1、GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSION 2GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONForeword.4Executive Summary.5Research Study Engagement.7Part I:Where We Are:The State of the Profession and Key Findings.11 Challenges in Retaining Talent.12 Who Is Leavi

2、ng?.13 Why Are They Leaving?.15Part II:Where Were Going:Strategies for Change.21 Strategy No.1:Offer Competitive Compensation and Benefits.23 Strategy No.2:Foster a Supportive and Inclusive Organizational Culture.24 Strategy No.3:Respect and Recognize Employees.25 Strategy No.4:Provide Career Growth

3、 and Development Opportunities.26 Strategy No.5:Provide Flexibility and Work-Life Balance.27Retaining Talent:The Future of the Profession.28Appendix:Research Approach.29Endnotes.30TABLE OF CONTENTS3GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONQi“Susie”Duong,Ph.D.,CMA,CPA,CIA,EA,is

4、 senior director of research and thought leadership at IMA.She began her journey at IMA as a director of research.In her current leadership role,Susie oversees IMAs research agenda,focusing on delivering cutting-edge thought leadership research and developing actionable solutions for the profession.

5、She has taken on other roles at IMA such as managing editor of the IMA Educational Case Journal(IECJ)and the liaison to the 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 a

6、ccumulated experience in public accounting and in the professional education sector.Susie holds a Ph.D.in accounting from the 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 a

7、t susie.duongimanet.org.ABOUT THE AUTHORIMA(Institute of Management Accountants)is one of the largest and most respected associations focused exclusively on advancing the management accounting profession.Globally,IMA supports the profession through research,the CMA(Certified Management Accountant),C

8、SCA(Certified in Strategy and Competitive Analysis),and FMAA(Financial and Managerial Accounting Associate)certification programs,continuing education,networking,and advocacy of the highest ethical business practices.Twice named Professional Body of the Year by The Accountant/International Accountin

9、g Bulletin,IMA has a global network of about 140,000 members in 150 countries and 350 professional and student chapters.Headquartered in Montvale,N.J.,USA,IMA provides localized services through its six global regions:The Americas,China,Europe,Middle East/North Africa,India,and Asia Pacific.May 2024

10、 /Institute of Management Accountants,10 Paragon Drive,Suite 1,Montvale,NJ 07645For more information,please visit www.imanet.org.4GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONIn my daily conversations with accounting professionals around the world,an issue that continues to be a k

11、ey concern for them is the talent pipeline in the profession.There are not enough new professionals coming in to replace those who are retiring.While the reasons for this are many,including a false perception of what accountants do,the truth is that there is no better time than now to work in the pr

12、ofession.Todays accounting and finance profession is an exciting and dynamic one,where professionals are needed to support strategy,analyze and interpret data,work with emerging technology,practice critical thinking,and serve as business partners to their organizations.In short,they are value creato

13、rs,supporting the long-term success and sustainability of the business.As such,its critically important that organization leaders take the necessary steps to create a culture and workplace environment that not only attracts new talent but develops and retains their current talent.The findings from t

14、his global report on talent retention by IMA(Institute of Management Accountants)should serve as a catalyst for action.It shows that employees are not leaving their employers simply because of compensation.Rather,their issues have to do with a lack of job satisfaction and sense of belonging,limited

15、or no path for career advancement,and a lack of workplace flexibility.The good news is that with some effort,these issues can be readily addressed.This report details both the issues identified by respondents and solutions to retain talent in the accounting and finance profession.Each strategy to re

16、tain talent gives leaders a step-by-step guide that could help retention efforts both in the short and long term.Employers should focus on creating positive work environments that keep employees engaged and committed to their organizations.In addition to competitive compensation,strategies such as w

17、orkplace flexibility,respect,recognition,a path for growth for employees,and a supportive culture can all lead to increased satisfaction and higher retention rates.Additionally,as more and more organizations are filling talent gaps with business professionals from backgrounds outside of accounting a

18、nd finance,upskilling becomes a workplace imperative for talent development and retention.Organizations that do this will succeed with the right talent and tools to move themselves forward.I hope this report serves as an essential starting point and guide for employers on how to attract and retain a

