An annual survey of finance professionals revealed that 60% of Indian respondents feel overwhelmed by the pace of technological change affecting their jobs. However, 79% believe AI will allow them to add more value in the future.

Four in five want their employers to provide them with more technical training as talent shortages continue, and more than half expect their career next step to be outside their current employer.

This wake-up call for employers comes from ACCA’s global study of the accounting profession. Its latest annual Global Talent Trends Survey 2024 provides a sense of how people feel about their working lives.

Nearly 10,000 professional accountants from 157 countries including India, the United States, the United Kingdom and China were asked about their concerns about the future of work and their career aspirations.

The key themes that emerged this year are as follows:

• Professional accountants have endless career opportunities, with 64% expecting their next move to be outside the organization, primarily to improve career opportunities, making retention an ongoing challenge for employers.
• Global economic pressures continue to put tremendous pressure on talent attraction and retention. 78% would ask their employer for a pay rise in 2024, but 57% believe they would have to leave their organization to receive a pay rise.
• Employers are excited about the opportunities AI offers, with 79% believing it will help finance professionals add more value. But three out of five employees remain concerned about the ongoing pace of change.
• Mental health remains a significant challenge, with 63% saying their mental health has suffered due to workplace stress and almost half still feeling their employer does not treat mental health as a priority.
• Hybrid working is slowly gaining traction, but there’s still a big mismatch between what employees want and what employers want. 75% of employees say this is their preferred arrangement, yet many employers are still stuck with a full-time office work arrangement.
• 82% believe a strong diversity and inclusion culture will be a key factor in deciding to work at an organization. Although 44% of employees believe their organization focuses more on some aspects of diversity than others, employers need to do more when it comes to diversity.

Jamie Lyon, ACCA’s global head of skills, sectors and technology, said: “Talent shortages and the cost of meeting pay rise requests, coupled with the wide range of job opportunities available to professional accountants, means attracting and retaining talent requires ongoing A huge effort. A challenge for employers. So it’s no surprise that the number of respondents planning to leave their job remains high, reaching 54% again this year. However, 73% of respondents said strong diversity and inclusive culture are key factors in choosing an employer, and employers who are strong in this area have a real opportunity to stand out in a competitive market.”

Ms. Sajid Khan, Director, ACCA India said, “The survey results not only highlight the aspirations and concerns of professionals but also underscore the critical need for workplaces that promote growth, innovation and a supportive environment for mental health.” In the context of boundless opportunities, prioritizing Employers who consider these factors will undoubtedly excel in attracting and retaining top talent. “