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1、TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSION 2TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONResearch Study Engagement.4Executive Summary.5Part I:Where We Are:The State of the Profession and Key Findings.6 Why This Study?.7 Who Is Leaving?.8 Why Are T
2、hey Leaving?.10 Australia.10 Indonesia.13 Japan.16 The Philippines.19 Singapore.22 Thailand.25 In Their Shoes:Perspectives on Job Departures.29Part II:Where Were Going:Strategies for Change.32 Strategy No.1:Offer Competitive Compensation and Benefits.34 Strategy No.2:Foster a Supportive and Inclusiv
3、e Organizational Culture.35 Strategy No.3:Respect and Recognize Employees.36 Strategy No.4:Provide Career Growth and Development Opportunities.37 Strategy No.5:Provide Flexibility and Work-Life Balance.38 In Their Words:Recommendations on Retention Strategies.39Retaining Talent:The Future of the Pro
4、fession.42Appendix:Research Approach.43Endnotes.45TABLE OF CONTENTS3TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONQi“Susie”Duong,Ph.D.,CMA,CPA,CIA,EA,is senior director of research and thought leadership at IMA.She began her journey at IMA as a director of research.In her cur
5、rent leadership role,Susie oversees IMAs research agenda,focusing on delivering cutting-edge thought leadership research and developing actionable solutions for the profession.She has taken on other roles at IMA such as managing editor of the IMA Educational Case Journal(IECJ)and the liaison to the
6、IMA Research Foundation and the IMA Committee on Academic Relations.Prior to joining IMA,Susie served as an accounting professor in the U.S.and Singapore.Additionally,she has accumulated experience in public accounting and in the professional education sector.Susie holds a Ph.D.in accounting from th
7、e University of North Carolina at Chapel Hill,an M.Phil.in accounting from the University of Hong Kong,and a BBA in accounting from Fudan University,China.You can reach Susie at susie.duongimanet.org.ABOUT THE AUTHORIMA(Institute of Management Accountants)is one of the largest and most respected ass
8、ociations focused exclusively on advancing the management accounting profession.Globally,IMA supports the profession through research,the CMA(Certified Management Accountant)and CSCA (Certified in Strategy and Competitive Analysis)programs,continuing education,networking,and advocacy of the highest
9、ethical business practices.Twice named Professional Body of the Year by The Accountant/International Accounting Bulletin,IMA has a global network of about 140,000 members in 150 countries and more than 350 professional and student chapters.Headquartered in Montvale,N.J.,USA,IMA provides localized se
10、rvices through its four global regions:The Americas,Asia/Pacific,Europe,and Middle East/India.October 2023 /Institute of Management Accountants,10 Paragon Drive,Suite 1,Montvale,NJ 07645For more information,please visit www.imanet.org.4TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROF
11、ESSIONCOSPONSORSRESEARCH PARTNERSRESEARCH STUDY ENGAGEMENTGCAA 5TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONRetaining top talent is critical for organizations to maintain sustainable growth and a competitive advantage as well as to achieve long-term success in a rapidly cha
12、nging business world.While talent retention has been a focal point of organizations for many years,its importance was amplified by the stressors the COVID-19 pandemic brought to the workplace.Asian Development Bank reported significant job losses in Southeast Asian countries,driving up unemployment
13、rates to 3.4%,4.1%,and 5.2%for the Philippines,Indonesia,and Singapore,respectively,in 2020.1The pandemic also led to“The Great Resignation,”characterized by droves of employees quitting their jobs as they reconsidered what they wanted from work.2 PwCs Asia Pacific Workforce Hopes and Fears Survey 2
14、022 said this trend is likely to continue,with one in five workers surveyed in the Asia-Pacific region intending to switch to a new employer in the next 12 months.3 A 2023 follow-up study by PwC showed a 7%to 10%increase in the likelihood of employees changing jobs,particularly among younger workers
15、(such as those considered Generation Z and Millennials),those at senior levels,and those working for larger organizations in the Asia-Pacific region.4CFOs and other accounting and finance leaders are significantly concerned with such an unprecedented shift in the workforce.As the majority of CFOs(89
16、%)reported facing unusually high employee turnover and believed the labor shortage would harm revenue growth,recruiting and retaining talent is becoming one of their top priorities.5 Nevertheless,with more choice in job opportunities than ever beforeexpanded even further by the uptick in remote work
17、 during the pandemictalent retention is becoming more challenging than ever.This study sought to understand the factors contributing to turnover in the accounting and finance profession in the Asia-Pacific region and present actionable solutions to accounting and finance leaders for effective talent
18、 retention.Our research revealed a notable turnover rate in the accounting and finance field in the region,particularly among young professionals,with factors such as job satisfaction,career advancement opportunities,work flexibility,employee engagement,and a sense of belonging playing pivotal roles
19、 in employees decisions to stay at or leave their jobs.Consequently,we found effective talent retention strategies can be implemented by(1)providing competitive compensation and benefits,(2)fostering a supportive and inclusive workplace culture,(3)recognizing outstanding performance,(4)providing car
20、eer growth and development opportunities,and(5)promoting a healthy work-life balance.The professions future hinges on organizations that are ready to evolve,adapt,and prioritize talent retention.This requires organizations to continuously reevaluate their talent retention strategies in response to e
21、merging challenges caused by rapid advancements in technology,shifts in workforce demographics,and evolving employee expectations.Through sustained collaboration,foresight into market shifts,and agile adaptability,organizations can effectively retain top talent and thrive.EXECUTIVE SUMMARY IMA(Insti
22、tute of Management Accountants),with the support of ASEAN Federation of Accountants(AFA)and our research partners,conducted a regional research study on talent retention in the Asia-Pacific accounting and finance profession(see Why This Study?).This study included an online survey of more than 1,700
23、 current and former accounting and finance professionals in the Asia-Pacific region.All survey respondents self-identified as current or former members of the accounting and finance profession in the region,and they varied in experience level,country,and age.Ninety percent of survey respondents in t
24、his study who identified as current or former members of the accounting and finance profession came from the following countries:Australia,Indonesia,Japan,the Philippines,Singapore,and Thailand(see Appendix:Research Approach for additional demographic details of study participants).6REPORT TITLE NAM
25、E GOES HERE IN THIS SPOT TKTKTKTKTKTKTKPART I Where We Are:The State of the Profession and Key Findings7TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONWhy This Study?Retaining top talent is crucial for the success of organizations.It is astounding to see the significant benefi
26、ts an organization can reap when leveraging top talent.For instance,a study of more than 600,000 researchers,entertainers,politicians,and athletes found that high performers can be 400 times more productive than average ones.6 The productivity gap between high vs.average performers becomes more pron