19、ccounting talent.The possibilities in accounting and finance are endless for those who choose to embrace the new world for the profession.FOREWORD Michael DePriscoPresident and CEO,IMA5GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONRetaining top talent is critical for organizations

20、to maintain sustainable growth and a competitive advantage as well as to achieve long-term success in a rapidly changing 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 wor

21、kplace worldwide.The pandemic led to“The Great Resignation,”characterized by droves of employees quitting their jobs as they reconsidered what they wanted from work in the United States.1 Similar trends have been observed in other parts of the world,such as in the Asia-Pacific region and in India.2

22、CFOs and other accounting and finance leaders are significantly concerned with such an unprecedented shift in the workforce.As the majority of CFOs(89%)reported facing unusually high employee turnover and believed the labor shortage will harm revenue growth,recruiting and retaining talent is becomin

23、g one of their top priorities.3 Nevertheless,with more choice in job opportunities than ever beforeexpanded even further by the uptick in remote work during the pandemictalent retention is becoming more challenging than ever.This study sought to understand the factors contributing to turnover in the

24、 global accounting and finance profession and present actionable solutions to accounting and finance leaders for effective talent retention.While there exist cross-regional differences,we found that accounting and finance professionals are leaving their employers at a high rate globally(30%),with re

25、latively higher turnover observed in the Middle East and North Africa,India,and China.Furthermore,young professionals between the ages of 18 and 38 are leaving employers at a particularly high rate(38%)compared with those in other age groups.When exploiting determinants for job turnover,we found tha

26、t,besides compensation,job satisfaction,career advancement opportunities,work flexibility,employee engagement,and a sense of belonging were also key contributors to whether an employee would consider leaving their job.More importantly,a lack of career advancement opportunities was shown to be the ma

27、jor factor for young professionals decision to leave their employer.Consequently,we found that effective talent retention strategies can be implemented by(1)providing competitive compensation and benefits,(2)fostering a EXECUTIVE SUMMARY IMA(Institute of Management Accountants),with the support of o

28、ur research partners,conducted a comprehensive global research study on talent retention in the accounting and finance profession.This study included an online survey of more than 5,000 current and former accounting and finance professionals worldwide,supplemented by 12 interviews of recruiters spec

29、ializing in accounting and finance talent recruitment within the U.S.market.All survey respondents self-identified as current or former members of the accounting and finance profession within their respective regions,representing diverse experience levels,countries,and age groups(see Appendix:Resear

30、ch Approach for additional demographic details of study participants).In addition to this overarching global talent retention report,specific regional reports have been prepared for the U.S.,the Asia-Pacific region,China,India,Europe,and the Middle East and North Africa region.6GLOBAL TALENT RETENTI

31、ON IN THE ACCOUNTING AND FINANCE PROFESSIONsupportive and inclusive workplace culture,(3)recognizing outstanding performance,(4)providing career growth and development opportunities,and(5)promoting a healthy work-life balance.The professions future hinges on organizations that are ready to evolve,ad

32、apt,and prioritize talent retention.This requires organizations to continuously reevaluate their talent retention strategies in response to emerging challenges caused by rapid advancements in technology,shifts in workforce demographics,and evolving employee expectations.Through sustained collaborati

33、on,foresight into market shifts,and agile adaptability,organizations can effectively retain top talent and thrive.7GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONRESEARCH SPONSORRESEARCH STUDY ENGAGEMENTRESEARCH PARTNERSUNITED STATES8GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FIN

34、ANCE PROFESSIONRESEARCH PARTNERSUNITED STATES9GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONRESEARCH PARTNERSGCAA ASIA-PACIFICINDIA10GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONEUROPERESEARCH PARTNERSMIDDLE EAST AND NORTH AFRICA11GLOBAL TALENT RETENTION IN THE A

35、CCOUNTING AND FINANCE PROFESSIONPART I Where We Are:The State of the Profession and Key Findings12GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONChallenges in Retaining TalentSignificant challenges exist for retaining top talent globally.Retaining top talent is crucial for the succe

