Chennai, 7 February 2024 – The latest findings from ACCA’s Global Talent Trends 2024 survey highlight the challenges faced by finance professionals in India, with technology emerging as a significant source of overwhelm. According to the survey, 60% of Indian respondents feel overwhelmed by the rapid pace of technological change impacting their roles. However, despite this, 79% believe that Artificial Intelligence (AI) will enhance their ability to provide value in the future. The survey, which gathered insights from nearly 10,000 professional accountants across 157 countries, underscores the pressing need for employers to address talent concerns and invest in the well-being and skills development of their workforce.
Key themes from the survey include:
- Endless Career Opportunities: A majority of finance professionals (64%) anticipate their next career move to be external to their current organization, driven mainly by aspirations for improved career prospects. Retention remains a significant challenge for employers.
- Economic Pressures: Global economic strains continue to strain talent attraction and retention efforts. While 78% of professionals plan to ask for a pay rise in 2024, more than half (57%) believe they will need to switch organizations to secure one.
- AI and Value Addition: Despite concerns about the relentless pace of technological change, 79% of respondents believe AI will empower finance professionals to deliver more value.
- Mental Health: Work-related pressures impact the mental health of 63% of respondents, yet nearly half feel their employers do not prioritize mental health support.
- Hybrid Working: While 75% of employees prefer hybrid working arrangements, mismatches persist between employee preferences and employer policies.
- Diversity and Inclusion: A strong diversity and inclusion culture is considered essential by 82% of respondents when choosing an employer. However, 44% believe their organizations prioritize certain diversity aspects over others.
Jamie Lyon, Global Head of Skills, Sectors, Technology at ACCA, emphasized the importance of addressing talent challenges amid a competitive landscape. He highlighted the potential for employers to differentiate themselves by fostering diversity and inclusivity.
Md. Sajid Khan, Director-India at ACCA, underscored the urgent need for employers to embrace diversity, inclusion, and invest in workforce well-being and skills development. Prioritizing these factors, he noted, will enhance workplace environments and attract top talent.
The findings from ACCA’s Global Talent Trends 2024 Survey offer valuable insights into the evolving landscape of the finance profession, urging employers to adapt and prioritize the needs of their workforce in an era of rapid change and endless opportunities.
