ACCA Survey: Majority of Indian Finance Professionals Overwhelmed by Technology

Annual survey of finance professionals reveals 60% of Indian respondents feel overwhelmed by the pace of change of technology impacting their job. However, 79% feel that AI will enable them to add more value in the future. Four out of five want their employers to provide them with more training on technology, as the talent crunch continues with over half expecting their career next move to be external to their current employer.

This wake-up call for employers comes in the biggest global talent survey across the accountancy profession, ACCA’s (the Association of Chartered Certified Accountants) latest annual Global Talent Trends Survey 2024 provides a unique and vital view of how people feel about their life at work.

Almost 10,000 professional accountants from 157 countries including India, USA, UK and China were asked about the concerns they held around work in the future as well as aspirations for their careers. The survey also assessed key workplace issues such as hybrid working, diversity, mobility and mental health and the cost of living crisis.

Key themes that have emerged this year are as follows:

1.    Professional accountants have endless career opportunities with 64% expecting their next move to be external to their organisation, majorly for improved career opportunities making retention an ongoing puzzle for employers.

2.    Global economic strains continue to place huge pressure on talent attraction and retention. 78% will ask their employer for a pay rise in 2024 – but 57% believe they will have to leave their organisation to get one.

3.    Employers are excited by the opportunity AI offers with 79% believing it will enable finance professionals to add more value. But three out of five employees are still concerned about its relentless pace of change.

4.    Mental health remains a major challenge with 63% saying their mental health suffers because of work pressures, and almost half still feeling their employer doesn’t consider mental health to be a priority.

5.    Hybrid working is slowly gaining traction, but big mismatches remain between what employees want and what employers demand. 75% of employees say it’s their preferred arrangement but many employers continue to insist on full time office working arrangements.

6.    82% believe that a strong diversity and inclusion culture would be a key factor in deciding to work at an organisation. Employers have more to do on diversity though as 44% of employees believe their organisation focuses more on certain aspects of diversity than others.

Jamie Lyon, Global Head of Skills, Sectors, Technology at ACCA said: ‘The shortage of talent and cost of meeting pay rise demands, together with the many job opportunities available to professional accountants, mean that attracting and retaining talent presents a huge ongoing challenge for employers. So it’s unsurprising that the number of respondents planning to move away from their organisations remains high, at 54% again this year. However, with 73% of respondents saying that a strong diversity and inclusivity culture is a key factor in choosing an employer, there’s a real opportunity for employers who are strong in this area to differentiate themselves in a competitive market.’

Md. Sajid Khan, Director-India at ACCA said, ‘The Global Talent Trends Report survey serves as a crucial wake-up call, urging employers to recognize the talent challenges, embrace diversity and inclusion, and invest in the well-being and skills development of their workforce. The findings not only highlight the aspirations and concerns of professionals but also emphasize the pressing demand for a workplace that fosters growth, innovation, and a supportive environment for mental health. In a landscape of endless opportunities, employers who prioritize these factors will undoubtedly stand out in attracting and retaining top talent.’

One of the big question marks from our study is whether as employers we are promoting all of the different markers of diversity in the workplace that truly drive creativity and innovation’.