One in three finance professionals are unhappy in their job, a new study has revealed.
The nationwide survey, conducted by pac executive Human Capital, found that the highest levels of job unhappiness were among Gen Y finance professionals, with almost 40% of millennials reporting to work joyless jobs. The happiest finance employees are in their mid-50s onwards, with only 25% reporting job dissatisfaction.
Women in finance are also happier than their male counterparts, with 29% of women saying they suffer the work week blues, compared to 34% of men. However, it is important to note that the finance industry employs more males than females, which could explain some of the difference. According to the Australian Bureau of Statistics, females only make up 32.7% of full-time work in the finance and insurance industry, compared to 50.6% who are male.
The results also reveal that money doesn’t necessarily buy happiness, with 40% of finance professionals earning $300,000 or more reporting that they are unhappy at work. However, those nearing the bottom of the income scale are the least cheerful, with the lowest proportion of happy workers falling within the $50,000 to $70,000 pay bracket.
Those that feel the greatest job satisfaction earn between $150K to $200K, according to the study.
Director of pac executive Human Capital, Cholena Orr says these findings are concerning, given the correlation between happiness and productivity.
“The research paints a pretty bleak picture of the workforce. Not only are we miserable at work; our study shows clear links between happiness and productivity, and the results reveal just how harmful unhappy employees can be to the bottom line.
“Put simply, the way people feel at work profoundly influences how they perform, and unhappy employees are 22% less productive than their happy counterparts. In fact, companies with high-levels of employee happiness derive drastically superior productivity levels.”