36、ss of organizations.There are significant benefits an organization can reap when leveraging top talent due to the productivity gap between high vs.average performers.4 Prior research further highlights the importance of talent retention for organizations due to a multitude of reasons,including cost

37、reduction,productivity maintenance,knowledge preservation,employee morale boosting,and customer satisfaction enhancement.5 Despite the advantages garnered from top-tier talent,employers are grappling with challenges in recruiting and retaining such talent.A McKinsey report indicated 82%of companies

38、do not believe they recruit highly talented people,and,for those that do,merely 7%think they can retain them.6 In addition,only 23%of employers in another McKinsey study said they trust their current talent acquisition and retention strategies to deliver desirable results.7The global accounting and

39、finance profession also encounters analogous challenges in attracting and retaining talent.Anticipated retirements of Baby Boomers coupled with declining enrollment in university accounting programs will likely lead to an acute talent gap in the U.S.accounting and finance profession.8 In the past fi

40、ve years,the number of accounting graduates at universities in Singapore has also dropped by more than 10%,while the demand for talent in the accounting and finance field is estimated to grow.9 Similar challenges are faced in Indonesia,the United Kingdom,and Ireland.10 While Indias large youth popul

41、ation provides a potentially strong talent pipeline,the global trend of decreasing interest in our profession,as noted by the International Federation of Accountants(IFAC),causes concerns about the future growth of the accounting and finance profession.11 This study sought to decipher talent retenti

42、on challenges and uncover talent retention solutions.To perform a holistic assessment of the current state of the global accounting and finance profession from a talent retention perspective,IMA(Institute of Management Accountants),with support from our research partners,conducted a global research

43、study aiming to identify key factors contributing to job turnover of accountants and financial professionals and strategies needed to address the talent retention challenge in the profession.To achieve these objectives,we conducted an online survey of 5,145 current and former accounting and finance

44、professionals globally,including those in the Asia-Pacific region,China,India,Europe,the Middle East and North Africa(MENA),and the United States,as well as 12 interviews of recruiters who specialize in accounting and finance talent recruitment in the U.S.market.Of the total 5,157 survey respondents

45、 and interviewees,49%self-identified as female,49%self-reported as male,and the remaining were nonbinary or chose not to disclose.13GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONWho Is Leaving?29%I have voluntarily left a company in the past 24 months.I intend to leave the professi

46、on 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.30%20%10%Accounting and finance professionals are leaving their employers at a high rate globally.While nearly one-third(29%)of respondents in our study s

47、aid they left a company in the past 24 months,almost the same percentage of respondents(30%)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,and 10%of accounting and finance talent globally intended to leave t

48、he profession altogether in the next 12 months.A closer look at the regions and countries indicates that higher percentages of professionals in China,MENA,and India intended to leave their employer in the next 12 months,while the percentage of those intending to leave the profession is the highest i

49、n Europe(see Figure 1).FIGURE 1:JOB TURNOVER BY REGION/COUNTRYI intend to leave my current employer in the next 12 months.I intend to leave the profession in the next 12 months.0%Global30%10%Asia-Pacific27%10%U.S.24%11%Europe25%13%MENA51%6%India46%7%China40%11%20%10%30%50%60%40%14GLOBAL TALENT RETEN

50、TION IN THE ACCOUNTING AND FINANCE PROFESSIONYoung employees between the ages of 18 and 38 are leaving employers and the profession at a particularly high rate.When partitioning by age groups,we found that those ages 18 to 38 experienced the highest turnover(38%)in the past 24 months and had the hig

51、hest percentage(38%)among the various age cohorts intending to leave their current employer in the next 12 months(see Figure 2).Although a much higher percentage of those intending to leave the profession was observed among respondents 55 and older,it is mostly due to the decision of individuals in

52、that age group to retire.FIGURE 2:JOB TURNOVER BY AGE0%18-3838%38%10%39-5423%26%7%55 and older20%21%15%10%5%15%20%25%30%35%40%I have voluntarily left a company in the past 24 months.I intend to leave my current employer in the next 12 months.I intend to leave the profession in the next 12 months.A c

