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As firms seek to recruit the best young talent, they will have to consider more than just salary levels
Published on 20 May, 2025
Author: Markel UK
Like many sectors, accountancy faces the challenge of attracting and retaining a new generation of experts. According to the 2024 Global Talent Trends Survey from the Association of Chartered Certified Accountants (ACCA), younger accountants coming into the industry have different expectations from established professionals.
More than three-quarters (76%) of Generation Z workers make diversity, equity and inclusion (DEI) a priority when choosing a place to work, placing this a higher priority than salary. More than four in 10 accountants plan to leave their current firm in the next 12 months, with many seeking better career opportunities, less pressure, or the hope of a “better culture elsewhere”.
Trying to meet these multiple demands when there’s a shortage of skills is top of the agenda for accountancy firms, says Jamie Lyon, global head of skills, sectors and technology at ACCA: “The shortage of talent and cost of meeting pay rise demands, together with the many job opportunities available to professional accountants, mean that attracting and retaining talent presents a huge ongoing challenge for
Salary is still important
ACCA’s survey showed that while professionals valued a commitment to DEI, pay was still an important factor. Half of those surveyed said they would ask for a pay rise in the next 12 months, and 42% were worried about the impact of inflation on their net pay. Younger employees (under the age of 27) were generally the most dissatisfied with their pay, the study found, and the most likely to leave their employer as a result.
New ways of working are also impacting accounting professionals’ engagement at work and their mental health. Last year, a survey by KPMG found that three-quarters of finance bosses want office attendance to increase and a third expect employees to be in the office at least four days a week.
However, more than two-thirds of accountancy professionals told ACCA they were more productive when working remotely, despite appreciating the benefits of in-person working, such as organic learning, helping new hires to settle in, and working together with colleagues. For accountancy businesses, this means they must weigh up the benefits of remote working in terms of attracting and hiring new recruits with the benefits of in-person collaboration when making decisions about hybrid working arrangements.
"Ultimately, fostering a work culture where mental health discussions are welcome and ensuring access to mental health resources can provide much needed support to help younger professionals navigate burnout and throve in their careers"
Manage employee mental health
Looking after employees’ mental health is also crucial to creating an environment where accountancy professionals can thrive. Caba, the charity for chartered accountants, found that 75% of respondents to its survey had experienced symptoms of burnout such as exhaustion or decreased job performance. Paul Guess, mental wellbeing expert at the charity, says the challenges of navigating early career pressures can take its toll on younger professionals.
“This rise in burnout may be tied to unique stressors, including financial instability and the pressure to perform at a high level early on in their careers,” he says. “These factors can contribute to high stress levels that can quickly become overwhelming. However, we must acknowledge that, unlike previous generations, younger professionals are more proactive in seeking recovery, recognising the importance of taking time off to recharge.”
To support employees’ mental health, measures such as offering flexible working hours or reducing overall workload can help alleviate stress, he advises. “Ultimately, fostering a work culture where mental health discussions are welcomed and ensuring access to mental health resources can provide much needed support to help younger professionals navigate burnout and thrive in their careers,” he adds.
Training and development
Helping accountants to prepare for the future of work is a further positive step that businesses can take. Like in many sectors, artificial intelligence will have a significant impact on accounting professionals’ roles, helping them to free up time to devote to higher-value tasks. However, in ACCA’s survey, 71% percent said they wanted their employers to provide more training on AI, and 22% feel overwhelmed by the pace of change. “The profession is excited by AI but 54% say they are not developing the skills needed for the future workplace,” says Gemma Gathercole, strategic engagement lead for England at ACCA.
"This rise in burnout may be tied to unique stressors, including financial instability and the pressure to perform at a high level early on in their careers"
Alongside training and career development, creating an inclusive environment through effective DEI strategies will help accounting businesses remain competitive in the war for talent. When asked how employers could improve their commitments to DEI, ACCA survey respondents came up with a range of suggestions, such as auditing promotion processes to ensure they are fair, addressing toxic working cultures, training managers to recognise microaggressions and unconscious bias, and requiring leaders to demonstrate their commitment to inclusion through their words and actions. “While the UK is outperforming in some areas such as offering hybrid working and mental health support, it’s clear that DEI policy is a growing factor of importance for finance professionals,” adds Gathercole. There is no silver bullet to dealing with the skills crisis facing the accounting profession, with multiple factors influencing employees’ engagement with their work. As the research shows, businesses that can address these while building an inclusive working environment stand the best chance of attracting and retaining the best talent.
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