Economic situation and insecurity as drivers for job change
The tense economic situation is noticeably affecting the satisfaction of many employees in the finance sector. When asked, ‘Is the current poor economic situation having a negative impact on your job satisfaction?’ 29% answered ‘Yes’. For a shocking 28%, the economic situation is even having a noticeable negative impact on their income.
Survey details
A total of 1,054 employees in the financial sector took part in the survey, 93% of whom were from Austria and 7% from Germany. The age structure ranges from 26 to 65 years, with the largest group being between 36 and 45 years (32%), followed by 46- to 55-year-olds (31%) and 26- to 35-year-olds (25%). The gender distribution shows a slight majority of female participants: 56% of respondents were women, 44% men. This sample thus provides valuable insights into the perspectives of experienced employees in German-speaking countries.
The survey thus represents a group that is in the middle of its professional life - employees with sound experience who are looking for stability on the one hand, but are also open to change if they no longer see any long-term prospects.
Main reasons for dissatisfaction in the current job
In addition to economic uncertainty, there are clear internal factors that motivate employees to resign. In response to the question ‘Why are you thinking about changing jobs?’, three main reasons were mentioned most frequently:
- Lack of promotion opportunities & prospects - Lack of development opportunities is a key reason for many to quit.
- Dissatisfaction with the manager - Poor leadership and a lack of appreciation drive employees out of the company.
- Lack of team fit & team spirit - Those who do not feel integrated into the team look for a new professional home.
These results make it clear that many employees are not just looking for financial improvements, but are actively looking for a working environment that offers development prospects, appreciative leadership and a strong team spirit.
What makes employers attractive?
Anyone looking for a career change pays attention to various factors when looking for a job. The survey shows that employees particularly value the following aspects in their future job:
- Interesting tasks & content - Challenges and variety are crucial for motivation.
- Good team fit & team spirit - Interpersonal factors play a decisive role in job satisfaction.
- Good chemistry with the manager - A trusting working relationship with superiors is essential.
A clear parallel to the reasons for termination: The same aspects that drive employees out of companies are also the factors that make new employers attractive. Companies that want to retain talent should therefore work specifically on their management culture, team structures and exciting areas of responsibility.
What factors actively motivate people to change jobs?
While dissatisfaction is often the trigger for the thought of a change, there are also external factors that actively motivate employees to seek new opportunities. The three biggest motivators for change are:
- More salary – Pay remains the most important driver for a job change.
- Interesting tasks & content – Those who feel underchallenged are looking for new challenges.
- Opportunities for advancement and prospects – Development opportunities are a key factor for long-term professional satisfaction.
The Austrian daily newspaper Die Presse summarises: ‘The need for financial stability is greater than it has been for a long time, which is why salary remains the most important driver for changing jobs.’ (Source: Die Presse)
It is noteworthy that the criteria for changing jobs are identical to those for choosing a job. This shows that employees who are willing to change jobs are not only interested in short-term improvements, but are specifically looking for employers who offer both financial and structural incentives.
The results of the survey are consistent with the current market observations of Schulmeister. Matthias Schulmeister, Managing Director of Schulmeister Management Consulting GmbH, explains:
"We are currently seeing that economic uncertainty is putting many employees under pressure – whether it's stagnating salaries, rising living costs or concerns about their own professional future. The need for financial stability is greater than it has been in a long time, which is why salary remains the most important driver for changing jobs. At the same time, however, many people are also looking for a job that offers security, prospects and an appreciative environment. Companies that recognise and respond to these needs will have a clear advantage in the competition for talent in the years to come."
About Schulmeister
Schulmeister Management Consulting is Austria's leading personnel consultancy in the finance sector and specialises in filling specialist and management positions in the areas of finance, real estate, IT and engineering. With over 20 years of experience and a database of more than 200,000 profiles of qualified specialists, the company fills over 600 positions annually – from specialists to C-level positions
With offices in Vienna, Linz, Graz, Salzburg, Hamburg and Prague, Schulmeister supports companies and professionals in Austria, Germany and the CEE region.
