Employees in the financial services waste £2.1bn looking for lost documents and information

New research from EDM Group, the information management specialists, reveals that the average employee working in the financial services sector wastes 1.6 hours a week looking for documents and information they have misplaced or lost at work. The value of this is on an annual basis is around £2.1 billion (£40 million a week).

The corresponding figures for the UK as a whole are 1.5 hours (37.6 million in total) and £29 billion (£557 million a week) - around 1.8% of the country’s GDP. EDM Group says that this issue will get worse because the amount of information and data employees receive is increasing at a dramatic rate. Some 56% of people claim that they now receive more information at work than they did three years ago - 18% believe that they have seen an increase of over 50% here.

Spencer Wyer, Group CTO at EDM Group said: 'There are now so many more ways in which you can contact an organisation that it is easy for employees to become overrun with data and information. Not only is this having a negative impact on customer service, for example, we also believe that it will lead to employers facing more fines for breaking compliance laws. Indeed, research we conducted earlier this year with senior executives reveals that over half expect the number and size of fines for poor management of information levied on companies in their sector over the next five years will increase – fewer than 3% expect a fall.

'The answer to this problem is to digitise more of an organisation’s information – this makes it easier to find and share amongst employees'.

Although the average time wasted by a typical employee looking for lost documents is one and a half hours a week, 2% of the UK workforce – some 491,760 people – spend over five hours doing this, and nearly one in ten employees (9%) spend between 3 and 5 hours.

Hours Lost Looking For Lost Docs - Table 1

On a regional basis, employees in London spend around 1.89 hours a week looking for lost documents and information, the highest in the country.

Hours Lost Looking For Lost Docs - Table 2

Employees working in Healthcare waste on average 1.64 hours a week looking for lost information and documents, which was the highest of five specific sectors reviewed.

Hours Lost Looking For Lost Docs - Table 3

EDM Group provides companies with effective and efficient ways to manage the rapidly growing volumes of information flowing into and through their businesses every day.

image: © Strange Luke

Have something to tell us about this article?

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...