27、ounced when the complexity of a job rises.7Prior research further highlights the importance of talent retention for organizations due to a multitude of reasons,including cost reduction,productivity maintenance,knowledge preservation,employee morale boosting,and customer satisfaction enhancement.Acco
28、rding to a study by the Society for Human Resource Management,it costs an employer approximately six to nine months of an employees salary to find and train their replacement.8 A 2022 study from The Wharton School of the University of Pennsylvania also demonstrated the impact of high worker turnover
29、 that resulted in elevated failure rates of products for a Chinese smartphone manufacturer,uncovering the hidden costs of employee turnover.9 Significant challenges exist for retaining top talent.Despite the advantages garnered from top-tier talent,employers are grappling with challenges in recruiti
30、ng and retaining such talent.A McKinsey report indicated 82%of companies do not believe they recruit highly talented people,and,for those that do,merely 7%think they can retain them.10 In addition,only 23%of employers in another McKinsey study said they trust their current talent acquisition and ret
31、ention strategies to deliver desirable results.11 The accounting and finance profession in the Asia-Pacific region also encounters analogous challenges in attracting and retaining talent.In the past five years,the number of accounting graduates at universities in Singapore has dropped by more than 1
32、0%,while the demand for talent in the accounting and finance field is estimated to grow.12 Similarly,Indonesia is also facing a talent shortage with nearly 21,000 professional accountants currently,although the projected demand is more than 200,000 professional accountants,according to research stud
33、ies.13 The significance of the issue has prompted government and professional organizations to take initiatives through,for example,the formation of a task force backed by government and industry authority and supporting the success of female professionals to attract and retain accounting and financ
34、e talent in the Asia-Pacific region.14This study sought to decipher talent retention challenges and uncover talent retention solutions.To perform a holistic assessment of the current state of the accounting and finance profession in the Asia-Pacific region from a talent retention perspective,IMA(Ins
35、titute of Management Accountants),with support from ASEAN Federation of Accountants(AFA)and our research partners,conducted a regional research study aiming to identify:Key factors contributing to job turnover of accountants and financial professionals,Major determinants of talent retention among ac
36、countants and financial professionals,and Strategies needed to address the talent retention challenge in the accounting and finance profession.To achieve these objectives,we conducted an online survey of more than 1,700 current and former Asia-Pacific accounting and finance professionals.Of the 1,76
37、1 survey respondents,54%self-identified as female,44%as male,and the remaining self-reported as nonbinary or chose not to disclose.8TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONWho Is Leaving?Accounting and finance professionals in the Asia-Pacific region are leaving employe
38、rs at a high rate.While nearly one-third(27%)of respondents in our study said they left a company in the past 24 months,the same percentage of respondents expected to leave their current employer in the next 12 months.In addition,one-fifth planned to leave their employer in the next six months.Furth
39、ermore,10%of accounting and finance professionals in the Asia-Pacific region intended to leave the profession altogether in the next 12 months.Significant variations across countries exist,with the highest turnover rate present in Australia,followed by Indonesia and Thailand,and the lowest in Japan(
40、see Table 1).TABLE 1:JOB TURNOVER BY COUNTRY AustraliaIndonesiaJapanThe PhilippinesSingaporeThailandI have voluntarily left a company in the past 24 months.31%22%17%30%17%31%I intend to leave my current employer in the next 12 months.38%30%13%25%25%28%I intend to leave the profession in the next 12
41、months.12%11%8%8%10%10%27%I have voluntarily left a company in the past 24 months.I intend to leave the profession in the next 12 months.I intend to leave my current employer in the next 12 months.I intend to leave my current employer in the next six months.27%20%10%9TALENT RETENTION IN THE ASIA-PAC
42、IFIC ACCOUNTING AND FINANCE PROFESSIONWhen partitioning by age groups,we found that those aged 18 to 38 experienced the highest turnover(38%)in the past 24 months and are also most likely to leave their current employer (36%)or the profession(12%)in the next 12 months(see Table 2).The least turnover
43、 was observed among respondents 55 and older.TABLE 2:JOB TURNOVER BY AGE 18-3839-5455 and Older I have voluntarily left a company in the past 24 months.38%22%15%I intend to leave my current employer in the next 12 months.36%24%19%I intend to leave the profession in the next 12 months.12%8%10%TABLE 3
44、:JOB TURNOVER BY WORK ARRANGEMENT AT CURRENT EMPLOYER Hybrid or Fully RemoteOn-siteI have voluntarily left a company in the past 24 months.29%25%I intend to leave my current employer in the next 12 months.25%28%I intend to leave the profession in the next 12 months.10%10%As indicated in Table 3,empl
45、oyers with flexible work arrangements(hybrid or fully remote)will experience lower employee turnover in the next 12 months,compared to those that require employees to be 100%on-site.About the same percentage of accounting and finance professionals in a flexible working environment vs.those working o
46、n-site intend to leave the profession in the next 12 months,suggesting that a flexible work arrangement is not the main contributor to their departure from the profession.10TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONWhy Are They Leaving?AustraliaJob satisfaction.Nearly a q
47、uarter of those who intended to leave their current employer in the next 12 months in Australia expressed dissatisfaction with their work and coworkers.While as many as 26%of those who intended to leave their current employer in the next 12 months said they were not satisfied with their supervisor,o
48、nly 11%of those who intended to stay expressed the same concern.Those who intended to leave their employer in the next six months showed the highest percentages of dissatisfaction with the work they do,their coworkers,and their supervisor.There were significant differences between professionals inte
49、nding to stay with their employer and those who intended to leave their employer or the profession with respect to(1)job satisfaction,(2)perception of career advancement,(3)work flexibility,(4)employee engagement,and(5)a sense of belonging.Due to country-specific variations,the results are presented
50、 by country in this section.Job satisfactionPerception of career advance-mentSense of belongingEmployee engagementWork flexibilityEmployee TurnoverFIGURE 1:JOB SATISFACTIONI am not satisfied with my supervisorI am not satisfied with my coworkersI am not satisfied with the work I doLeave the accounti
51、ng/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months0%5%21%30%33%27%26%23%23%11%11%21%14%5%10%15%20%25%30%35%0%10%20%30%40%50%11TALENT RETENTION IN THE ASIA-PACIFI
52、C ACCOUNTING AND FINANCE PROFESSIONCareer advancement.While close to a quarter of professionals intending to stay with their current employer in Australia expressed concerns about advancing within their organization,the percentages are significantly higher for those who intended to leave their emplo
