The presence of a shortage in financial talent stands as a genuine concern for employers and no longer revolves solely around the offering of competitive salaries. A recent survey conducted by ACCA has revealed that diversity and inclusion (DE&I) have emerged as critical factors for finance professionals when deliberating over potential employment opportunities. The survey findings divulge that 64% of finance professionals within the UK consider DE&I to hold substantial weight in their decision-making processes.
ACCA’s Global Talent Trends Survey 2024, which stands as the most extensive survey of its kind within the accountancy profession, sheds light on the escalating significance of DE&I within the workspace. Jamie Lyon, Global Head of Skills, Sectors, Technology at ACCA, underscores the challenges employers face in attracting and retaining talent, given the talent shortage, escalating costs of pay increases, and an abundance of job opportunities for professional accountants. This predicament becomes evident with 54% of respondents expressing their intentions to depart from their existing organizations.
Nonetheless, the survey also highlights a window of opportunity for employers who excel in DE&I, with 64% of respondents deeming a robust diversity and inclusion culture as pivotal in their selection of an employer. This accentuates the necessity for companies to channel their efforts into formulating effective DE&I policies, with the aim of not only attracting but also retaining the top-notch talent within a fiercely competitive market.
The latest generation of talent, Gen Z, exhibits a particularly strong inclination towards prioritizing DE&I in their pursuit of employment, with 76% of them considering it to be a key factor when choosing an organization. This aligns with broader research, reflecting that Gen Z places a higher value on working within diverse and inclusive environments as compared to previous generations, signifying a shift in focus from mere monetary compensation to workplace culture and principles.
In light of almost half of UK finance professionals intending to request a pay rise within the next 12 months, and nearly half believing that leaving their current organization is the most viable means of securing one, employers are faced with formidable challenges in retaining their workforce. The survey also indicates that 54% of finance professionals envision their next career move to be external to their present organization, prompting employers to take proactive measures in retaining talent through effective DE&I policies, hybrid working models, and mental health support.
Gemma Gathercole, Strategic Engagement Lead for England at ACCA, underscores the significance of DE&I policies and skills development within the finance profession. She stresses the need to aid employers in the implementation of effective DE&I strategies, the attraction and retention of diverse talent, and the sustenance of competitiveness in terms of salary offerings and job opportunities.
In summary, the survey results underscore the burgeoning significance of diversity and inclusion within the financial sector. Employers must recognize the value of DE&I in attracting and retaining talent, and exert proactive efforts to create diverse and inclusive workspaces. Given the ongoing talent shortage and the expectations for pay rises, addressing DE&I stands as pivotal for the future success of companies within the financial sector.
+ There are no comments
Add yours