Inflation's Impact on Real Wages is Leading Concern for Finance Professionals in the Americas, According to ACCA Talent Report

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ACCA (the Association of Chartered Certified Accountants)

Aug 22, 2023, 08:52 ET

The survey from ACCA identifies possible retention concerns for the region's employers, with nearly half of respondents planning to change jobs in the next year, and 71% planning to move on within two years

NEW YORK, Aug. 22, 2023 /PRNewswire/ -- A new report released today by ACCA (the Association of Chartered Certified Accountants) explores key talent issues in the workplace among finance professionals across the Americas (including North America, Central and South America, and the Caribbean). Concerns over inflation and preference for remote work emerged as top issues in the research—informed by a global survey and local roundtables—and the report found that high levels of mobility may drive a possible talent crunch in the sector.

The full report is available at: https://www.accaglobal.com/gb/en/professional-insights/pro-accountants-the-future/global-talent-trends-2023/gtt-2023-americas.html.

The survey identified the impact of inflation on employees' real wages as the leading work-related concern for the future—both globally and across the Americas. The issue ranks as the top concern in North America and the Caribbean, while in Central and South America it ranks as the second highest work-related concern after well-being and mental health.

The impact of inflation also consistently ranks as the leading concern across all generations by both men and women, and as the leading concern across many sectors. Concern about inflation across the Americas is highest for accountants in the public sector, with 60% expressing this concern—likely caused in part by public sector wage constraints and potential funding cuts.

ACCA also found that remote working is leading the way in the Americas, with over half (54%) of respondents in the region adopting either a hybrid approach or working fully remotely. This is higher than the global average which stands at 43%.

Finance professionals working in hybrid roles appear to be significantly happier at work than those working full time in the office, with 89% stating they would like to work remotely at least one day a week in the future and over three-quarters (77%) stating they believe they are more productive when working remotely.

North America has the highest levels of remote and hybrid working, with only 17% of respondents fully office-based, in contrast to the Caribbean and South America, where respectively 63% and 41% of respondents reported working full-time from the office. Older age groups are more likely to report their working arrangements are currently hybrid or remote, while younger respondents are more likely to be fully office-based.

The report also uncovers concerns relating to burnout, with 82% stating they would like a better work-life balance and almost two thirds (64%) indicating that they would like more support from their organization in managing their mental health.

In light of these challenges, employers across the Americas have expressed concern about their ability to attract and retain talent, both now and in the future.

"We have been hearing from employers their concerns about talent retention in the face of growing wage pressures," said Jillian Couse, head of ACCA North America. "We also have seen that ways of working have shifted significantly in our region, with finance professionals working in the office full-time reporting less job satisfaction than their peers, indicating that flexibility in working arrangements is likely to remain an important attraction and retention factor. "

"Overall, there is a lot to be positive about within the profession across the Americas, but heightened mobility continues to challenge organizations, with 46% planning to move to their next role within the next 12 months and 71% planning to move within the next two years," said Gerard McGuinnity, Head of ACCA Americas. "Employers must continue to find ways to attract and retain talent in order to service the growing demands of the profession."

About ACCA

We are ACCA (the Association of Chartered Certified Accountants), a globally recognised professional accountancy body providing qualifications and advancing standards in accountancy worldwide.

Founded in 1904 to widen access to the accountancy profession, we've long championed inclusion and today proudly support a diverse community of over 247,000 members and 526,000 future members in 181 countries.

Our forward-looking qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to create, protect, and report the sustainable value delivered by organizations and economies.

Guided by our purpose and values, our vision is to develop the accountancy profession the world needs. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we're strengthening and building a profession that drives a sustainable future for all.

Find out more at: www.accaglobal.com

SOURCE ACCA (the Association of Chartered Certified Accountants)