Promote diversification at work to retain accounts professionals — study

Employers have been asked to promote diversification at work in order to retain talent amidst growing competition for professionals. 

This is because of the continuing global shortage of talent, especially in the financial sector that is being threatened by Artificial Intelligence.

The recommendation is part of the recent Global Talent Trends Survey 2024, conducted by the Association of Chartered Certified Accountants (ACCA) across the accountancy profession to understand how people feel about their life at work.

During the study, about 10,000 professional accountants from 157 countries including; South Africa, Nigeria, Kenya, Ghana, Uganda, Malawi, Zambia and Zimbabwe 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, mental health, and the cost-of-living crisis. 

Other findings show that half of accountants expect their next move out of the current workplace, making retention a puzzle for employers, due to the increasing economic gap. At the same time, 58% accountants said they will demand a pay rise this year (2024) while 50% believe they will have to leave the organisation.

Some employees believe that AI will enable finance professionals to add more value to their work among other findings from the study.

The study also revealed that mental health remains a major challenge with 57% workers saying their mental health suffers because of work pressures, and almost half still feel their employer doesn’t consider mental health to be a priority.

To retain talent, 73% of people in the accountancy profession called for diversity and inclusion as a key factor for one to decide whether to work with a particular organisation or not.

Employers against hybrid working 

Although hybrid working is slowly gaining traction, 76% of employees said many employers continue to insist on full-time office working arrangements.

For the case of Uganda, the study revealed further that 62% of employees in Uganda are fully office-based while 32% are hybrid working.

Commenting on the report, Jamie Lyon, Global Head of Skills, Sectors, Technology at ACCA said the shortage of talent, cost of meeting pay rise demands, and the many job opportunities means that attracting and retaining talent remains a 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 inclusiveness culture is a key factor in choosing an employer, there’s an opportunity for employers who are strong in this area to differentiate themselves in a competitive market,” Lyon said.