Three out of five Indian finance professionals feel overwhelmed by technology, ACCA’s Global Talent Trends 2024 survey finds

In a significant revelation from ACCA's (the Association of Chartered Certified Accountants) annual Global Talent Trends Survey 2024, it has been found that 60% of Indian finance professionals feel overwhelmed by the rapid pace of technological changes impacting their roles. The survey, which covered nearly 10,000 professional accountants across 157 countries, sheds light on crucial aspects of the evolving workplace, including concerns related to technology, career aspirations, mental health, and the shift towards hybrid working.

Key Findings:

1. Tech Overload Concerns: Six out of ten Indian finance professionals expressed feeling overwhelmed by the relentless pace of technological change affecting their jobs. However, a substantial 79% believe that Artificial Intelligence (AI) will enable them to contribute more value in the future.

2. Career Opportunities and Retention Challenges: A striking 64% of professional accountants anticipate their next career move to be external to their current organization, primarily driven by a quest for improved career opportunities. This poses an ongoing retention puzzle for employers, emphasizing the need to address talent attraction and retention.

3. AI Adoption and Workplace Dynamics: Employers are optimistic about the potential offered by AI, with 79% believing it will enhance the ability of finance professionals to add more value. Despite this positive outlook, three out of five employees harbor concerns about the relentless pace of technological change.

4. Mental Health Challenges: The survey underscores mental health challenges, with 63% of respondents stating that their mental health suffers due to work pressures. Additionally, nearly half of the respondents feel that their employer does not prioritize mental health adequately.

5. Hybrid Working Trends: While hybrid working is gaining traction, disparities persist between employee preferences and employer demands. Seventy-five percent of employees prefer hybrid arrangements, yet some employers continue to insist on full-time office working arrangements.

6. Diversity and Inclusion: A robust diversity and inclusion culture is considered crucial by 82% of respondents when deciding to work at an organization. However, 44% of employees believe their organization focuses more on certain aspects of diversity than others, highlighting areas for improvement.

Jamie Lyon, Global Head of Skills, Sectors, Technology at ACCA, commented on the challenges faced by employers in attracting and retaining talent, emphasizing the opportunity for differentiation through a strong focus on diversity and inclusivity. Md. Sajid Khan, Director-India at ACCA, urged employers to recognize talent challenges, embrace diversity and inclusion, and invest in the well-being and skills development of their workforce.

The survey acts as a wake-up call for employers, urging them to address talent challenges, foster a diverse and inclusive workplace, and prioritize the well-being and skill development of their workforce. Employers who prioritize these factors are likely to stand out in attracting and retaining top talent in a landscape of endless opportunities.