Report: Majority of Indian finance professionals overwhelmed by technology

TLDR:

• Three out of five Indian finance professionals feel overwhelmed by the pace of technology impacting their job, according to a study by the Association of Chartered Certified Accountants (ACCA).
• 79% of Indian finance professionals believe that AI will enable them to add more value in the future.

Despite the majority of Indian finance professionals believing that AI will enable them to add more value in the future, three out of five professionals still feel overwhelmed by the pace of technology impacting their job, according to a study by the Association of Chartered Certified Accountants (ACCA). The study also found that four out of five professionals want their employers to provide them with more training on technology. While employers are excited about the opportunities offered by AI, with 79% of them believing that it will enable finance professionals to add more value, there are still concerns about the relentless pace of technological change. The study is based on responses from around 10,000 professional accountants from 157 countries, including India.

Some other key findings from the study include:

• Global economic strains continue to place pressure on talent attraction and retention, with 78% of professionals planning to ask their employer for a pay rise in 2024. However, 57% believe they will have to leave their organization to get one.
• There are mismatches between what employees want and what employers demand when it comes to hybrid working. While 75% of employees prefer hybrid working arrangements, many employers still insist on full-time office working arrangements.
• Mental health remains a major challenge, with 63% of professionals saying their mental health suffers because of work pressures. Additionally, almost half of the respondents feel that their employer doesn’t consider mental health a priority.

Overall, attracting and retaining talent remains a challenge for employers, with many professionals considering leaving their organizations due to job opportunities and pay rise demands.