60% of finance professionals plan to leave the sector as they advise Gen-Z to look for job opportunities elsewhere

The new findings released today by fintech, Medius, paint a worrying picture for business leaders in terms of both talent recruitment and retention. The new findings released today by fintech,Medius, paint a worrying picture for business leaders in terms of both talent recruitment and retention. Paul Ellis, UK MD, Medius says :"The new findings released today highlight a concerning trend for finance professionals, with many considering employment options in other sectors. Our data...

JACKSONVILLE, Fla., 12/07/2024 (informazione.it - comunicati stampa - industria)

The new findings released today by fintech, Medius , paint a worrying picture for business leaders in terms of both talent recruitment and retention.

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As financial professionals leave the sector, businesses are left worryingly vulnerable to fraud. 44% of finance professionals say their finance team alone is responsible for protecting the business against fraud, while 44% report invoice fraud as the most common type of fraud their business faces.

Furthermore, the survey found that businesses dealt with approximately 13 cases of invoice fraud each year, and when asked to quantify the financial loss to their business, financial professionals estimated it came to an average of £104,000 in the UK and $93,000 in the US.

A professional exodus also leaves businesses vulnerable to compliance issues and reduced operational efficiency. For instance, 33% of invoices require manual intervention despite current automation efforts, and 19% of finance professionals are unable to close their books on time, with the principal issue being paying supplier invoices.

However, it's not all doom and gloom. As HR functions and operations address recruitment and retention for finance professionals, positives can also be found in the use of technology. As AI and automation is implemented across businesses, 54% say they have more time for innovative strategies, and 93% are satisfied with their organization's adoption of AI. 

For more information on finance teams and to read the full Financial Census report visit  https://www.medius.com/financial-census/ .

Dan Bird , Fight or Flight for Medius
Dan.Bird@fightflight.co.uk +44 7885 670798 / Medius@fightflight.co.uk +44 330 133 0985

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/medius/r/60--of-finance-professionals-plan-to-leave-the-sector-as-they-advise-gen-z-to-look-for-job-opportuni,c4013655

 

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