A poll by recruiter Randstad Financial & Professional  of finance and accounting professionals across the UK found that nearly half (46%) planned to quit their role once they reached the state pension age. It also indicates that three quarters believe senior workers in the sector are under pressure to quit which is classed as significant for a third (37%).

Government figures show that by 2022, the number of people in the workforce aged 50 to state pension age will have risen by 3.7m to 13.8m and the number aged 16-49 will have reduced by 700,000, suggesting the financial function could be looking at a significant talent shortfall.

More than one in three (35%) of finance professionals plan to retire either as soon as they reach pension age or as soon as possible, because they do not feel they will be wanted as they reach the official age of retirement, a proportion which is higher than the average across all sectors of 30%.

Asked what workplace adjustments, if any, would convince them to remain in their role past the state pension age, accountants were open to a range of options, of which the most popular was taking up a mentoring role, cited by 47%. Flexible working and employee retraining schemes were also viewed attractive policies, both favoured by 38%.

Tara Ricks, managing director of Randstad Financial & Professional, said: ‘If we’re to avoid a talent exodus, banks and accountancy firms are just going to have to go that extra mile to ensure their most experienced workers are feeling loved. 

‘Despite the stresses and strains associated with the profession, many senior financial service workers could be convinced to remain in their role as they get older – provided their employers adopt some creative retention schemes.’

However, some employers face an uphill battle in persuading staff to stay on, after a global survey for CABA found that 40% of the past and present ICAEW members polled stated that their job impacts their home/family life, compared with 17% internationally.

 In addition, 43% felt stressed due to work, 28% were stressed in their everyday lives, and 39% said there is not enough time to relax.

In particular, the CABA survey found that 40% of UK accountants felt that work gets in the way of healthy eating, higher than the 28% of their international peers. Additionally, 56% of UK respondents stated that they are aware exercise helps their performance in the office, but they feel work prevents them from doing enough. Only 25% believe that their managers support regular exercise and 20% have seen a negative impact on their weight.

Nicki Cresswell, wellbeing training co-ordinator for CABA, said: ‘It’s not unusual for us to look back at the excess of Christmas and worry about our weight as a result. However, the perception that managers do not support exercise is a worry.

‘Healthy employees will perform better in the workplace, as they will have more energy and will be more productive. There is also a link between exercise and reduced stress levels, so it is clearly in the interests of both the employer and employee to get enough exercise and maintain a healthy lifestyle.’

CABA’s website offers a range of tips for improving health and wellbeing over the year. Details are here: http://www.caba.org.uk/how-we-help/wellbeing-zone

Sign up to our newsletter

If you would like to receive regular news alerts about breaking news and developments in tax, accounting and audit, sign up to receive our free newsletter here