53、yer in the next 12 months(75%).More than 80%of professionals who intended to leave their employer in the next six months or the profession did not expect to advance in their current organization.Work flexibility.More than one-fifth of those who planned to leave their employer or the profession in th
54、e next 12 months in Australia reported a lack of flexibility in determining where to work,with only 8%of those intending to stay sharing this view.Similarly,a much higher percentage of those who planned to leave their employer or the profession reported the absence of flexibility in determining when
55、 and how to do their work.FIGURE 2:PERCEPTIONS OF CAREER ADVANCEMENTI do not expect to continue to advance within the organizationLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my c
56、urrent employer in the next 12 months0%20%40%60%80%100%86%84%75%24%FIGURE 3:WORK FLEXIBILITY No flexibility in when to do the workNo flexibility in how to do the workNo flexibility in where to workLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six
57、monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months43%43%23%23%23%21%33%19%36%29%6%8%12TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONEmployee engagement.A much larger percentage of accounting and finance professionals in Au
58、stralia who intended to leave their employer or the profession reported being disengaged with work or the workplace.FIGURE 4:EMPLOYEE ENGAGEMENT Leave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 month
59、sStay with my current employer in the next 12 months0%5%30%28%36%2%10%15%20%25%30%35%40%Not engaged with work or the workplace TABLE 4:REASONS FOR DISENGAGEMENT FROM WORK OR WORKPLACE BASED ON INTENTION TO LEAVE Professionals Intending to Leave Current Employer in the Next 12 MonthsProfessionals Int
60、ending to Leave Current Employer in the Next Six MonthsProfessionals Intending to Leave the Profession in the Next 12 MonthsMy contributions are not adequately valued in my organization.20%21%20%I do not have enough opportunities to grow and develop.20%21%20%I do not feel that my leadership cares ab
61、out my well-being.12%15%12%I was overworked for too long and chose to disengage.11%12%11%A closer look at the reasons for disengagement revealed that approximately one-fifth of those who planned to leave their employer or the profession cited inadequate recognition of their contributions and a lack
62、of growth opportunities as the top contributors to this decision,followed by the absence of care from leadership and working overtime(see Table 4).13TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONSense of belonging.More than 40%of accounting and finance professionals in Austra
63、lia who intended to leave their employer or the profession in the next six or 12 months highlighted the absence of a strong sense of belonging in the workplace,while merely 3%of those intending to stay shared the same perspective.Similarly,a significantly higher percentage of those who intended to l
64、eave their current employer and/or the accounting and finance profession did not feel valued,respected,or supported within their organization,significantly contributing to their decision to leave.0%10%20%30%40%50%60%FIGURE 5:SENSE OF BELONGING I do not feel valued,respected,or supported within the o
65、rganization I work forI do not have a strong sense of belonging within the organization I work forLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 m
66、onths29%43%43%42%37%2%50%3%IndonesiaJob satisfaction.Approximately one-third of those who intended to leave their current employer in the next six months in Indonesia expressed dissatisfaction with their coworkers and supervisor.While nearly a quarter of those who intended to leave their current emp
67、loyer in the next 12 months said they were not satisfied with their supervisor,merely one-tenth of those who intended to stay expressed the same concern.Those who intended to leave the profession in the next 12 months expressed the most dissatisfaction with the work itself.FIGURE 6:JOB SATISFACTIONI
68、 am not satisfied with my supervisorI am not satisfied with my coworkersI am not satisfied with the work I doLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current employer in th
69、e next 12 months0%5%20%33%33%7%23%15%8%10%11%10%20%5%10%15%20%25%30%35%14TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONCareer advancement.While 5%of professionals in Indonesia who intended to stay with their current employer expressed concerns about advancing within their org
70、anization,more than a quarter of those who intended to leave their job in the next six months and 16%of those who intended to leave their employer in the next 12 months did not expect to advance in their current organization.Work flexibility.More than a quarter of those who planned to leave their em
71、ployer or the profession in the next 12 months in Indonesia reported a lack of flexibility in determining where to work,with only 8%of those intending to stay sharing this view.Similarly,a much higher percentage of those planning to leave their employer reported the absence of flexibility in determi
72、ning when and how to do their work.FIGURE 7:PERCEPTIONS OF CAREER ADVANCEMENTI do not expect to continue to advance within the organizationLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months0%5%10%15%20%25
73、%30%28%16%5%0%5%10%15%20%25%30%FIGURE 8:WORK FLEXIBILITY No flexibility in when to do the workNo flexibility in how to do the workNo flexibility in where to workLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in t
74、he next 12 monthsStay with my current employer in the next 12 months0%27%27%20%27%15%15%11%0%10%5%8%15TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONEmployee engagement.A much larger percentage of accounting and finance professionals in Indonesia who intended to leave the prof
75、ession reported being disengaged with work or the workplace.FIGURE 9:EMPLOYEE ENGAGEMENT Leave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months0%10
76、%13%12%40%10%20%30%40%50%Not engaged with work or the workplace TABLE 5:REASONS FOR DISENGAGEMENT FROM WORK OR WORKPLACE BASED ON INTENTION TO LEAVE Professionals Intending to Leave Current Employer in the Next 12 MonthsProfessionals Intending to Leave Current Employer in the Next Six MonthsProfessi
77、onals Intending to Leave the Profession in the Next 12 MonthsI do not have enough opportunities to grow and develop.35%26%45%I do not feel that my leadership cares about my well-being.14%22%18%I was overworked for too long and chose to disengage.12%4%18%My contributions are not adequately valued in
78、my organization.9%7%0%A closer look at the reasons for disengagement revealed that as much as 45%of those who planned to leave the profession or their employer cited a lack of opportunities to grow and develop as the top contributor to this decision,followed by the absence of care from leadership,wo
79、rking overtime,and inadequate recognition of contributions(see Table 5).16TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONSense of belonging.More than 10%of accounting and finance professionals in Indonesia who intended to leave their employer or the profession in the next six
80、or 12 months said they did not feel valued,respected,or supported within their organization,while merely 3%of those intending to stay shared the same perspective.In addition,approximately one-fifth of those who intended to leave their employer in the next six months highlighted the absence of a stro
81、ng sense of belonging within their organization.0%5%10%15%20%25%FIGURE 10:SENSE OF BELONGING I do not feel valued,respected,or supported within the organization I work forI do not have a strong sense of belonging within the organization I work forLeave the accounting/finance profession in the next 1
