruiters a vital competitive edge by enabling them to source the highly qualified professionals they need to achieve their strategic ambitions - quickly and efficiently.
eFinancialCareers offers local websites in 19 markets across North America, Europe, Asia-Pacific, and the financial centres of the Middle East. www.efinancialcareers-gulf.com