Over 60% Indian finance pros overwhelmed by technology, shows study

A staggering 60% of Indian finance professionals express feeling overwhelmed by the rapid technological changes affecting their roles. The Global Talent Trends Survey 2024, encompassing responses from nearly 10,000 professional accountants across 157 countries, sheds light on the challenges and aspirations within the finance sector.

Among the key findings, 79% of respondents believe that artificial intelligence (AI) will empower them to contribute more value in the future. Despite this optimism, four out of five professionals are urging their employers to provide additional technology training, highlighting a persistent talent crunch. Alarmingly, over half anticipate their next career move to be external to their current organisation.

The survey underscores the growing urgency for employers to address these concerns. Jamie Lyon, Global Head of Skills, Sectors, Technology at ACCA, emphasizes the ongoing struggle for talent retention amid economic strains and the pressure to meet rising pay demands. Lyon points out that 64% of professional accountants anticipate their next career move to be external, creating a retention puzzle for employers.

Mental health remains a significant challenge, with 63% stating that work pressures negatively impact their well-being. Nearly half of the respondents feel their employers do not prioritise mental health, pointing to a crucial area for improvement.

Hybrid working is gaining traction, with 75% of employees expressing a preference for this arrangement. However, a mismatch persists between employee preferences and employer demands for full-time office work.

In terms of diversity and inclusion, 82% believe it is a key factor in deciding to work for an organisation. Nevertheless, 44% feel their organisations focus more on specific aspects of diversity, indicating room for improvement.

Md. Sajid Khan, Director-India at ACCA, stresses that the survey serves as a wake-up call for employers. Recognizing talent challenges, embracing diversity and inclusion, and investing in workforce well-being and skills development are crucial for attracting and retaining top talent in a landscape of endless opportunities.

The study leaves employers questioning whether they are promoting the diverse markers that truly drive creativity and innovation in the workplace. As the finance sector grapples with technological advancements, mental health concerns, and diversity priorities, strategic actions by employers are imperative for navigating these challenges and ensuring a competitive edge in talent acquisition and retention.