Rising prices are putting pressure on accountants and fueling wage demands and concerns about staff retention, according to a new survey by the Association of Chartered Certified Accountants, with nearly half of respondents planning to change jobs in the next year, and nearly three-fourths planning to move on within two years.
The survey polled over 8,000 professional accountants from 148 countries about the concerns they held about working in the future, as well as their aspirations for their careers. More than 400 individuals responded across the Americas.
The respondents cited the impact of inflation on employees’ real wages as the leading work-related concern for the future, both globally and across the Americas. The issue ranked as the top concern in both North America and the Caribbean, while in Central and South America it ranked as the second highest work-related concern after well-being and mental health.
Courtesy of ACCA
Inflation also ranked as the leading concern across generations among both men and women, and as the leading concern across many sectors. Concern about inflation across the Americas ranked highest for accountants who work in the public sector, with 60% citing this concern, probably due in part to wage constraints in the public sector and potential funding cuts.
The survey also asked about remote and hybrid work arrangements for accountants in the Americas and other parts of the world. It found that remote working is leading the way in the Americas, with over half (54%) of the respondents taking either a hybrid approach or working fully remotely. That’s above the global average of 43%.
Finance professionals who work in hybrid arrangements seem to be significantly happier at work than those who work full time in the office, with 89% saying they would like to work remotely at least one day a week in the future and 77% saying they’re more productive when they work remotely.
North America had the highest levels of remote and hybrid working, with only 17% of respondents fully office-based, compared to the Caribbean and South America, where 63% and 41% of respondents, respectively, reported working full-time from the office. Older age groups are more likely to say their working arrangements are currently hybrid or remote, while younger respondents are more likely to be fully office-based.
The report also dealt with concerns about worker burnout, with 82% of the respondents across the Americas saying they would like a better work-life balance and 64% indicating they want more support from their organization in managing their mental health. Nearly half (48%) don’t believe their organization considers employee mental health to be a priority. The issue of well-being and mental health consistently ranked among the top three work challenges across the Americas, with the exception of North America. Some respondents cited workload and insufficient resources as one of the main causes of mental-health-related issues, presenting a significant challenge for both organizations and individuals. Given all these challenges, employers across the Americas expressed concern about their ability to attract and retain talent.
“We have been hearing from employers their concerns about talent retention in the face of growing wage pressures,” said Jillian Couse, head of ACCA North America, in a statement. “We also have seen that ways of working have shifted significantly in our region, with finance professionals working in the office full time reporting less job satisfaction than their peers, indicating that flexibility in working arrangements is likely to remain an important attraction and retention factor.”
Levels of mobility are high across the Americas, with 46% of the respondents indicating an intention to move to a new role within 12 months, rising significantly to 71% within the next two years.
“Overall, there is a lot to be positive about within the profession across the Americas, but heightened mobility continues to challenge organizations, with 46% planning to move to their next role within the next 12 months and 71% planning to move within the next two years,” said Gerard McGuinnity, head of ACCA Americas, in a statement. “Employers must continue to find ways to attract and retain talent in order to service the growing demands of the profession.”
Employee satisfaction and career progression opportunities are crucial for mitigating this potential talent crunch, the report found. Nearly half (49%) of those who are planning to move are looking externally for opportunities.
In a similar ACCA global survey last year, respondents were asked which locations were most attractive to accounting talent. Both Canada and the U.S. placed among the top three locations after the U.K., which ranked in first place. Globally, the data indicates that younger respondents are more likely to cite the benefits of mobility across different locations and regions, with 28% of Gen Z and 26% of Gen Y identifying this as a top-three benefit of a career in accountancy and finance, compared to 21% of Gen X respondents and 16% of baby boomers.
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