India ‘overwhelmed’ by pace of technological change
Three out of five Indian finance professionals feel overwhelmed by technology, according to new ACCA research.
However, the association’s Global Talent Trends 2024 survey also found that 79% feel that AI will enable them to add more value in the future. And some 80% want more training to help them cope with evolving technology.
ACCA surveyed almost 10,000 professional accountants from 157 countries, including India, the US, UK and China, for the latest annual Global Talent Trends Survey 2024. The survey sought the views of finance professionals on key workplace issues such as hybrid working, diversity, mobility, mental health and the cost of living crisis.
It found that professional accountants have a wide choice of career opportunities, with 64% expecting their next move to be external to their current organisation.
While 78% of those surveyed said they will ask their employer for a pay rise in 2024, 57% believe they will have to leave their organisation to get one.
Employers are excited by the opportunity AI offers, with 79% believing it will enable finance professionals to add more value. But three out of five employees are still concerned about its relentless pace of change.
Mental health remains a major challenge with 63% saying their mental health suffers because of work pressures, and almost half still feeling their employer doesn’t consider mental health to be a priority.
Hybrid working is slowly gaining traction, but big mismatches remain between what employees want and what employers demand. 75% of employees say it’s their preferred arrangement but many employers continue to insist on full time office working arrangements.
Some 82% believe that a strong diversity and inclusion culture would be a key factor in deciding to work at an organisation. Employers have more to do on diversity though as 44% of employees believe their organisation focuses more on certain aspects of diversity than others.
Jamie Lyon, Global Head of Skills, Sectors, Technology at ACCA said: “The shortage of talent and cost of meeting pay rise demands, together with the many job opportunities available to professional accountants, mean that attracting and retaining talent presents a huge ongoing challenge for employers. So it’s unsurprising that the number of respondents planning to move away from their organisations remains high, at 54% again this year. However, with 73% of respondents saying that a strong diversity and inclusivity 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.”
Sajid Khan, Director-India at ACCA, added: “The Global Talent Trends Report survey serves as a crucial wake-up call, urging employers to recognize the talent challenges, embrace diversity and inclusion, and invest in the well-being and skills development of their workforce.
“The findings not only highlight the aspirations and concerns of professionals but also emphasize the pressing demand for a workplace that fosters growth, innovation, and a supportive environment for mental health. In a landscape of endless opportunities, employers who prioritize these factors will undoubtedly stand out in attracting and retaining top talent.
“One of the big question marks from our study is whether as employers we are promoting all of the different markers of diversity in the workplace that truly drive creativity and innovation.”
GDP growth in India to hit 7%
Increasing household consumption and upturn in corporate expenditure have prompted the Reserve Bank of India (RBI) to predict the country’s GDP growth at 7% for the next financial year.
The Indian economy grew 7.2% in the 2022-23 fiscal year.
In its Monetary Policy Statement, 2023-24, RBI Governor Shaktikanta Das said: “Among the key drivers on the demand side, household consumption is expected to improve, while prospects of fixed investment remain bright owing to upturn in the private capex cycle, improved business sentiments, healthy balance sheets of banks and corporates, and government’s continued thrust on capital expenditure.”
The improving outlook for global trade and rising integration in the global supply chain will support net external demand.
The RBI flagged headwinds from geopolitical tensions, volatility in international financial markets and geo-economic fragmentation as risks to growth.
However, the central bank’s GDP growth prediction is lower than 7.3% estimated by the National Statistical Office (NSO) for the current 2023-24 fiscal year.