82、2 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months10%13%20%4%12%3%0%6%JapanJob satisfaction.More than one-third of those who intended to leave their current employer in the next 12 months in Japan
83、 expressed dissatisfaction with their work and coworkers.While as many as 61%of those who intended to leave their current employer in the next 12 months said they were not satisfied with their supervisor,28%of those who intended to stay expressed the same concern.Moreover,those who intended to leave
84、 the profession in the next six months showed the most dissatisfaction with coworkers.FIGURE 11:JOB SATISFACTIONI am not satisfied with my supervisorI am not satisfied with my coworkersI am not satisfied with the work I doLeave the accounting/finance profession in the next 12 monthsLeave my current
85、employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months0%10%33%58%46%50%61%33%44%28%20%33%50%21%20%30%40%50%60%70%17TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONCareer advancement.While more than one-t
86、hird of professionals in Japan who intended to stay with their current employer expressed concerns about advancing within their organization,the percentages are significantly higher for those who intended to leave their employer in the next six months(66%).More than 40%of professionals who intended
87、to leave their employer or the profession in the next 12 months did not expect to advance in their current organization.FIGURE 12:PERCEPTIONS OF CAREER ADVANCEMENTI do not expect to continue to advance within the organizationLeave the accounting/finance profession in the next 12 monthsLeave my curre
88、nt employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months0%10%20%30%40%50%60%70%36%66%46%41%Work flexibility.More than one-third of those who planned to leave their employer in the next six months and one-third of those who i
89、ntended to leave the profession in the next 12 months in Japan reported a lack of flexibility in determining where to work,compared with 26%of those intending to stay.Similarly,a much higher percentage of those who planned to leave their employer or the profession reported the absence of flexibility
90、 in determining when and how to do their work.0%10%20%30%40%50%FIGURE 13:WORK FLEXIBILITY No flexibility in when to do the workNo flexibility in how to do the workNo flexibility in where to workLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six mon
91、thsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months33%38%27%35%28%33%39%29%25%33%17%26%18TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONEmployee engagement.A much larger percentage of accounting and finance professionals in Jap
92、an who intended to leave their employer reported being disengaged with work or the workplace.FIGURE 14:EMPLOYEE ENGAGEMENT Leave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current
93、employer in the next 12 months0%5%35%22%17%14%10%15%20%25%30%35%40%Not engaged with work or the workplace TABLE 6:REASONS FOR DISENGAGEMENT FROM WORK OR WORKPLACE BASED ON INTENTION TO LEAVE Professionals Intending to Leave Current Employer in the Next 12 MonthsProfessionals Intending to Leave Curre
94、nt Employer in the Next Six MonthsProfessionals Intending to Leave the Profession in the Next 12 MonthsI do not feel that my leadership cares about my well-being.18%20%17%I do not have enough opportunities to grow and develop.15%18%21%I was overworked for too long and chose to disengage.18%14%29%My
95、contributions are not adequately valued in my organization.18%16%17%A closer look at the reasons for disengagement revealed that accounting and finance professionals in Japan who planned to leave their employer in the next six or 12 months cited the absence of care from leadership as the top contrib
96、utor to this decision,followed by a lack of growth opportunities,working overtime,and inadequate recognition of their contributions(see Table 6).For those intending to leave the profession,nearly one-third attributed their disengagement to being overworked.19TALENT RETENTION IN THE ASIA-PACIFIC ACCO
97、UNTING AND FINANCE PROFESSIONSense of belonging.Approximately 60%of those who intended to leave their employer in the next six or 12 months in Japan highlighted the absence of a strong sense of belonging in the workplace,while more than one-third of those intending to stay with their employer shared
98、 the same perspective.Similarly,a significantly higher percentage of those who intended to leave their employer did not feel valued,respected,or supported within their organization,significantly contributing to their decision to leave.0%10%20%30%40%50%60%70%FIGURE 15:SENSE OF BELONGING I do not feel
99、 valued,respected,or supported within the organization I work forI do not have a strong sense of belonging within the organization I work forLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsSta
100、y with my current employer in the next 12 months17%42%58%61%44%18%33%35%The PhilippinesJob satisfaction.About a quarter of those who intended to leave their current employer in the next 12 months in the Philippines expressed dissatisfaction with their work and coworkers.While as many as 39%of those
101、who intended to leave their current employer in the next 12 months said they were not satisfied with their supervisor,only 10%of those who intended to stay with their current employer expressed the same concern.Moreover,those who intended to leave the profession in the next 12 months expressed the s
102、trongest dissatisfaction with the work they do.FIGURE 16:JOB SATISFACTIONI am not satisfied with my supervisorI am not satisfied with my coworkersI am not satisfied with the work I doLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my
103、 current employer in the next 12 monthsStay with my current employer in the next 12 months0%10%26%34%23%21%39%25%20%10%4%26%41%7%20%30%40%50%20TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONCareer advancement.While one-fifth of professionals who intended to stay with their cur
104、rent employer in the Philippines expressed concerns about advancing within their organization,the percentage is significantly higher for those who intended to leave their employer in the next 12 months(46%).More than two-thirds of professionals who intended to leave their employer in the next six mo
105、nths did not expect to advance in their current organization.FIGURE 17:PERCEPTIONS OF CAREER ADVANCEMENTI do not expect to continue to advance within the organizationLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer
106、 in the next 12 monthsStay with my current employer in the next 12 months0%10%20%30%40%50%60%70%80%30%67%46%10%Work flexibility.More than two-fifths of those who planned to leave their employer or the profession in the next 12 months in the Philippines reported a lack of flexibility in determining w
107、here to work,with only 17%of those intending to stay with their current employer sharing this view.Similarly,a much higher percentage of those who planned to leave their employer or the profession reported the absence of flexibility in determining when and how to do their work.0%10%20%30%40%50%FIGUR
108、E 18:WORK FLEXIBILITY No flexibility in when to do the workNo flexibility in how to do the workNo flexibility in where to workLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my curre
109、nt employer in the next 12 months37%29%18%32%40%14%29%18%22%41%5%17%21TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONEmployee engagement.A much larger percentage of accounting and finance professionals in the Philippines who intended to leave their employer or the profession r
