The world of work has gone through the biggest transformation in a generation and a new era has begun.
In one of the largest ever studies across the accountancy profession, ACCA’s (the Association of Chartered Certified Accountants) new annual Global Talent Trends Survey 2023 provides a unique and vital view of how people feel about working in the profession right now.
Over 8,400 professional accountants from 148 countries, including Malaysia, were asked about the concerns they held around work in the future as well as aspirations for their careers. The survey also assessed key workplace issues such as employee engagement, wellbeing, and attitudes to technology adoption.
ACCA’s research highlights a talent crunch for employers as they struggle to retain staff with big career mobility ambitions and an eye on their next role. In Malaysia, 36% of finance professionals expect to move to roles in the next 12 months, and a further 29% over the next two years.
Meanwhile, the biggest worries for finance employees in Malaysia are:
(1) Inflation reducing one’s real wages
(2) Wellbeing / mental health
(3) Poor career development opportunities
(4) Not having relevant skills for the future
(5) Risk of a global economic downturn impacting one’s job opportunities
Hybrid working is very much a ‘work in progress’ in Malaysia with 58% of respondents citing they are back to working in the office full time. Inclusion measures score well with 63% feeling their organisation culture is inclusive, slightly below the global average of 68%.
At a time of significant workforce change and a challenging global economic climate, ACCA’s survey indicates that a career in accountancy remains a smart choice for those seeking long-term career prospects and possibilities to continually acquire new skills. The opportunity to acquire a professional qualification which affords cross-sectoral and international mobility further adds to the perception that choosing accountancy leads to a career with choices and flexibility.
Jamie Lyon, Head of Skills, Sectors and Technology at ACCA said: “Employers are facing a potential talent crunch, adapting and experimenting with new ways of working across the workforce. Career development and remuneration are the top two attraction factors to an organisation, yet they’re also the two areas which have the most influence on employees’ decisions to leave.”
Andrew Lim, Portfolio Head, ACCA Maritime Southeast Asia said: “Attracting the next generation of talent to Malaysia’s accountancy profession is vital to healthy economies. This survey ensures the voices of those studying and working in the profession are heard, and that the profession helps create a working environment where today’s professionals thrive and where tomorrow’s talent wants to be.”
The full report can be accessed at www.accaglobal.com/talenttrends2023.
