The accounting and finance sector is undergoing rapid transformation due to the influence of technological advancements, shifts in the workforce, and a dynamic job market. The Global Talent Trends 2024 report, published by the Association of Chartered Certified Accountants (ACCA), offers valuable insights into the challenges and trends affecting the profession, drawing from the experiences of nearly 10,000 finance professionals in 24 European countries and 157 countries worldwide.
According to Josefina Movillo, the Policy Manager at ACCA for UK & EEMA regions, this comprehensive survey is of utmost importance as it provides a roadmap for both employers and professionals in the European finance industry. The report sheds light on the future of the profession and offers strategies to attract, retain, and support top talent in the industry. Embracing change, supporting upskilling, adapting to wage pressures, and prioritising the wellbeing and development of teams are crucial for navigating a future filled with challenges and opportunities.
The profession is driven by six key challenges and opportunities, including mastering the digital frontier, addressing wage pressures, embracing hybrid and remote work, fostering inclusive cultures, tackling burnout, and competing for top talent. The transition to a digital finance industry, including the integration of AI and machine learning automation, has led to a surge in demand for professionals with strong technical and data capabilities. It is, therefore, essential for finance professionals to acquire the necessary skills to adapt to these new realities. However, 81% of European respondents require more support from their employers to gain the training essential for mastering the digital frontier.
Wage pressures represent a significant challenge, with 52% of European respondents dissatisfied with their current pay and 63% planning to request a raise in the next 12 months. Organisations are urged to prioritize competitive compensation packages and innovative approaches to employee rewards to retain top talent.
The shift towards flexible work arrangements, prompted by the pandemic, has become a permanent fixture. While European organisations have embraced hybrid and remote work models, some sectors and countries are more receptive to this transition than others. Fostering inclusive cultures and equitable opportunities is equally important, considering that 60% of European respondents value a strong diversity, equity, and inclusivity culture within an organisation.
Addressing the mental health challenges in the profession is also critical. Nearly 88% of global respondents want better work-life balance and 71% seek more organisational support for mental health. The report indicates that 59% of European respondents suffer from work pressures leading to stress and anxiety, suggesting the need for comprehensive workplace support structures.
Moreover, the finance industry is currently facing severe skills shortages. Employers and professionals must focus on developing robust talent management strategies, investing in upskilling and reskilling programs, and fostering inclusive and flexible work environments to attract and retain the best talent.
As the financial landscape continues to evolve, employers are encouraged to prioritize employee engagement and wellbeing to thrive amidst the uncertainty. It is also essential for professionals to proactively upskill in areas such as digital technologies, sustainability, and data analytics to remain competitive and valuable to their organisations. A collaborative approach to lifelong learning and professional development will be crucial for long-term career success.
In conclusion, the 2024 GTT report emphasises the importance of addressing multifaceted challenges with agility and foresight. It highlights the need for employers and professionals to adapt to the changing landscape of the finance industry, embrace lifelong learning, and prioritise wellbeing to ensure future success.