Twenty-six percent of female corporate practitioners believe that women are "more vulnerable" to job setbacks resulting from the economic slowdown, while only four percent of male corporate practitioners share the same view. Overall, 14 percent of financial professionals agree with the sentiment that women are more vulnerable to job setbacks resulting from the current economic situation.
According to the survey, 89 percent of financial professionals expect their career to be impacted negatively as a result of the current economic slowdown, but they also feel that most of the effects may be short-lived. Additionally:
- 72 percent of financial professionals expect to receive a smaller bonus over the next year;
- 49 percent believe there will be fewer job opportunities outside of their organization; and
- 38 percent believe the current economic slowdown reduces the likelihood for job advancement with their current employer.
"Nearly three-quarters of organizations we surveyed indicate that the economic slowdown has had some detrimental impact on operations," said Jim Kaitz, President and CEO of AFP. "During unsettled times, AFP is a valuable daily resource to financial professionals with networking tools for connecting to global communities and professional development."
Most financial professionals indicate that their organizations have not had to layoff employees despite relatively weak economic conditions; if their organizations did have to downsize, the layoffs more likely occurred outside of those organizations' treasury and finance operations.
The survey also revealed that nearly three out of five financial professionals report that their organizations are now using more innovative methods to accomplish certain functions. Additionally, two out of five financial professionals report they have taken on new job responsibilities, perhaps due to departmental downsizings, which represent either career developments and/or learning opportunities.
"While this survey suggests our industry will continue to experience significant stress in the near term, it points out that such periods also
yield significant innovation which can move our industry forward in ways we may not have imagined. For financial professionals this innovation can present opportunities for both their individual careers and their businesses," said Julie Monaco, North American Regional Head for Citi's Global Transaction Services. "At Citi, we will continue to work with our clients to address their needs and help them succeed in this challenging economic environment."