53、omparison by region/country with the results in Figure 1 also shows that young professionals intend to leave their employer in the next 12 months at a higher rate in every region/country(see Figure 3).Except for those in India,a higher percentage of young talent is also expected to leave the profess

54、ion in the next 12 months in all the regions/countries.Similar to the results in Figure 1,significant disparity across regions/countries exists with respect to job turnover of young professionals between the ages of 18 and 38.FIGURE 3:JOB TURNOVER OF YOUNG TALENT BY REGION/COUNTRYI intend to leave m

55、y current employer in the next 12 months.I intend to leave the profession in the next 12 months.0%Global38%10%Asia-Pacific36%12%U.S.26%8%Europe35%14%MENA54%7%India47%5%China45%13%20%10%30%50%60%40%15GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONWhy Are They Leaving?FIGURE 4:PERCEPT

56、ION OF COMPENSATIONCompensation still matters.Offering competitive compensation packages,including perks and benefits,is still crucial for retaining talent.Of those who planned to stay with their employer in the next 12 months,76%said they were well compensated for their performance,twice as many as

57、 those intending to leave their employer in the next 12 months.Similarly,those intending to stay were much more satisfied with the perks and benefits offered by their employer than those who expected to leave their employer.Compensation is not the only factor that matters.There were significant diff

58、erences between professionals intending to stay with their employer and those who intended to leave their employer with respect to(1)job satisfaction,(2)perception of career advancement,(3)work flexibility,(4)employee engagement,and(5)a sense of belonging.0%40%20%60%100%80%I am well compensated for

59、my level of performance38%76%The benefits are good on this job46%78%The perks on this job are outstanding43%73%Leave my current employer in the next 12 monthsStay with my current employer in the next 12 monthsJob satisfactionPerception of career advance-mentSense of belongingEmployee engagementWork

60、flexibilityEmployee Turnover16GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONJob Satisfaction More than a quarter of those who intended to leave their current employer in the next 12 months expressed dissatisfaction with their work and coworkers,almost three times more than those in

61、tending to stay who expressed the same dissatisfaction.While as many as 44%of those who intended to leave their current employer in the next 12 months said they were not satisfied with their supervisor,only 14%of those who intended to stay reported the same concern.FIGURE 5:JOB SATISFACTIONI am not

62、satisfied with my supervisorI am not satisfied with my coworkersI am not satisfied with the work I doLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months0%44%14%9%26%10%30%20%10%30%50%40%Career Advancement While just 16%of professionals intending to stay

63、 with their current employer expressed concerns about advancing within their organization,53%of those who intended to leave their employer in the next 12 months felt the same way.FIGURE 6:PERCEPTIONS OF CAREER ADVANCEMENTI do not expect to continue to advance within the organizationLeave my current

64、employer in the next 12 monthsStay with my current employer in the next 12 months0%10%20%30%40%50%16%60%53%Work Flexibility Generally speaking,work flexibility did not manifest as the key driver of job turnover compared with other factors.While a higher percentage of those planning to leave their em

65、ployer reported the absence of flexibility in determining when and where to do their work,the largest difference existed in the flexibility to determine how to do the work,with nearly twice as many of those intending to leave reporting a lack of flexibility in this regard compared to those who inten

66、ded to stay.GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONFIGURE 7:WORK FLEXIBILITY No flexibility in when to do the workNo flexibility in how to do the workNo flexibility in where to workLeave my current employer in the next 12 monthsStay with my current employer in the next 12 mo

67、nths0%5%10%15%20%25%30%35%40%25%37%38%22%11%24%Employee Engagement Almost half of accounting and finance professionals who intended to leave their employer reported being disengaged with work or the workplace,more than twice as much as those intending to stay.A closer look at the reasons for disenga

68、gement revealed that approximately half of those who planned to leave their employer cited a lack of opportunities to grow and develop,followed by inadequate recognition of their contributions and the absence of care from leadership.FIGURE 8:EMPLOYEE ENGAGEMENT Leave my current employer in the next

69、12 monthsStay with my current employer in the next 12 months0%21%10%20%30%40%60%Not engaged with work or the workplace50%48%I do not have enough opportunities to grow and develop.I do not feel that my leadership cares about my well-being.My contributions are not adequately valued in my organization.

