Finance Professionals Consider Economic Recovery Unsuccessful
(Full Release)
OneWire Survey Finds 77% of Finance Professionals are Dissatisfied with the Recovery
NEW YORK--(BUSINESS WIRE)--As a result of limited signs of an economic recovery coupled with continued unemployment, dissatisfaction remains prominent across the United States, especially in the financial services industry. According to a recent OneWire (www.onewire.com) survey, 77% of finance professionals think the economic recovery has been largely unsuccessful and 51% believe that the recovery has had no positive impact on any aspect of their lives.
The responses collected in this survey indicate a departure from the rather hopeful outlook within the finance industry at the end of 2009. Of the respondents who indicated that they are currently unemployed, 82% noted that they would likely accept any job offer, regardless of title or company, while only 18% are willing to be much more selective in their job searches. This compares to the results of a similar OneWire survey conducted last year, which found that 40% of finance job seekers were willing to accept any job offer.
“There is certainly an increased level of skepticism among financial professionals,” said Skiddy von Stade, chairman and chief executive officer of OneWire. “As weekly jobless claims remain at heightened levels and competition increases for open positions, finance professionals are willing to be less selective in their searches and consider a broader range of opportunities. It is too soon to tell whether this recovery will ultimately be successful, but conditions for finance professionals clearly remain challenging.”
Despite a willingness to be less selective, 55% of unemployed respondents noted that their job search has lasted longer than six months, whereas last year, only 32% believed their search would last that long. In fact, 67% of all survey respondents indicated that they know at least one person who has been out of work for more than one year.
The outcome of this survey reflects finance professionals’ dissatisfaction with not only the job market, but also with the economic recovery in general and its ability to improve other aspects of their lives. 80% of survey respondents indicated that either their careers or personal finances have worsened since the recession began, whereas only 25% noted that the economic recovery has had a positive impact on those areas.
The OneWire survey was administered online from October 19 through November 30, 2010. Participants in the survey were members of the OneWire community. 57% of participants have between one and ten years of experience, 33% have between ten and 25 years, and 10% have more than 25 years.
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