110、eported being disengaged with work or the workplace.FIGURE 19:EMPLOYEE ENGAGEMENT Leave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months0%5%11%18%2
111、6%4%10%15%20%25%30%Not engaged with work or the workplace TABLE 7:REASONS FOR DISENGAGEMENT FROM WORK OR WORKPLACE BASED ON INTENTION TO LEAVE Professionals Intending to Leave Current Employer in the Next 12 MonthsProfessionals Intending to Leave Current Employer in the Next Six MonthsProfessionals
112、Intending to Leave the Profession in the Next 12 MonthsI was overworked for too long and chose to disengage.19%20%27%I do not have enough opportunities to grow and develop.19%21%19%My contributions are not adequately valued in my organization.16%19%11%I do not feel that my leadership cares about my
113、well-being.16%13%18%A closer look at the reasons for disengagement revealed that approximately one-fifth of those who planned to leave their employer or the profession in the Philippines cited working overtime and a lack of growth opportunities as top contributors to their decision,followed by inade
114、quate recognition of their contributions and the absence of care from leadership(see Table 7).22TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONSense of belonging.Nearly one-fifth of those who intended to leave their employer in the next 12 months in the Philippines highlighted
115、 the absence of a strong sense of belonging in the workplace,while merely 4%of those intending to stay with their current employer shared the same perspective.Similarly,a significantly higher percentage of those who intended to leave their employer or the profession did not feel valued,respected,or
116、supported within their organization,significantly contributing to their decision to leave.0%5%10%15%20%25%30%35%FIGURE 20:SENSE OF BELONGING I do not feel valued,respected,or supported within the organization I work forI do not have a strong sense of belonging within the organization I work forLeave
117、 the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months33%23%13%19%26%4%15%4%SingaporeJob satisfaction.About one-fifth of those who intended to leave the
118、ir current employer in the next 12 months in Singapore expressed dissatisfaction with their work.While as many as 38%of those who intended to leave their current employer in the next 12 months said they were not satisfied with their supervisor,only 5%of those who intended to stay with their employer
119、 expressed the same concern.Moreover,those who intended to leave their employer in the next six months expressed the strongest dissatisfaction with the work they do,their coworkers,and their supervisor.FIGURE 21:JOB SATISFACTIONI am not satisfied with my supervisorI am not satisfied with my coworker
120、sI am not satisfied with the work I doLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months0%10%17%43%21%36%38%17%21%5%7%17%25%4%20%30%40%50%23TAL
121、ENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONCareer advancement.While 15%of professionals who intended to stay with their current employer in Singapore expressed concerns about advancing within their organization,the percentages are significantly higher for those who intended t
122、o leave their employer or the profession in the next 12 months.More than two-thirds of professionals who intended to leave in the next six months did not expect to advance in their current organization.FIGURE 22:PERCEPTIONS OF CAREER ADVANCEMENTI do not expect to continue to advance within the organ
123、izationLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months0%10%20%30%40%50%60%70%80%38%71%39%15%Work flexibility.More than two-fifths of those w
124、ho planned to leave their employer or the profession in the next 12 months in Singapore reported a lack of flexibility in determining where to work,with only 14%of those intending to stay with their employer sharing this view.Similarly,a much higher percentage of those who planned to leave their emp
125、loyer or the profession reported the absence of flexibility in determining when and how to do their work.0%10%20%30%40%50%FIGURE 23:WORK FLEXIBILITY No flexibility in when to do the workNo flexibility in how to do the workNo flexibility in where to workLeave the accounting/finance profession in the
126、next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months25%43%29%43%45%17%28%11%17%42%6%14%24TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONEmployee engagement.A much larger
127、 percentage of accounting and finance professionals in Singapore who intended to leave their employer or the profession said they were disengaged with work or the workplace.FIGURE 24:EMPLOYEE ENGAGEMENT Leave the accounting/finance profession in the next 12 monthsLeave my current employer in the nex
128、t six monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months0%10%43%45%50%7%20%30%40%50%60%Not engaged with work or the workplace TABLE 8:REASONS FOR DISENGAGEMENT FROM WORK OR WORKPLACE BASED ON INTENTION TO LEAVE Professionals Intending to Leave Cu
129、rrent Employer in the Next 12 MonthsProfessionals Intending to Leave Current Employer in the Next Six MonthsProfessionals Intending to Leave the Profession in the Next 12 MonthsMy contributions are not adequately valued in my organization.21%22%26%I do not have enough opportunities to grow and devel
130、op.22%19%19%I do not feel that my leadership cares about my well-being.21%19%19%I was overworked for too long and chose to disengage.16%17%22%A closer look at the reasons for disengagement revealed that more than one-fifth of those who planned to leave their employer or the profession cited inadequa
131、te recognition of their contributions as the top contributor to their decision,followed by a lack of growth opportunities,the absence of care from leadership,and working overtime(see Table 8).25TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONSense of belonging.More than two-fif
132、ths of those who intended to leave their employer in the next six or 12 months in Singapore highlighted the absence of a strong sense of belonging in the workplace,while merely 6%of those intending to stay with their employer shared the same perspective.Similarly,a significantly higher percentage of
133、 those who intended to leave their current employer and/or the accounting and finance profession did not feel valued,respected,or supported within their organization,significantly contributing to their decision to leave.0%10%20%30%40%50%FIGURE 25:SENSE OF BELONGING I do not feel valued,respected,or
134、supported within the organization I work forI do not have a strong sense of belonging within the organization I work forLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current emp
135、loyer in the next 12 months42%36%21%28%38%4%25%6%ThailandJob satisfaction.Nearly one-half of those who intended to leave the profession in the next 12 months in Thailand expressed dissatisfaction with their work.While as many as 56%of those who intended to leave their current employer in the next 12
136、 months said they were not satisfied with their supervisor,only 17%of those who intended to stay with their employer expressed the same concern.Moreover,those who intended to leave their employer in the next six months expressed similar dissatisfaction with the work they do,their coworkers,and their
137、 supervisor.FIGURE 26:JOB SATISFACTIONI am not satisfied with my supervisorI am not satisfied with my coworkersI am not satisfied with the work I doLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 mo
138、nthsStay with my current employer in the next 12 months0%10%52%48%24%32%56%30%37%17%9%31%48%9%20%30%40%50%60%26TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONCareer advancement.While close to one-tenth of professionals in Thailand who intended to stay with their current employ
