Finance professionals in the Middle East are more likely to be actively looking for a new job than anywhere else in the world, according to a new survey.
The Global Career Satisfaction survey conducted by eFinancialCareers, revealed that 53 percent of execs in the region are looking for a new job while a further 40 percent claim they would be open to new opportunities.
The survey also reveals the reasons behind employees seeking a new position. A quarter (25 percent) blamed a lack of career progression, whilst only nine percent attributed 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 percent of all surveyed finance professionals claimed they move job every 4-5 years of service.
The survey also gauged levels of exhaustion at work. In the Middle East, nearly two in ten said they feel totally burnt out, one of the highest, just behind France (20 percent).
The results correlate with the region’s level of satisfaction with their jobs, with only 61 percent 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 percent enjoying their workplace.
Of those not actively looking for a new job but open to opportunities, 19 percent said it is their relationship with a line manager that keeps them satisfied. Similarly 16 percent said 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 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 four in ten 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.”