The Crucial Juncture for Audit Sector Talent Recruitment: Essential Insights Demand Action
Recent findings from a collaborative research effort between the ACCA (Association of Chartered Certified Accountants) and Chartered Accountants Australia and New Zealand (CA ANZ), enriched by worldwide roundtable discussions, have cast a spotlight on the audit field’s ongoing struggle to secure and keep talent.
Gathered insights from over 6,500 finance experts worldwide signal a sector at a tipping point, with its workforce clamouring for greater flexibility and fair pay amidst growing concerns over work-life harmony.
“Our research uncovers a critical gap in the audit field: a lack of a shared, overarching goal. This gap is deterring potential entrants and obscuring the value of the work for current professionals,” notes Antonis Diolas, ACCA’s Head of Audit and Assurance.
The survey saw participation mainly from individuals aged 25–42, including 37% current auditors, 33% former auditors, and the remainder considering auditing as a potential career path.
Amir Ghandar, CA ANZ’s Reporting and Assurance Leader, emphasised: “Our findings underscore the importance of empathy and respect at work, acknowledging the complex lives of employees. It’s crucial for people to see relatable leadership and clear, achievable career paths.”
Key concerns demanding action:
- Work-life balance is paramount: Transformative shifts are necessary to cultivate supportive workplaces that honor individual needs and well-being.
- Equitable compensation is essential, especially during peak audit seasons, to prevent future talent retention and attraction challenges.
- Diverse career pathways: The audit sector must evolve beyond the traditional career progression model, introducing a variety of roles and accommodating personal interests and aspirations.
- Focus on sustainability: Engaging in purpose-driven sustainability assurance and reporting can entice both potential and current auditors, with nearly half of the surveyed non-auditors and 40% of auditors finding it appealing.
- Technological adaptation: Embracing cutting-edge technology is crucial, especially for smaller firms to stay competitive and meet the expectations of future professionals.
Despite ongoing efforts to mitigate these issues, the enduring nature of these challenges points to a deeper need for systemic change. The enthusiasm for sustainability efforts represents a golden opportunity for audit firms to attract new talent.
“Audits are foundational to financial integrity, enhancing trust and accountability while promoting investment and economic prosperity,” Diolas concludes.
