New Survey Reveals that 64% of UK Finance Professionals Prioritize Diversity and Inclusivity in Choosing an Employer
In a wake-up call for employers, a new survey conducted by the Association of Chartered Certified Accountants (ACCA) has revealed that 64% of UK finance professionals consider diversity and inclusivity as a key factor when choosing an organization to work for. The survey, titled the Annual Global Talent Trends Survey 2024, is the largest global talent survey in the accountancy profession and provides valuable insights into the preferences of professionals in the financial sector.
According to Jamie Lyon, Global Head of Skills, Sectors, Technology at ACCA, the shortage of talent, rising pay demands, and numerous job opportunities for professional accountants make attracting and retaining talent a significant challenge for employers. Lyon adds, “However, with 64% of respondents saying that a strong diversity and inclusion culture is a key factor in choosing an employer, there’s a real opportunity for employers who are strong in this area to differentiate themselves in a competitive market.”
The survey highlights the growing importance of diversity and inclusion (DE&I) strategies in the financial sector. This trend is particularly pronounced among the newest generation of talent, Gen Z. The survey reveals that 76% of Gen Z employees rate diversity and inclusivity as one of their top factors when job hunting. Gen Z is known for being more principled than older generations, and working in a diverse and inclusive environment matters more to them than salary.
As the competition for talent heats up, it is crucial for companies to understand what employees value in order to attract and retain the right people. The survey shows that 50% of UK finance professionals are planning to ask for a pay rise within the next year, and 49% believe that the best way to secure a pay rise is to leave their current organization. Additionally, 54% of finance professionals expect their next career move to be external to their current organization, highlighting the need for employers to take steps to retain talent.
ACCA warns that without addressing other important workplace factors such as diversity and inclusion, hybrid working models, and mental health support, companies could see a significant loss of their current workforce in the next year. Gemma Gathercole, Strategic Engagement Lead for England at ACCA, emphasizes the importance of DE&I policies and skills development in attracting and retaining diverse talent.
ACCA aims to support its members through education and policy outreach to help employers implement effective DE&I strategies, remain competitive in terms of salary and job opportunities, and create a more inclusive and diverse workplace.
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Analyst comment
Positive news: The survey reveals that 64% of UK finance professionals prioritize diversity and inclusivity when choosing an employer. This presents a real opportunity for companies with strong DE&I cultures to differentiate themselves in a competitive market. With Gen Z employees valuing diversity and inclusivity even more than salary, companies should prioritize DE&I strategies to attract and retain the right talent. Failure to address these factors could lead to a significant loss of current workforce. ACCA aims to support employers in implementing effective DE&I strategies and creating a more inclusive and diverse workplace.