139、er expressed concerns about advancing within their organization,the percentages are significantly higher for those who intended to leave their employer in the next six months(45%)or 12 months(54%).More than half of professionals who intended to leave the profession in the next 12 months did not expe
140、ct to advance in their current organization.FIGURE 27:PERCEPTIONS OF CAREER ADVANCEMENTI do not expect to continue to advance within the organizationLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 m
141、onthsStay with my current employer in the next 12 months0%10%20%30%40%50%60%51%45%54%9%Work flexibility.Nearly one-third of those who planned to leave the profession in the next 12 months in Thailand reported a lack of flexibility in determining where to work,with one-fifth of those intending to sta
142、y with their employer sharing this view.Similarly,a higher percentage of those who planned to leave their employer or the profession reported the absence of flexibility in determining when and how to do their work.0%10%20%30%40%50%FIGURE 28:WORK FLEXIBILITY No flexibility in when to do the workNo fl
143、exibility in how to do the workNo flexibility in where to workLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months36%27%24%24%30%20%28%20%26%45%1
144、1%20%27TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONEmployee engagement.A much larger percentage of accounting and finance professionals in Thailand who intended to leave their employer or the profession reported being disengaged with work or the workplace.FIGURE 29:EMPLOYEE
145、 ENGAGEMENT Leave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months0%5%17%24%29%7%10%15%20%25%30%35%Not engaged with work or the workplace TABLE 9:R
146、EASONS FOR DISENGAGEMENT FROM WORK OR WORKPLACE BASED ON INTENTION TO LEAVE Professionals Intending to Leave Current Employer in the Next 12 MonthsProfessionals Intending to Leave Current Employer in the Next Six MonthsProfessionals Intending to Leave the Profession in the Next 12 MonthsI do not hav
147、e enough opportunities to grow and develop.22%21%22%I was overworked for too long and chose to disengage.19%23%22%I do not feel that my leadership cares about my well-being.19%21%20%My contributions are not adequately valued in my organization.8%8%9%A closer look at the reasons for disengagement rev
148、ealed that more than one-fifth of those who planned to leave their employer or the profession in Thailand cited a lack of growth opportunities and being overworked as top contributors to their decision,followed by the absence of care from leadership and inadequate recognition of their contributions(
149、see Table 9).28TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONSense of belonging.More than a quarter of those who intended to leave their employer in the next 12 months in Thailand highlighted the absence of a strong sense of belonging in the workplace,while merely 8%of those
150、intending to stay with their employer shared the same perspective.Similarly,a significantly higher percentage of those who intended to leave their employer or the profession did not feel valued,respected,or supported within their organization,significantly contributing to their decision to leave.0%1
151、0%20%30%40%50%FIGURE 30:SENSE OF BELONGING I do not feel valued,respected,or supported within the organization I work forI do not have a strong sense of belonging within the organization I work forLeave the accounting/finance profession in the next 12 monthsLeave my current employer in the next six
152、monthsLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months43%35%19%27%41%13%21%8%29REPORT TITLE NAME GOES HERE IN THIS SPOT TKTKTKTKTKTKTKIn Their Shoes:Perspectives on Job DeparturesThis section incorporates quotes from open-text survey responses to pro
153、vide firsthand insights from accounting and finance professionals who intended to leave their employer or the profession,highlighting their reasons and experiences.30TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONREASONS TO LEAVE THE EMPLOYERThere are no training opportunities
154、 and no possibility of career progression.”They dont value staff;we are treated as expendable commodities.”Im leaving due to a lack of challenge.Im seeking more challenging work.”Theres a lack of culture,no empathy or concern for employee well-being,and differences in leadership/management styles an
155、d values.”I want to broaden my experience,but Ive been with my current employer for too long(12 years).”I have poor work-life balance and too much stress working in professional services.”Im looking for something that allows me to work from home,offers a salary increase,and provides auditing experie
156、nce growth.”Ive reached the highest level in the financial arm of the organization,so in order to further my career aspirations,I will need to seek opportunities elsewhere.”The last few years have been incredibly stressful,and Im looking for a lower-stress role outside of my current industry(the per
157、forming arts).Ive also received an autism diagnosis in the last year and would like a role that is more aligned with my autistic strengths and with an employer that is autism-ready.”Im leaving for better opportunities and higher pay.”Im leaving for better job satisfaction.”The company was acquired b
158、y a large U.S.company two years ago,and,currently,the company is going through restructuring.The finance department will be hit the hardest.I expect there will be redundancies and/or demotions.All tasks I have been working on for three-and-a-half years have been taken away from me,but no other tasks
159、 have been given to me as a substitute.”31TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONREASONS TO LEAVE THE PROFESSIONIm retiring soon.”Its time for me to retire.”Family commitments are calling.”Accounting in Australia has become more about managing offshore teams.”Im burnt
160、out from the job.”I want a career change for a better lifestyle.”Early retirement is on my mind.”Employers dont value young talent enough.”My work relationships have soured.”I aim to become an MD or CEO.”Im considering a new path in life.”I want to expand my skills beyond accounting.”Accounting no l
161、onger excites me;I seek new challenges.”The profession has become too technical and tedious.”Digitalization is shrinking opportunities.”Poor work-life balance and low pay are pushing me out.”32REPORT TITLE NAME GOES HERE IN THIS SPOT TKTKTKTKTKTKTKPART II Where Were Going:Strategies for Change33TALE
162、NT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONSuccessful strategies for talent retention are often based on a comprehensive approach that combines competitive compensation and benefits with policies and initiatives such as fostering an inclusive and supportive workplace culture,r
163、especting employees and recognizing their performance,providing career growth and development opportunities,and promoting work-life balance through flexible work arrangements.“We should make sure our compensation is competitive and provide chances for growth.Also,dont forget to acknowledge and rewar
164、d good work,offer a good work-life balance,and give a clear path for career advancement.”Survey respondent in the Asia-Pacific regionFlexibility and work-life balance Competitive compensation and benefitsSupportive and inclusive cultureCareer growth and developmentRespect and recognition34TALENT RET
165、ENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONOffering competitive compensation packages is a crucial component of an effective talent retention plan,emphasized by an overwhelmingly large number of survey respondents.Employers need to ensure employees are not only paid at or above mark
