Indian Finance Professionals Overwhelmed by Technology Impact, but See Potential with AI
Three out of five Indian finance professionals are feeling overwhelmed by the rapid pace of technology that is impacting their jobs, according to a study conducted by the Association of Chartered Certified Accountants (ACCA). Despite this, 79% of these professionals believe that artificial intelligence (AI) will enable them to add more value in the future. The study also revealed that four out of five finance professionals are eager for their employers to provide them with more training on technology.
Employers Excited about AI’s Potential, Employees Concerned about Pace of Change
The ACCA study found that employers in India are excited about the opportunities offered by AI, with 79% of them believing that it will enable finance professionals to add more value. However, three out of five employees still have concerns about the relentless pace of change that comes with technological advancements. This indicates that while employers are embracing AI, there is a need for better communication and support to help employees adapt to the changing landscape.
Strains in Talent Attraction and Retention amidst Global Economic Pressures
The global economic pressures continue to put immense strain on talent attraction and retention in the finance industry. As a result, 78% of finance professionals plan to ask their employers for a pay rise in 2024. However, a significant portion of those surveyed, 57%, believe that they will have to leave their organization in order to get the raise they desire. This highlights the ongoing challenge faced by employers in attracting and retaining top talent in the finance sector.
Mismatches in Hybrid Working Preferences between Employees and Employers
While hybrid working is gradually gaining traction, there are still significant mismatches between what employees want and what employers demand. The study revealed that 75% of finance professionals prefer a hybrid working arrangement, combining remote work with office work. However, many employers continue to insist on full-time office working arrangements. This disconnect between employee preferences and employer expectations highlights the need for greater flexibility in work arrangements.
Mental Health Challenges and Lack of Employer Support
Mental health remains a major challenge for finance professionals, with 63% of respondents reporting that their mental health suffers due to work pressures. Alarmingly, almost half of the respondents feel that their employer does not consider mental health to be a priority. This highlights a gap in support and resources provided by employers, which can have a significant impact on the well-being and productivity of finance professionals.
Attracting and Retaining Talent an Ongoing Challenge for Finance Employers
According to Jamie Lyon, Global Head of Skills, Sectors, Technology at ACCA, the shortage of talent and the rising costs of meeting pay rise demands pose a significant challenge for employers in the finance industry. This, coupled with the numerous job opportunities available to professional accountants, contributes to the high number of respondents considering leaving their organizations. Employers must take proactive measures to attract and retain top talent in order to address this ongoing challenge.
Analyst comment
Positive news: Indian finance professionals see potential with AI and believe it will enable them to add more value in the future. They are also eager for more training on technology.
Neutral news: Employers in India are excited about AI’s potential, but employees have concerns about the pace of change. There is a need for better communication and support for employees to adapt.
Negative news: Global economic pressures strain talent attraction and retention in the finance industry, with many professionals planning to ask for a pay rise or considering leaving their organizations. Employers need to address this ongoing challenge.
Neutral news: There are mismatches in hybrid working preferences between finance professionals and employers, highlighting the need for greater flexibility in work arrangements.
Negative news: Mental health is a major challenge for finance professionals, with work pressures impacting their well-being. Many professionals feel their employers do not prioritize mental health.
Negative news: Attracting and retaining talent is an ongoing challenge for finance employers due to talent shortages and rising costs. Proactive measures are needed to address this challenge.
