Big OE can have its downsides

Jetting off for foreign shores is still high on the agenda for the majority of New Zealand's finance professionals, according to the latest Robert Half Finance & Accounting Workplace Survey.

More than half of the respondents in its survey (53 per cent) have plans for a big OE, with the joint hot favourite destinations being Europe and Australia, closely followed by North America and Asia.

Better potential for climbing the career ladder was the most common reason, with 27 per cent of respondents stating career progression as the main driver behind their OE plans.

The survey also showed that today's professional is not prepared to sit still for long. When asked about other career aspirations and concerns, by far the highest on the wish list for 65 per cent of respondents was 'to have an interesting and motivating job'. This paled in comparison to salary expectations, with only 15 per cent saying remuneration was their biggest career concern.

It also illustrated big ambition on the part of the employee with survey respondents clearly saying they wanted to progress into the business management arena. When asked which areas they wanted to upskill in, strategic guidance (54 per cent), people management (49 per cent), leadership (44 per cent), and project management (29 per cent) were all high on the list.

"The survey confirms that New Zealand business will continue to suffer as its accountants are lured offshore by greater opportunity and higher remuneration", said the firm's Kim Smith.

"While this is not a new trend, professionals are staying away for longer, leaving later in their careers and, in many cases, those returning to New Zealand do not appear to have the skill-set local employers need.

"It's more important than ever for finance professionals heading for their OE to keep their skills relevant to the New Zealand market, if they plan on returning home. The feedback from employers is increasingly that New Zealanders are working themselves out of the local market.

"For businesses, the message from the survey is clear - if you want to hold onto your employees for longer, providing clear and tangible career development opportunities for them is key. Today's employees, in particular Generation Y, are looking to move to bigger and better things as quickly as possible. They have high expectations of their employers and will move on if they are not met."