166、et rates,but that they also are offered performance bonuses,comprehensive benefits(e.g.,health insurance and retirement benefits),and other perks(e.g.,tuition reimbursement,a stipend for home offices,and a flexible time-off policy).Strategy No.1:Offer Competitive Compensation and BenefitsConduct mar
167、ket research and evaluate what peers are doing to stay competitive in overall compensation.Consider offering monetary and nonmonetary perks,such as extended or flexible vacation time,tuition reimbursement,stipends for home offices,etc.Clearly communicate to employees how the compensation structure i
168、s determined.Regularly collect feedback from employees to understand what additional benefits they value.Regularly assess and update compensation packages to ensure competitiveness.Adopt a performance-based bonus system to reward exceptional performance.0WHAT CAN LEADERS DO?Facilitate ope
169、n dialogue and inclusive communication and collaboration across teams.Provide regular DE&I training to employees at every level.Ensure strong engagement and active leadership by example.Strengthen DE&I initiatives to support employees who are members of underrepresented groups and allyship to promot
170、e diverse representation at all levels of the organization.Provide forums for employees to share feedback on how they feel valued and supported,and what might improve a sense of belonging.Continuously assess and update DE&I strategies based on employee feedback.Implement DE&I policies(see an invento
171、ry of actionable DE&I solutions in Diversifying Global Accounting Talent:Actionable Solutions for Progress).Establish safe and,where appropriate,anonymous communication channels for employees to report instances of discrimination,bias,and exclusion,and address these instances promptly and effectivel
172、y.00408WHAT CAN LEADERS DO?35TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONMany respondents who intended to stay with their current employer underscored the importance of fostering a supportive and inclusive corporate culture and work environment.According to accou
173、nting and finance professionals surveyed,an environment that embraces open communication;diversity,equity,and inclusion(DE&I);and employee engagement is more likely to retain top talent.Strategy No.2:Foster a Supportive and Inclusive Organizational Culture 36TALENT RETENTION IN THE ASIA-PACIFIC ACCO
174、UNTING AND FINANCE PROFESSIONThe importance of respecting employees and recognizing their performance appropriately was highlighted by many respondents.This includes valuing employee contributions and performance,cultivating a culture of respect and appreciation,giving employees a voice by involving
175、 them in decision making,and providing constructive feedback.Strategy No.3:Respect and Recognize Employees Foster a culture where all employees opinions and ideas are respected and valued.Implement a performance-recognition program to celebrate employee achievements.Set examples of respectful behavi
176、or from the top down.Highlight and celebrate employee accomplishments in team meetings.Provide clear guidelines for accountability and fairness for employees at all levels.Hold regular one-on-one meetings with individuals to provide feedback.Empower employees to make decisions relevant to their work
177、.Establish clear expectations and procedures to address underperformance,such as a performance plan.00408WHAT CAN LEADERS DO?TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONSurvey respondents emphasized strong demand for professional development and growth opportunit
178、ies to achieve their career goals and aspirations.To retain talent and achieve sustainable organizational growth,employers should invest in employee development through continuous education,personalized career development planning,and other upskilling initiatives.Strategy No.4:Provide Career Growth
179、and Development Opportunities Establish clear and transparent career advancement paths within the organization.Provide continuous learning to employees through workshops,courses,job shadowing,job swapping,and opportunities to attend professional conferences or events.Develop programs that provide me
180、ntoring and coaching to employees in a way that is accessible to all staff.Support employees in pursuing professional certifications and higher education relevant to their roles.Implement leadership training programs to cultivate future leaders within the organization.Adopt job rotations and offer c
181、ross-training programs to expose employees to other areas of the business and to expand their skill sets.Offer opportunities for employees to take on more challenging work.Recognize and reward employees who actively and successfully pursue professional development opportunities.Invest in technology
182、to allow employees to focus on strategy.Regularly review and update employee development programs according to employee feedback and industry best practices.003080409WHAT CAN LEADERS DO?3738TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONEmployers can support employe
183、e well-being by creating an environment that promotes a better work-life balance.This can be achieved by allowing flexible working hours,offering hybrid or remote work arrangements when possible,encouraging autonomy in determining how work is performed(where appropriate),and investing in initiatives
184、 focusing on physical and mental health as well as the overall wellness of employees.Strategy No.5:Provide Flexibility and Work-Life Balance Establish policies for flexible working hours.Set realistic expectations and proactively monitor workloads to avoid employee burnout.Enable hybrid or fully rem
185、ote work arrangements when possible.Encourage employees to take their fully accrued vacation time.Provide tools and technological support to facilitate remote working.Respect employees personal time and personal interests or hobbies outside of work.Encourage employees to innovate or take different a
186、pproaches to problem solving and task execution.Evaluate employee satisfaction regularly and adjust as necessary.Adopt wellness programs for employee physical and mental health.0080409WHAT CAN LEADERS DO?39REPORT TITLE NAME GOES HERE IN THIS SPOT TKTKTKTKTKTKTKIn Their Words:Recommendatio
187、ns on Retention StrategiesFeaturing quotes from open-text survey responses,this section provides valuable suggestions and recommendations directly from accounting and finance professionals surveyed,with the aim of informing and guiding talent retention strategies within the organization.40TALENT RET
188、ENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONRECOMMENDATIONS FOR TALENT RETENTIONManagers should genuinely care about their teams well-being and growth.”We should create programs that let employees explore different roles and even work abroad for career growth.”We need a better system
189、 for recognizing and rewarding our hard work.”We should talk more about where the accounting and finance field is heading in the future.”Lets offer more opportunities for development and make sure everyone feels appreciated,even if their work is behind the scenes.”We definitely need more automation
190、to cut down on tedious tasks,and simpler accounting standards would help,too.Our leaders should also work on their people skills,and flexible hours would be great.”Finding our purpose and passion at work can make a big difference.”Balancing workload,opportunities,purpose,and fair compensation is cru
191、cial.”Lets give employees more freedom and autonomy in their roles and offer wellness programs for their physical and mental health.Open and transparent communication is key.”Flexibility and autonomy at work can make a huge difference.We should also simplify mundane tasks and encourage continuous le