70、46%37%30%1718GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONSense of Belonging Nearly a third of accounting and finance professionals who intended to leave their employer in the next 12 months highlighted the absence of a strong sense of belonging in the workplace,while merely 10%of

71、 those intending to stay shared the same perspective.Similarly,a significantly higher percentage(38%)of those who intended to leave their current employer did not feel valued,respected,or supported within their organization,significantly contributing to their decision to leave.FIGURE 9:SENSE OF BELO

72、NGING 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 my current employer in the next 12 monthsStay with my current employer in the next 12 months0%5%10%15%20%25%30%35%40%32%38%10%10%A lac

73、k of career advancement opportunities is the main determinant of job turnover for young professionals between the ages of 18 and 38.Forty-seven percent of those who intended to leave their employer in the next 12 months reported a lack of continuous advancement in their organization,six times the pe

74、rcentage of those who intended to stay with their organization(see Figure 10).In a similar manner,51%of those who intended to leave their employer in the next 12 months reported feeling disengaged at work,twice the percentage of those planning to stay(see Figure 11).FIGURE 10:PERCEPTIONS OF CAREER A

75、DVANCEMENT I do not expect to continue to advance within the organization.Leave my current employer in the next 12 monthsStay with my current employer in the next 12 months0%8%10%20%30%40%50%47%19GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONFIGURE 11:EMPLOYEE ENGAGEMENT Not engage

76、d with work or the workplaceLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months0%25%10%20%30%40%50%51%60%I do not have enough opportunities to grow and develop.I do not feel that my leadership cares about my well-being.My contributions are not adequatel

77、y valued in my organization.33%36%48%Furthermore,job satisfaction and a sense of belonging are also crucial in determining job turnover for young talent(see Figure 12 and Figure 14),while the flexibility in where to work doesnt seem to be the main driver of turnover(see Figure 13).FIGURE 12:JOB SATI

78、SFACTION I am not satisfied with my supervisorI am not satisfied with my coworkersI am not satisfied with the work I doLeave my current employer in the next 12 monthsStay with my current employer in the next 12 months0%10%20%30%40%50%24%45%33%13%9%12%Nearly half of young professionals who intended t

79、o leave their job reported a lack of career growth and development opportunities.At least a third of them cited inadequate recognition of their contributions or the absence of care from leadership as the driver for their disengagement at work.20GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE P

80、ROFESSIONFIGURE 13:WORK FLEXIBILITYFIGURE 14:SENSE OF BELONGINGNo flexibility in when to do the workNo flexibility in how to do the workNo flexibility in where to workLeave my current employer in the next 12 monthsLeave my current employer in the next 12 monthsStay with my current employer in the ne

81、xt 12 monthsStay with my current employer in the next 12 months0%0%10%10%20%20%30%30%40%40%50%50%29%35%42%39%42%26%9%14%11%30%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 for21GLOBAL TALENT RETE

82、NTION IN THE ACCOUNTING AND FINANCE PROFESSIONPART II Where Were Going:Strategies for Change22GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONSuccessful strategies for talent retention are often based on a comprehensive approach that combines competitive compensation and benefits wit

83、h policies and initiatives such as fostering an inclusive and supportive workplace culture,respecting employees and recognizing their performance,providing career growth and development opportunities,and promoting work-life balance through flexible work arrangements.Flexibility and work-life balance

84、 Competitive compensation and benefitsSupportive and inclusive cultureCareer growth and developmentRespect and recognition23GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONOffering competitive compensation packages is a crucial component of an effective talent retention plan,emphasiz

85、ed by an overwhelmingly large number of survey respondents.Employers need to ensure employees are not only paid at or above market 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

86、,a stipend for home offices,and a flexible time-off policy).Strategy No.1:Offer Competitive Compensation and BenefitsConduct market research and evaluate what peers are doing to stay competitive in overall compensation.Clearly communicate to employees how the compensation structure is determined.Reg

