global trends show many dissatisfied cpas

do talent stats bode well for your firm?

by 卡塔尔世界杯常规比赛时间 research

accountants are unsettled. some are even afraid. so says the report global talent trends 2024, issued by the acca (association of chartered certified accountants, a globally recognized professional accounting body), based on data from 9,889 finance professionals in 157 countries.

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the statistics depict an industry sector on the move and ready to move. only 57 percent of respondents across the industry, which includes a broad spectrum from academia to large corporation to accounting firms large and small, are working full-time in an office. but only 8 percent are full-time remote.

and wherever they are, a lot of them aren’t very happy.

plans and preferences

the survey’s findings can be of use to accounting firms that are concerned about hiring or retaining talent, as they indicate work preferences and plans for the future.

here are some of the more interesting stats for your interpretation, filtered for accounting firms but including firms in all countries. (caution: some may be shocking.)

• at the big four accounting firms, 33 percent are fully office-based in 2023, but only 9 percent actually prefer to be in the office every day. seventy-six percent prefer a hybrid option.
• dissatisfaction with pay levels is close to consistent across all firm, sizes, from 34 percent at small and big four firms to 38 percent at mid-tier firms.

• the biggest work-related fear for the future was inflation impacting salaries: 40 percent at small firms, 42 percent at the big four, and 44 percent at mid-tier firms. the only greater fear was the 46 percent at big four firms who fear for their mental health and well-being.
• the smaller the firm, the greater the fear of technology replacing jobs, ranging from 19 percent at the big four firms to 24 percent at the small.
• the larger the firm, the more respondents agreed that they feel overwhelmed by the pace of change of technology impacting their jobs, ranging from 42 percent to 47 percent.

• the bigger their firm, the more respondents agreed that their mental health suffered because of work pressures. this was true for 54 percent at small firms, 61 percent at mid-tier firms, and a staggering 71 percent of the big four.
• a crowdsourced five-point plan to improve mental health in the workplace came up with these on this order:

1. 1. workload management
   2. work flexibility
   3. access to resources
   4. leadership culture change
   5. protecting time

• the larger the firm, the more likely a culture of diversity and inclusivity would be a key factor in deciding to work there, ranging from 67 percent to 78 percent at the big four.
• the bigger the firm, the more respondents feel satisfied with career opportunities at their current employer – from 48 percent at the small firms to 58 percent at the large – leaving a large number dissatisfied with opportunities.
• about half of all accounting respondents say they are not developing the skills they need for the future workplace.

• the bigger the firm, the more likely professionals will be changing jobs in the next 12 months, true for 41 percent at small firms, 47 percent at the mid-tier, and 54 percent at the big four – startling numbers during times of talent shortages.
• forty-five percent at the big firms said their next move would be external to their current organization, true for 51 percent at mid-tier firms and 65 percent of small firms. again, shocking numbers for firms concerned with retention. the most common reason, for about a third, was for improved salary.
• the most common reasons for planning to opt out of the accounting sector was improved career opportunities, true at a quarter of small and midsized firms, though only 17 percent at the biggest firms.

though the acca report offers no conclusions or insights, the numbers seem to indicate that accounting professionals are

• not eager to work in an office all the time,
• dissatisfied with their pay,
• worried about their mental health,
• concerned about career opportunities,
• scared of the future,
• and ready to move on … and even out.

posted on may 20, 2024