192、arning.”Our core values and beliefs should align with those of our employees,and we should recognize their efforts more.Investing in technology can also help streamline our processes.”Offering competitive pay and a clear path for career advancement is essential.”Exciting opportunities,the chance to
193、work abroad,and embracing automation can keep employees engaged.”Understanding employees needs and providing training and upskilling opportunities are vital.”We need to change the perception of our industry and make it more appealing to younger generations.”41GLOBAL TALENT RETENTION IN THE U.S.ACCOU
194、NTING AND FINANCE PROFESSIONEvery employee is unique,and we should respect and motivate them accordingly.”Adapting to the younger generations mindset and embracing change are crucial.”Improving work-life balance and supporting employees during busy personal periods can help.”Upskilling employees in
195、technology is a good idea.”Flexible work schedules can make a big difference.”Involving employees in decision making and respecting their recommendations is essential.”Offering job rotation,expansion opportunities,and regional assignments can keep employees engaged.”Recognizing outstanding employees
196、,offering flexible work arrangements,and fostering inclusivity are important.”Being fair to employees with children and promoting engagement and respect are crucial.”Talent retention has been increasingly recognized as a critical strategy in sustaining organizational success,and it likely will only
197、become more challenging.Intensifying automation and digitalization in the workplace and a stronger emphasis on overall employee well-being and demand for flexible work arrangements are trends projected to persist,and they could possibly escalate the reshaping of the accounting and finance profession
198、.Emerging challenges abound in the accounting and finance profession.Advancements in technologies,such as artificial intelligence and data analytics,are redefining accounting and finance roles,requiring upskilling or reskilling to achieve a higher level of digital literacy among professionals in acc
199、ounting and finance.Furthermore,shifts in workforce demographics,with the retirement of a significant portion of Baby Boomers and the entry of Generation Z into the workforce,will inevitably alter the professions dynamic.Meanwhile,evolving employee expectations,including a greater focus on work-life
200、 balance and meaningful work,call for a reevaluation of existing talent retention strategies.Looking ahead,organizations will have the opportunity to adapt to these changes and succeed in retaining top talent through:Providing competitive compensation and benefits,Creating a supportive and inclusive
201、 work environment,Cultivating a culture of respect and recognizing outstanding performance,Providing professional growth and development opportunities,and Promoting a healthy work-life balance through flexible work arrangements and a holistic offering to employees that extends beyond performance of
202、work tasks.Organizations will also need to construct a sustainable talent pipeline,with a focus on succession planning,mentorship,and an organizational culture that resonates with the values and aspirations of the next generation of professionals.The professions future direction will be determined b
203、y organizations ready to evolve,adapt,and prioritize talent retention.Hence,continuous collaboration,anticipation of market shifts,and agile adaptation will be crucial for successfully navigating this ever-changing landscape.RETAINING TALENT:THE FUTURE OF THE PROFESSION42TALENT RETENTION IN THE ASIA
204、-PACIFIC ACCOUNTING AND FINANCE PROFESSIONTo perform a holistic assessment of the current state of the Asia-Pacific accounting and finance profession from a talent perspective,IMA and AFA cosponsored a regional study focusing on addressing talent retention challenges.With the support and contributio
205、ns of research partners The Japanese Institute of Certified Public Accountants(JICPA),Global Chinese Accounting Association(GCAA),Vietnam Association of Accountants and Auditors(VAA),Institute of Indonesia Chartered Accountants(IAI),The Indonesian Institute of Management Accountants(IAMI),Institute
206、of Singapore Chartered Accountants(ISCA),CPA Australia,Kampuchea Institute of Certified Public Accountants and Auditors(KICPAA),Philippine Institute of Certified Public Accountants(PICPA),The Malaysian Institute of Certified Public Accountants(MICPA),and Federation of Accounting Professions(TFAC),th
207、is study aimed to identify the following:Key factors contributing to job turnover of accountants and financial professionals,Major determinants of talent retention among accountants and financial professionals,and Strategies needed to address the talent retention challenge in the accounting and fina
208、nce profession.Findings are based on a survey of 1,761 current and former accounting and finance professionals in the Asia-Pacific region.We surveyed the accounting and finance profession from primarily 14 countries in the Asia-Pacific region,including Australia,Brunei,Cambodia,Indonesia,Japan,Laos,
209、Malaysia,Myanmar,New Zealand,the Philippines,Singapore,South Korea,Thailand,and Vietnam(see Table A1).A summary of key respondent demographics can be found in Figure A1.Of the 1,761 survey respondents,54%self-reported as female and 44%as male;39%of the survey respondents were between ages 23 and 38,
210、39%were between 39 and 54,and 19%were between ages 55 and 73.43TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONAPPENDIX:RESEARCH APPROACHFIGURE A1:DEMOGRAPHIC COMPOSITION2%FemaleMaleNonbinary or I would rather not sayGenderAge2%0.3%0.7%18-2223-3839-5455-7374 and olderI would ra
211、ther not say19%39%39%44%54%44TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONTABLE 1A:LOCATIONAustralia7.3%Brunei0.1%Cambodia2.7%Indonesia7.9%Japan12.7%Laos0.2%Malaysia0.7%Myanmar0.1%New Zealand0.3%Philippines23.0%Singapore7.6%South Korea0.1%Thailand32.2%Vietnam0.3%Other(not sp
212、ecified)2.27%45TALENT RETENTION IN THE ASIA-PACIFIC ACCOUNTING AND FINANCE PROFESSIONENDNOTES 1 Asian Development Bank,Significant job losses in developing Asia in 2020,ADB data show,June 18,2021.2 Joseph Fuller and William Kerr,The Great Resignation Didnt Start with the Pandemic,Harvard Business Re
213、view,March 23,2022.3 PwC,Asia Pacific Workforce Hopes and Fears Survey 2022:Time for a rethink?July 2022.4 PwC,Asia Pacific Workforce Hopes and Fears Survey 2023:Is the workforce ready for reinvention?June 2023.5 Jim Tyson and Jane Thier,Most CFOs face high turnover rate,labor shortages,CFO Dive,Sep
214、tember 3,2021;PwC,CFO and finance leaders:latest findings from PwCs Pulse Survey,January 27,2022.6 Ernest OBoyle Jr.and Herman Aguinis,“The best and the rest:Revisiting the norm of normality of individual performance,”Personnel Psychology,Spring 2012,pp.79-119.7 Scott Keller,Attracting and retaining
215、 the right talent,McKinsey&Company,November 24,2017.8 The HRmeister,Essential Elements of Employee Retention,Lynchburg Regional SHRM,October 29,2017.9 Angie Basiouny,Employee Turnover Costs More Than You Think,Knowledge at Wharton,August 2,2022.10 Keller,2017.11 Amy Lui Abel,Bryan Hancock,Emily Laws
216、on,Charles Mitchell,and Patti P.Phillips,The State of Human Capital 2012Why the human capital function still has far to go,McKinsey&Company,January 1,2012.12 Colin Tan,Task force set up to persuade more to take up accountancy,change boring tag,The Straits Times,June 28,2023.13 Spiundip,The Accountin
217、g Science,Will Artificial Intelligence and Data Replaced?Diponegoro University,October 20,2020.The number of professional accountants was provided by the Institute of Indonesia Chartered Accountants(IAI).14 Tan,2023;The Japanese Institute of Certified Public Accountants,Annual Report 2022,April 2022.