The accountancy profession in India is rapidly evolving as it embraces the future of work, with 70% of professional accountants either working fully remotely or in a hybrid arrangement, according to an extensive new talent study from ACCA.
ACCA’s India Talent Trends 2023 builds on its Global Talent Trends 2023 report, which surveyed 8,405 professional accountants in 148 countries – one of the largest ever studies carried out across the profession.
Almost 80% asked for more help from organisations in managing their mental health
The global report identifies seven key trends affecting accountants and the businesses that employ them, but it is clear that individual countries are experiencing their own microcosm of working conditions.
Young demographic
In India, trends are influenced heavily by the country’s demographics. India is home to the world’s largest concentration of Gen Z and Millennials; 65% of the population is under the age of 35. As a result, issues that are close to the heart of this younger generation, including wellbeing and work-life balance, are particularly prominent.
India, for example, is one of only three countries surveyed (along with Kenya and Vietnam) where respondents identified wellbeing and mental health as a top priority. In 2019, the World Health Organization predicted that mental health conditions would cost India more than US$1 trillion between 2012 and 2030. This, says ACCA’s report, ‘makes it imperative for the profession in India to play a more significant role in mitigating the impact of this trend in the finance industry’.
Psychological safety
Almost half of respondents in India said that wellbeing and mental health were their foremost workplace concerns, with almost 80% asking for more help from organisations in managing their mental health. Overall, wellbeing is one of the most important factors when professionals consider a potential employer.
The report notes that managers will need to play a vital role in building levels of psychological safety for employees. However, the global report highlights an erosion of trust between managers and their teams in recent years, which is particularly marked among those recruited remotely since the pandemic. This falling trust level in India manifests itself in a higher attrition rate among workers recruited since Covid-19.
Those already working in hybrid conditions show higher levels of satisfaction with their employer
This is a potential risk for India as a relatively high proportion of professional accountants are now working remotely or under a hybrid arrangement; 70%, compared with 43% globally, are working away from the office at least some of the time.
This arrangement seems to suit finance professionals – when asked if they would like to work from home at least once a week, 92% indicated an interest.
In India, 53% of respondents said they were thinking about moving roles within the next 12 months
This suggests that a majority of the 30% that currently work at an office would appreciate a hybrid working opportunity. In fact, those already working in hybrid conditions show higher levels of satisfaction with their employer across a wide range of factors.
Retention issues
The global report showed that employers across the world are struggling with retention issues; 44% of all respondents said they were thinking about moving roles within the next 12 months. In India, this proportion rises to 53%, with the majority aiming for a role outside of their current employer. Only 8% of respondents said they had no plans to move.
The report argues that the changing world of work is only party to blame for attrition rates. ‘Experts paint a picture with a multiplicity of factors, including the inherent need of professionals to have their work contribute to a greater sense of purpose,’ it says.
Pay and benefits are no longer the primary consideration for the younger generation
‘Consequently, organisations that provide the opportunity of exploring various ways of maximising expertise, while giving professionals a sense of contributing to the organisation’s purpose, will manage the mobility trend better.’
In India, there is evidence that finance talent particularly value opportunities to build their competence and independence; 97% said that career development opportunities were a top priority when deciding which organisation to work for.
Opportunities to upskill and reskill, argues the report, provide finance professionals with a route to add further value to the organisation and to society at large, even beyond national borders.
The report shows that employers of professional accountants in India will need to take specific steps to ensure that they attract and retain the best talent in the coming years. Pay and benefits are no longer the primary consideration for the younger generation, and this is particularly apparent in India. Employers that pay attention to wellbeing and flexible working practices will win the race.