87、ularly collect feedback from employees to understand what additional benefits they value.Consider offering monetary and nonmonetary perks,such as extended or flexible vacation time,tuition reimbursement,stipends for home offices,etc.Adopt a performance-based bonus system to reward exceptional perfor

88、mance.0104050302WHAT CAN LEADERS DO?24GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONFacilitate open dialogue and inclusive communication and collaboration across teams.Strengthen DE&I initiatives to support employees who are members of underrepresented groups and allyship to promot

89、e diverse representation at all levels of the organization.Ensure strong engagement and active leadership by example.Provide forums for employees to share feedback on how they feel valued and supported,and what might improve a sense of belonging.Provide regular DE&I training to employees at every le

90、vel.Establish safe and,where appropriate,anonymous communication channels for employees to report instances of discrimination,bias,and exclusion,and address these instances promptly and effectively.0WHAT CAN LEADERS DO?Many respondents who intended to stay with their current employer unde

91、rscored the importance of fostering a supportive and inclusive corporate culture and work environment.According to accounting 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 t

92、alent.Strategy No.2:Foster a Supportive and Inclusive Organizational Culture 25GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONThe importance of respecting employees and recognizing their performance appropriately was highlighted by many respondents.This includes valuing employee con

93、tributions and performance,cultivating a culture of respect and appreciation,giving employees a voice by involving them in decision making,and providing constructive feedback.Strategy No.3:Respect and Recognize EmployeesFoster a culture where all employees opinions and ideas are respected and valued

94、.Implement a performance-recognition program to celebrate employee achievements.Set examples of respectful behavior 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 on

95、e-on-one meetings with individuals to provide feedback.Empower employees to make decisions relevant to their work.Establish clear expectations and procedures to address underperformance,such as a performance plan.00408WHAT CAN LEADERS DO?26GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FIN

96、ANCE PROFESSIONSurvey respondents emphasized strong demand for professional development and growth opportunities to achieve their career goals and aspirations.To retain talent and achieve sustainable organizational growth,employers should invest in employee development through continuous education,p

97、ersonalized career development planning,and other upskilling initiatives.Strategy No.4:Provide Career Growth and Development Opportunities Establish clear and transparent career advancement paths within the organization.Provide continuous learning to employees through workshops,courses,job shadowing

98、,job swapping,and opportunities to attend professional conferences or events.Develop programs that provide mentoring 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 lea

99、dership training programs to cultivate future leaders within the organization.Adopt job rotations and offer cross-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 rewar

100、d employees who actively and successfully pursue professional development opportunities.Invest in technology to allow employees to focus on strategy.Regularly review and update employee development programs according to employee feedback and industry best practices.003080409WHAT CAN LEADE

101、RS DO?27GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONEmployers can support employee 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,enco

102、uraging autonomy in determining how work is performed(where appropriate),and investing in initiatives 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 realisti

103、c expectations and proactively monitor workloads to avoid employee burnout.Enable hybrid or fully remote 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

104、and personal interests or hobbies outside of work.Encourage employees to innovate or take different approaches to problem solving and task execution.Evaluate employee satisfaction regularly and adjust as necessary.Adopt wellness programs for employee physical and mental health.0080409WHAT

105、 CAN LEADERS DO?Talent retention has been increasingly recognized as a critical strategy in sustaining organizational success,and it likely will only become more challenging.Intensifying automation and digitalization in the workplace and a stronger emphasis on overall employee well-being and demand

106、for flexible work arrangements are trends projected to persist,and they could possibly escalate the reshaping of the accounting and finance profession.Emerging challenges abound in the accounting and finance profession.Advancements in technologies,such as artificial intelligence and data analytics,a

107、re redefining accounting and finance roles,requiring upskilling or reskilling to achieve a higher level of digital literacy among professionals in accounting and finance.As more and more organizations are filling talent gaps with business professionals from backgrounds outside of accounting and fina

108、nce,upskilling becomes a workplace imperative for talent development and retention.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,evolvi

109、ng employee expectations,including a greater focus on work-life 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 competitiv

