Employers Warned That Strong Diversity and Inclusion Culture Is Critical as They Face Continuing Talent Crunch

Annual survey of finance professionals in North America reveals 71% say a strong diversity and inclusion culture is a key factor in deciding to work at an organization, as the talent crunch continues 44% expecting their career next move to be external to their current employer. 

NEW YORK, Feb. 7, 2024 /PRNewswire/ — The biggest global talent survey across the accountancy profession, released today by ACCA (the Association of Chartered Certified Accountants), provides a wake-up call for employers on diversity and inclusion, hybrid work, and the cost of living. The latest annual Global Talent Trends Survey 2024 provides a unique and vital view of how people feel about their life at work.

Almost 10,000 professional accountants from 157 countries were asked about the concerns they held around work in the future as well as aspirations for their careers. Six key themes emerged from the survey this year:

1. 71% of those surveyed in North America believe that a strong diversity and inclusion culture would be a key factor in deciding to work at an organization. Employers have more to do on diversity though as 38% of employees believe their organization focuses more on certain aspects of diversity than others.
2. Professional accountants have endless career opportunities with over half expecting their next move to be external to their organization, making retention an ongoing puzzle for employers.
3. Global economic strains continue to place huge pressure on talent attraction and retention. 58% will ask their employer for a pay rise in 2024 – but 50% believe they will have to leave their organization to get one.
4. Employers are excited by the opportunity AI offers with 75% believing it will enable finance professionals to add more value. But just over a third employees are still concerned about its relentless pace of change.
5. Mental health remains a major challenge with 49% of North American respondents saying their mental health suffers because of work pressures, and more than a third still feeling their employer doesn’t consider mental health to be a priority.
6. Hybrid working is slowly gaining traction, but big mismatches remain between what employees want and what employers demand. Globally, 76% of employees say it’s their preferred arrangement but many employers continue to insist on full time office working arrangements. In North America, 58% say they have a hybrid working arrangement while more than two-thirds say they would prefer hybrid working.

Jillian Couse, Head of ACCA North America said: ‘The shortage of talent and the many job opportunities available to professional accountants mean that attracting and retaining talent presents a huge ongoing challenge for employers. With 71% of North American respondents saying that a strong diversity and inclusivity culture is a key factor in choosing an employer, there’s a real opportunity for employers who are strong in this area to differentiate themselves in a competitive market. The rise of hybrid working continues to motor ahead, especially in the U.S., with two thirds saying hybrid is their preferred working arrangement while 58% say that they currently enjoy a hybrid arrangement.’

Explore our interactive report here.

About ACCA

We are ACCA (the Association of Chartered Certified Accountants), a globally recognised professional accountancy body providing qualifications and advancing standards in accountancy worldwide.

Founded in 1904 to widen access to the accountancy profession, we’ve long championed inclusion and today proudly support a diverse community of over 247,000 members and 526,000 future members in 181 countries.

Our forward-looking qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgement to create, protect, and report the sustainable value delivered by organisations and economies.

Guided by our purpose and values, our vision is to develop the accountancy profession the world needs. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we’re strengthening and building a profession that drives a sustainable future for all.

Find out more at: www.accaglobal.com