The recent Global Talent Trends Survey 2024 has shed light on a significant shift within the accounting profession in South Africa, as a considerable number of accountants are exploring opportunities to work abroad.
This movement is rooted in various professional and personal considerations, which we’ll delve into, drawing on the insights provided by nearly 10 000 accountants across 157 countries.
Why are accountants looking to leave South Africa?
The survey, conducted by the Association of Chartered Certified Accountants (ACCA) unveiled a strong desire for change among South African accountants, with a notable 60% of the African respondents keen on changing roles within the next 12 months, and 62% expressing a long-term interest in international mobility.
The United Kingdom, Canada, Australia, the United States, and the United Arab Emirates emerged as preferred destinations.
This trend is not merely a quest for better remuneration but also a pursuit of greater work-life balance, professional development, and more accommodating work policies.
Interestingly, the drive towards international relocation is partly fuelled by the perceived lag in local companies adopting flexible working policies, contrasted with multinational corporations.
Economic concerns, particularly inflation and wage pressures, are also pushing accountants to consider their options abroad.
Despite some employers’ efforts to adjust wages and offer training programs to retain talent, the combined pressures of economic instability, safety concerns, and the search for a more balanced lifestyle are leading many to look beyond South Africa’s borders.
Key findings from the Global Talent Trends Survey 2024
The survey also illuminated several key areas impacting accountants’ career decisions:
- Diversity and Inclusion: A significant 73% of respondents believe that a robust diversity and inclusive culture is crucial when choosing an employer, though 41% observe a skewed focus on certain diversity aspects within their organisations.
- Career Opportunities and Retention: Over half of the accountants surveyed anticipate their next career move to be outside their current organisation, highlighting the ongoing challenge of talent retention in the field.
- Economic Pressures: With 58% planning to ask for a raise in 2024, and half of them believing they might have to leave their jobs to get it, economic factors are a major influence on career mobility.
- Artificial Intelligence: While 78% of employers are optimistic about artificial intelligence enhancing the value finance professionals can offer, a significant portion of employees are apprehensive about the rapid pace of technological change.
- Mental Health: The survey underscores the importance of mental well-being, with 57% of respondents reporting work-related mental health issues, and almost half feeling that their employers do not prioritise mental health sufficiently.
- Hybrid Working: There’s a notable preference for hybrid work arrangements among 76% of employees, yet many employers still insist on traditional office attendance, indicating a gap between employee preferences and organisational policies.
