In a clear sign that the Great Resignation is set to continue into the New Year, the ‘What Workers Want’ survey by New Possible has found that some 42% of UK employees in banking and finance are likely to look for a new role in the next 12 months.
This compares to a UK average of 40%.
The survey also found that the job satisfaction rate across workers in banking and finance is 72%, which is in-line with the UK average.
Employees working in the creative arts and business management industries are among the most satisfied, while those working in social care are the least satisfied.
When asked what they like least about their current role, respondents were clear that unhealthy work cultures and poor leadership have the biggest impact on their likelihood to stay with an employer. A poor work-life balance, high workload and unfulfilling work were also key reasons why many are planning to look for a new job.
In reference to culture, respondents talked about a “toxic environment”, “backstabbing”, “crushing bureaucracy” and “being shouted at and degraded”.
Top five reasons for leaving:
- Unhealthy culture
- Poor leadership
- Poor work-life balance
- High workload
- Unfulfilling work
Nate Harwood, founder of New Possible, said “The thought of so many banking and finance workers handing in their notice and leaving within the next 12 months will be truly terrifying for many HR managers. But it’s clear that in the wake of COVID-19 many of us are unprepared to put up with toxic work cultures and incompetent managers with messiah complexes. The upshot is that employers must do more to keep their best people, and this starts by listening to what they really want.”
Survey respondents were also asked about what benefits matter most to them when looking for a new job. Flexible hours (67%), working from home (50%) and more holiday (38%) emerged as the most popular benefits.
The findings also suggest that high levels of job satisfaction do not always result in high employee retention. For example, although employees working in the charity sector are among the most satisfied, they’re also the most likely to search for a new job. Conversely, those working in social care are the least satisfied and one of the least likely to look for a new job.
| Industry | Av. Job Satisfaction | Likelihood to Leave |
| Creative Arts | 81% | 35% |
| Business Management | 78% | 43% |
| Sales | 77% | 26% |
| Charity | 77% | 59% |
| Hospitality | 76% | 24% |
| Engineering and Manufacturing | 74% | 44% |
| Retail | 72% | 49% |
| Healthcare | 72% | 38% |
| Banking and Finance | 72% | 42% |
| Transport and Logistics | 71% | 32% |
| Information Technology | 71% | 36% |
| Education | 69% | 29% |
| Public Services | 66% | 39% |
| Social Care | 60% | 33% |
While Gen Z are often labelled as the job-hopping generation, the survey found that job satisfaction is in fact highest among those aged 18-24. Satisfaction is lowest amongst those aged 35-54, and workers approaching retirement are least likely to consider leaving their job.
Nate Harwood, said “Gen Z and millennials are leading the Great Resignation but are also among the most satisfied. The truth is that many young workers are simply unwilling to settle for the kind of working lives that their parents and grandparents experienced. This represents a major challenge to many employers who are struggling to attract and retain workers.”
Some 2,031 UK employees responded to the survey and the full findings of the ‘What Workers Want’ survey can be found on the New Possible website.
