Finance Professionals in the UK Prioritize Diversity and Inclusivity, ACCA Survey Finds
Nearly two-thirds (64%) of finance professionals in the UK prioritize diversity and inclusivity when choosing an employer, according to the largest global talent survey conducted by the Association of Chartered Certified Accountants (ACCA). The survey reveals the growing importance of diversity and inclusion (DE&I) strategies in attracting and retaining talent in the financial sector.
The survey also highlights that 76% of Gen Z employees prioritize diversity and inclusivity when searching for a job, placing more importance on a diverse and inclusive environment over salary. This shift in priorities underscores the significance of DE&I initiatives for younger generations entering the workforce.
However, there is a gap in the focus on different aspects of diversity, with 46% of Gen Z respondents feeling that organizations prioritize gender diversity over other areas like neurodiversity. This indicates a need for companies to broaden their DE&I strategies to meet the expectations of younger employees.
ACCA’s research underscores the necessity for effective DE&I policies to attract and retain top talent as 54% of finance professionals anticipate their next career move to be external. Employers must prioritize diversity and inclusion to differentiate themselves in a competitive market.
Additionally, the survey reveals that 50% of UK finance professionals plan to request a pay rise within the next 12 months, and 49% believe leaving their current organization is the best way to secure a raise. To retain talent and prevent potential workforce turnover, employers must address pay concerns and focus on other critical factors such as diversity and inclusion, hybrid working options, and mental health support.
Gemma Gathercole, Strategic Engagement Lead for England at ACCA, notes the positive practices in areas like hybrid working and mental health support in the UK but stresses the increasing importance of DE&I policies for finance professionals. Employers need to support the implementation of effective strategies in this area.
It is crucial for employers in the financial sector to acknowledge the importance of diversity and inclusion in attracting and retaining talent, especially as younger generations prioritize these values. Failure to address these concerns could result in losing out on top talent within the next year. ACCA is dedicated to aiding its members in understanding and deploying effective DE&I policies through education and policy outreach.
Analyst comment
Positive news. The market will see an increased emphasis on diversity and inclusion as a priority for finance professionals and Gen Z employees. Employers must address different aspects of diversity, such as neurodiversity, to meet the expectations of younger employees and retain talent. Companies that fail to prioritize diversity and inclusion risk losing out on top talent in the next 12 months. ACCA will support its members in implementing effective DE&I strategies through education and policy outreach.
