Accountancy firms do a good job of looking after their employees compared to other sectors, but a quarter of those working in the profession say they would consider leaving their job if they did not feel cared for by their employer
The research by insurer Unum found that more than one in four (27%) 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.
In addition, while salary was one of the most important elements in terms of recognition - cited by 79% - when asked what they felt employers should offer, 83% responded that 'they need to feel empowered at work' and 82% said recognition for achievements was critical.
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. As 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.’
However, compared with other areas, employees in the accountancy sector were among 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 IT sectors, and 41% in the legal sector. More than a third (38%) of those in accountancy thought levels of wellbeing had improved over the last three years.
Unum says there is a correlation between wellbeing and the length of time staff plan to stay with a firm, with two thirds of employees in the accountancy sector saying they have no plans to leave their current employer.
The most popular benefit was financial support during ill health (57%), slightly higher even than either a good bonus (56%) or financial provision in old age (51%).
