From discontent to complete burnout: half of the Middle East's financial professionals are job hunting
Global Career Satisfaction & Retention Survey by eFinancialCareers reveals nearly three quarters (72 per cent) of finance professionals in the Middle East suffer some level of burnout, with nearly two in10 (19 per cent) complaining of total burnout. Unsurprisingly, the Middle East financial markets have the highest proportion of professionals actively seeking alternative employment, 53 per cent against 36 per cent globally.
When asked about their employer of choice, just over a third of respondents (34 per cent) 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.
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 per cent of financial professionals in the Middle East are actively looking for a new job, more than any other region. A further 40 per cent 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 per cent) blame a lack of career progression, whilst only 9 per cent 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 per cent 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 per cent) said they feel totally burnt out, one of the highest, just behind France (20 per cent). The results correlate with the region’s level of satisfaction with their jobs, with only 61 per cent 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 per cent enjoying their workplace.
Of those not actively looking for a new job but open to opportunities, 19 per cent say it is their relationship with a line manager that keeps them satisfied. Similarly 16 per cent says their satisfaction is linked to the positive relationship with the wider team.
James Bennett, Global Managing Director of eFinancialCareers, said, “There is a clear gap between expectations and reality. Over 4 in ten (43 per cent) 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.”
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