Why GenZ are being told finance roles should be avoided
New research from Medius reveals 72% of financial professionals in the UK are looking for a new job outside of the sector, as employees say the profession hasn’t kept pace with changing expectations.
The apparent disconnect between financial professionals leaving the sector while still expressing satisfaction with AI adoption and having time for innovation can be attributed to several factors within the industry.
Firstly, the decision of many financial professionals to seek opportunities outside their current sector stems from multiple challenges they face daily. High levels of burnout and poor work-life balance are cited by 52% of respondents, indicating a pervasive dissatisfaction with the overall working conditions within finance. Administrative burdens further exacerbate this issue, with tasks like responding to vendor emails and approving invoices consuming significant portions of their workweek. These mundane responsibilities not only contribute to stress but also detract from time that could be spent on more strategic and fulfilling work.
Moreover, financial professionals perceive better compensation and greater job security in other fields, which are compelling reasons to consider leaving despite the potential for innovation and AI adoption within finance. The lure of industries offering more stability and a healthier work-life balance often outweighs the allure of technological advancements within their current roles.
Interestingly, despite these challenges, there is a notable satisfaction with AI adoption among those who remain. The implementation of AI and automation has streamlined many processes, freeing up time that can now be allocated to more innovative endeavours. This is evidenced by 47% of respondents claiming they have more time for innovative strategies. Additionally, 90% express satisfaction with their organization’s AI adoption, suggesting that technological advancements are positively impacting efficiency and potentially job satisfaction in certain aspects.
However, these positive outcomes from AI adoption do not seem sufficient to mitigate the broader issues causing professionals to leave the sector. The disparity lies in the fact that while technology enhances certain aspects of their work, it does not address the fundamental concerns related to work-life balance, burnout, and career prospects that drive many to seek opportunities elsewhere.