The inflation crisis is adding to wage pressures, creating retention challenges and affecting employee mental health in the accounting profession around the world, according to a new survey.
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The impact of inflation on the real wages of employees was cited as the top work-related concern for accountants in the future. It was the biggest worry for both male and female respondents across every region of the globe. Remuneration was identified as one of the top attraction factors for employees, but satisfaction levels with pay are lagging behind.
"Employers are adapting and experimenting with new ways of working across the workforce," said Jamie Lyon, head of skills, sectors and technology at ACCA, in a statement. "Career development and remuneration are the top two attraction factors to an organization, yet they're also the two areas which have the most influence on employees' decisions to leave."
Concerns are mounting about mental health and employee burnout, with 71% of the respondents globally saying they want more help from their organizations to manage their mental health. The survey found that 61% of respondents report their mental health suffers
because of work pressures, and nearly half (49%) don't believe their organization considers
mental health to be a priority. Overall, 88% of the respondents want a better work-life balance. Younger people are more likely to say their mental health is suffering because of work pressures, and more likely to desire more support from their employers.
The hybrid work environment that has become more common since the pandemic is still seen as a "work in progress," with 57% of respondents globally saying they're working back in the office full time. Canada is one of the leaders in hybrid working with 58% hybrid, 25% fully remote and only 17% fully office based.
While 70% of respondents claim they're more productive working remotely, some employers are less certain about that. Some employees cited concerns about the impact of remote work on their collaboration and teamwork, but finance professionals working in hybrid roles appear to be happier at work than those working full time in the office.
Technology is now seen as empowering accountants to add more value, but 42% suggested they feel overwhelmed by the sheer pace of change. Respondents overwhelmingly claimed to understand how technology helps them add value in their organizations or to their clients, but 86% want more training support on technology from their employers.
Inclusion measures scored well on the survey, with 68% of the respondents saying they feel their organization culture is inclusive, though those in the public sector were less likely to say so. Younger respondents expressed concerns about social mobility, and nearly half the respondents (49%) indicated that a low socio-economic background was still a barrier to career progression in their organization. Three-quarters of the respondents agreed that the leaders of their organizations were accessible, and 71% agreed these leaders had integrity.
Accounting nevertheless provides career security in turbulent times, with younger people prioritizing career development, financial reward and money rather than broader ambitions to address wider social issues through the jobs they perform.
"Attracting the next generation of talent to the accountancy profession is vital to healthy economies," said Jillian Couse, head of ACCA North America, in a statement. "ACCA's inaugural annual talent trends survey ensures the voice of those studying and working in the profession is heard, and that the profession helps create a working environment where tomorrow's talent wants to be."
