Finance function employees leave their jobs any number of reasons, but unsatisfactory pay, new career opportunities and management issues top the list, a recent survey by Gartner, Inc. found.

Garner polled 462 finance function employees in June. They said that the five most important attributes that drove them to leave their previous employers through the second quarter of 2023 were compensation, future career opportunity, respect, people management and manager quality.  

“CFOs consistently rate talent challenges as one of their primary concerns,” said Shannon Cole, senior director analyst, research, in the Gartner finance practice. “While compensation is the top attrition factor for finance employees, and it may be difficult for CFOs to change that, there is certainly an opportunity to slow attrition in the function by addressing inadequacies in how their teams are managed.”

Cole also addressed why finance talent has consistently cited a perceived lack of respect as one of the top reasons for leaving an organization.

“Finance employees place a very high value on feelings of respect in the workplace, likely influenced by the culture and profession of public accounting,” said Cole. “Accountants are dedicated to their duty, which they show by working extra hours and weekends when needed to meet reporting deadlines. When these employees don’t feel respected within their companies, it very quickly becomes a strong driver for attrition.”

Over the past five quarters, finance employees who leave due to dissatisfaction with future career opportunities most frequently cite few open or available job opportunities, the survey found. Dissatisfaction with the organization’s reputation for people management, and the employee’s firsthand experiences with manager quality are also among the top drivers of attrition.

Dissatisfactions with manager quality and people management stems from managers not communicating well enough, a perceived lack of manager interest in employees’ development, and a lack of precise performance standards and objectives, said Cole.