Inflation’s impact on salaries is a leading concern for professionals in the Middle East with 33% of survey respondents selecting this as a ‘top three’ issue, says ACCA’s annual survey. 

 

Employers have reported growing wage demands when recruiting, and retaining new talent. 29% of Middle East respondents reported that remuneration was one of the leading incentives for moving to a different organisation.

 

The biggest global talent survey across the accountancy profession, the Association of Chartered Certified Accountants' latest annual Global Talent Trends Survey 2024, reveals Technology also emerged as a key theme in the findings, with technology being perceived as a valuable tool.

 

Range of sectors

Over 9,889 finance professionals from 157 countries were asked about the concerns they held about the future of their work. Across the Middle East, over 270 finance professionals responded from a broad range of sectors. 

 

Employers are excited by the opportunity AI offers with 83% believing it will enable finance professionals to add more value. Nonetheless, professionals remain concerned about the development of the skills that will be required in the future workplace, and 92% of Middle East respondents reported that they would like further training on technology to be provided by their employer. 

 

While technology is considered an important tool, over half (52%) of Middle East respondents stated that they are overwhelmed by the pace of technological change in their jobs. They are concerned that technology might replace them (23%), and about the particular impact of AI on their roles (49%). 

 

These concerns were consistent across all sectors and generations. Given ever-evolving technology, organisations that proactively address these concerns and provide better training are more likely to prosper and grow in a competitive landscape.

 

Wellbeing and mental health

Wellbeing and mental health rank among the top four work-related concerns for one-third of Middle East respondents, with 57% of respondents indicating that work pressures are damaging their mental health, and 70% expressing a desire for greater support from their organisation in managing mental health. 

 

Moreover, 57% do not believe their organisation considers employee mental health to be a priority. The global data highlights the significant impact of stressful job roles on the attractiveness of accountancy: addressing employee wellbeing and mental health concerns must be a priority for the profession. 

 

Middle East respondents report that inadequate career development opportunities are their primary source of work-related concerns (34%), while better opportunities stand as the foremost reason for moving to a different organisation (38%). Addressing these concerns is crucial for organisations seeking to attract and retain talent at all levels.

 

Hybrid working is slowly gaining traction, but big mismatches remain between what employees want and what employers demand. 76% of employees say hybrid working is their preferred arrangement but 77% of respondents indicated that they are now fully office-based, approximately 3% report they have fully remote working patterns, and 20% report hybrid working arrangements. 

 

Higher satisfaction

This contrasts with the global outlook, where 49% of respondents declare themselves to be working either in hybrid working arrangements or in a fully home-based environment. While hybrid and remote working can present challenges for organisations, those working under these arrangements report significantly higher satisfaction across a range of metrics and are often less likely to seek external moves. 

 

82% of respondents in the Middle East 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 with diversity though as 41% of employees believe their organisation focuses more on certain aspects of diversity than others.

 

Global economic strains continue to place huge pressure on talent attraction and retention. 60% of respondents are not satisfied with the level of pay they receive, with 71% asking their employer for a pay rise in 2024 – but 58% believe they will have to leave their organisation to get one.

 

Talent attraction and retention

Fazeela Gopalani, Head of ACCA Middle East, comments: “This data has enabled us to understand key workplace issues, opportunities in finance, drivers of dissatisfaction, and the current context in the region – all of which are critical when designing talent attraction and retention strategies.”

 

“The shortage of talent and cost of meeting pay rise demands, together with the many job opportunities available to professional accountants, means that attracting and retaining talent presents a huge ongoing challenge for employers. Therefore, it’s not surprising that the number of respondents planning to move away from their organisations globally is high, at 54% again this year. However, with 82% of respondents in the Middle East 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,” Gopalani adds.--TradeArabia News Service