INDIA: The world of work has gone through the biggest transformation for over a generation and a new era has begun: 53% in India expect to move roles in the next 12 months, inflation is fuelling wage demands, concerns over burnout are growing, and the adoption of hybrid working has some way to go.
In one of the largest ever studies across the accountancy profession, ACCA’s (the Association of Chartered Certified Accountants) new annual Global Talent Trends Survey 2023 provides a unique and vital view of how people feel about their life at work.
Over 8000 professional accountants from 148 countries including India 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 employee engagement, well-being, and attitudes to technology adoption.
Our research highlights a talent crunch for employers as they struggle to retain staff with big career mobility ambitions and an eye on their next role. In India, 53% expect to move to their next roles in the next 12 months, and a further 28% over the next two years. Meanwhile, the biggest worry for employees globally is workplace stress, as well as the impact of inflation on salaries.
At a time of significant workforce change and a challenging global economic climate, our survey indicates that a career in accountancy remains a smart choice for those seeking long-term career prospects and possibilities to continually acquire new skills. The opportunity to acquire a professional qualification that affords cross-sectoral and international mobility further adds to the perception that choosing accountancy leads to a career with choices and flexibility. Seven key themes that emerged are:
- The inflation crisis continues to fuel wage pressures and creates retention challenges.
- Hybrid working is a ‘work in progress’ in many countries, but India has adapted fast with 42% of respondents citing they have a hybrid working pattern.
- Addressing burnout has to be a priority with 62% of respondents in India wanting more help from their organizations to manage their mental health.
- Job mobility is driving a possible talent crunch for employers – globally 44% expect to move to their next role in 12 months, rising to 69% over the next two years.
- Technology is now seen to be empowering accountants to add value, but worldwide 42% suggest they feel overwhelmed by the sheer pace of change.
- Inclusion measures highly in India with 75% feeling their organizational culture is inclusive but concerns particularly by younger respondents are expressed on social mobility.
- Accountancy provides career security in turbulent times, with younger people prioritizing career development, financial reward, and money rather than broader ambitions to address wider social issues through the jobs they perform.
Jamie Lyon, Head of Skills, Sectors, and Technology at ACCA said: “Employers are adapting and experimenting with new ways of working across the workforce. Career development and remuneration are the top two attraction factors to an organization, yet they’re also the two areas which have the most influence on employees’ decisions to leave.”
Md. Sajid Khan, Director – India at ACCA said: “Attracting the next generation of talent to the accountancy profession is vital to healthy economies. ACCA’s inaugural annual talent trends survey ensures the voice of those studying and working in the profession in India is heard, and that the profession helps create a working environment where tomorrow’s talent wants to be.”