110、e compensation and benefits,Creating a supportive and inclusive 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 hol

111、istic offering to employees that extends beyond performance of 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 prof

112、essionals.The professions future direction will be determined by 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 TA

113、LENT:THE FUTURE OF THE PROFESSION28GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONTo perform a holistic assessment of the current state of the global accounting and finance profession from a talent perspective,IMA sponsored a regional study focusing on addressing talent retention ch

114、allenges.With the support and contributions of approximately 40 research partners from the U.S.,the Asia-Pacific region,India,Europe,and the Middle East and North Africa,this study aimed to identify the following:Key factors contributing to job turnover of accountants and financial professionals,Maj

115、or determinants of talent retention among accountants and financial professionals,and Strategies needed to address the talent retention challenge in the accounting and finance profession.Findings are based on an online survey of 5,145 current and former accounting and finance professionals globally,

116、including those in the Asia-Pacific region,China,India,Europe,the Middle East and North Africa,and the U.S.,as well as 12 interviews of recruiters who specialize in accounting and finance talent recruitment in the U.S.market(see Table A1 for sample distribution across regions).A summary of key respo

117、ndent demographics can be found in Figure A1.Of the total 5,157 survey respondents and interviewees,49%self-identified as female,49%self-reported as male,and the remaining were reported as nonbinary or chose not to disclose.In addition,44%of the survey respondents were between ages 18 and 38,36%were

118、 between 39 and 54,and 18%were between ages 55 and 73.FIGURE A1:DEMOGRAPHIC COMPOSITIONFemaleMaleNonbinary or I would rather not sayGenderAge1%1%18-2323-3839-5455-7374 and olderI would rather not say49%49%2%7%37%36%18%GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSION29APPENDIX:RESEARC

119、H APPROACHTABLE A1:LOCATIONU.S.25%Asia-Pacific49%China12%India5%Europe4%Middle East and North Africa6%30GLOBAL TALENT RETENTION IN THE ACCOUNTING AND FINANCE PROFESSIONENDNOTES 1 Joseph Fuller and William Kerr,The Great Resignation Didnt Start with the Pandemic,Harvard Business Review,March 23,2022;

120、Morgan Smith,40%of workers are considering quitting their jobs soonheres where theyre going,CNBC,July 21,2022.2 PwC,Asia Pacific Workforce Hopes and Fears Survey 2022:Time for a rethink?July 2022;PwC India,India Workforce:Hopes and Fears Survey 2023,2023.3 Jim Tyson and Jane Thier,Most CFOs face hig

121、h turnover rate,labor shortages,CFO Dive,September 3,2021;PwC,CFO and finance leaders:Latest findings from PwCs Pulse Survey,January 27,2022.4 Jose Ernest OBoyle Jr.and Herman Aguinis,“The best and the rest:Revisiting the norm of normality of individual performance,”Personnel Psychology,Spring 2012,

122、pp.79-119.5 The HRmeister,Essential Elements of Employee Retention,Lynchburg Regional SHRM,October 29,2017;Angie Basiouny,Employee Turnover Costs More Than You Think,Knowledge at Wharton,August 2,2022.6 Scott Keller,Attracting and retaining the right talent,McKinsey&Company,November 24,2017.7 Amy Lu

123、i Abel,Bryan Hancock,Emily Lawson,Charles Mitchell,and Patti P.Phillips,The State of Human Capital 2012Why the human capital function still has far to go,McKinsey&Company,January 1,2012.8 Megan Hart,How faculty can address declining accounting enrollments,Journal of Accountancy,September 14,2022.9 C

124、olin Tan,Task force set up to persuade more to take up accountancy,change boring tag,The Straits Times,June 28,2023.10 Spiundip,The Accounting Science,Will Artificial Intelligence and Data Replaced?Diponegoro University,October 20,2020;Financial Reporting Council,Key Facts and Trends in the Accountancy Profession,2023.11 Priyanka Deo,Is Indias Rapidly Growing Youth Population a Dividend or Disaster?The Times of India,February 2023;IFAC,The Future for Accounting,February 10,2021.