Finance professionals feeling undervalued, study finds

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Written by Seun Robert-Edomi on 21 November 2014 in News
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The research, conducted by webexpenses with finance professionals from across the UK found that 60 per cent of finance professionals who feel undervalued believe that their work often gets forgotten about as they are seen as ‘behind the scenes’ support. What’s more, more than half (53 per cent) feel that they are rarely seen as a strategic part of the business and 51 per cent believe that people don’t realise the influence their work has on an organisation

New research released today reveals that 60 per cent of finance professionals feel undervalued by their organisation, with more than half (53 per cent) saying they don’t get the same respect as colleagues working in other disciplines.

The research, conducted by webexpenses with finance professionals from across the UK found that 60 per cent of finance professionals who feel undervalued believe that their work often gets forgotten about as they are seen as ‘behind the scenes’ support. What’s more, more than half (53 per cent) feel that they are rarely seen as a strategic part of the business and 51 per cent believe that people don’t realise the influence their work has on an organisation.

Revealing the gripes of financial professionals, the research found that their biggest annoyance, reported by 28 per cent of those surveyed, is having to deal with finance problems that could have been avoided by following common sense or company protocol. This is closely followed by staff putting finance tasks at the bottom of their list of priorities (27 per cent).

Processing expense claims can be another source of grievance, with over one in five (23 per cent) of those surveyed reporting that their biggest expense annoyances are people not providing receipts or the right information on expense claims.

The research shows that placing more value on finance professionals and giving them more freedom could reap rewards for businesses, as 76 per cent of those surveyed said they think they could save their company money if they were given more autonomy over company finances. Of these people, 40 per cent believe they could save over £10,000 a year.

Michael Richards, chairman of webexpenses, said: “It’s clear from our research that many of the UK’s finance professionals feel undervalued and are often frustrated by certain aspects of their job. Too many businesses still view finance as a function. They are missing out on the benefits that could be reaped if finance professionals are given the time, autonomy and respect that will enable them to play a more strategic role.

“One of the ways to solve this problem is by allowing finance teams to invest in technologies that will free up their time and give staff more responsibility for handling tasks that they can do themselves. This is one of the principles behind webexpenses – our software reduces the time burden on finance teams when it comes to processing expense claims, giving them more capacity to add value to their organisation in other areas. In addition to this saving in time, webexpenses drives adherence to policy, which can save up to 20% on the cost of travel & entertainment.”

 

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