ACCA Talent Trends survey reveals inflation concerns and an ‘accountancy talent crunch’ in Africa

The world of work has gone through the biggest transformation in a generation and new research predicts continued rapid change.

In Africa, 55% of finance professionals expect to move to roles in the next 12 months, compared with a 44% global average. When asked about plans for their next move in general, 62% of Africa respondents expected the move to be external.

In one of the largest ever studies across the accountancy profession, ACCA’s (the Association of Chartered Certified Accountants) Global Talent Trends Survey 2023 provides a unique and vital view of how people feel about working in the profession right now.

A total of 1,198 professional accountants across 29 countries in Africa responded to ACCA’s Global Talent Trends Survey, representing 15% of the total global responses*. They were asked about concerns they held regarding work in the future as well as their career aspirations.

The resulting ‘Africa talent trends in finance’ report finds inflation to be the number one concern among respondents, with worries about the impact of a global economic downturn. This environment presents an equal challenge for employers as they continue to grapple with rising business and wage costs. Jamil Ampomah, Director – Africa ACCA, said:

The research also finds that while hybrid working has been gaining momentum, there has been some regression in Africa. Over 70% of professionals indicated they now work fully from the office, compared with 57% globally, despite many having a strong desire to work at least one day a week from home. 87% expressed this interest in hybrid work opportunities with 73% saying they were more productive when working remotely.

The challenges behind work patterns in Africa go beyond concerns about low levels of collaboration and poor engagement with line managers. Infrastructure issues, such as lack of steady power and access to stable internet facilities continue to challenge the take up of hybrid work in some regions. Jamil Ampomah added: “Attracting the next generation of talent to Africa’s accountancy profession is vital to healthy economies and there’s an opportunity for organisations and governments to support professionalisation efforts. This survey ensures the voices of those studying and working in the profession are heard, and that we can work together to create an environment where today’s professionals thrive and where tomorrow’s talent aspires to be.