In Lahore, April 3, 2023, public sector financial workers are essential to addressing sustainability and climate change challenges. According to the Global Talent Trends poll by the ACCA (Association of Chartered Certified Accountants), three out of four respondents from the public sector believe accountants will have a greater role in helping organizations address this agenda in the future.
The ACCA’s inaugural Global Talent Trends Survey 2023 offers a distinctive and crucial perspective on how people currently feel about working in the finance profession in one of the largest studies ever conducted throughout the accountancy industry. Many of the challenges faced by finance professionals in the public sector are similar to those of the larger profession, but there are some variations as well.
Seven important talent trends for the public sector were identified by ACCA’s research. They are:
1. Wage pressure is being fueled by inflation: More than any other industry, the public sector is concerned about how growing costs will affect compensation.
2. Hybrid work is still evolving; compared to the private sector, a much smaller percentage of public sector employees use remote and hybrid working arrangements. Compared to 57% across all sectors, 71% of financial professionals in the public sector work only from offices.
3. Managing burnout must be a top focus; just over half of finance professionals in the public sector (52%) think their employers do not prioritize employee mental health.
4. The public sector respondents indicated a similar amount of mobility to the average of all sectors, suggesting that mobility is generating a potential skill shortage. Yet, among those who intend to change jobs, 4 out of 10 public sector finance professionals anticipate moving internally in the next two years, compared to 5 out of 10 who anticipate moving externally.
5. Technology is empowering, but training is essential: 88% of public sector workers want more technology training because they understand how technology can help financial professionals contribute more value. But 40% worry that technology will completely or partially replace their job.
6. While inclusiveness is strong, social mobility perceptions are more concerning: 61% of financial professionals in the public sector believe their organization is inclusive (compared to 68% of all sectors), while 49% of all sectors (including the public) believe that a less affluent background is a barrier to advancement.
7. Accounting offers career security in uncertain times. Public sector financial professionals rank the opportunity to earn a professional degree (38%), having a job that matters (27%), and having the power to change the world (23%), above all other sectors, which received scores of 33%, 23%, and 17%, respectively.
Jamie Lyon, head of skills, sectors, and technology at ACCA, said: “Developing the talent of tomorrow is one of the top priorities for the accountancy profession, especially in the public sector. ACCA’s inaugural annual talent trends survey ensures the voice of those working in the profession – including the public sector – is heard and that the profession helps create a working environment where today’s professionals thrive and where tomorrow’s talent wants to be.”
The report outlines how ACCA assists employers, students, members, and the larger public sector in addition to offering insightful information.
Mark Johnson, senior subject manager, public sector, ACCA, said: “These findings have important implications for public sector employers as they seek to retain and attract finance professionals to careers in the sector. While the sector faces its challenges, those working in accountancy and finance in the public sector see the ability to make a real difference in people’s lives as a key aspect of their roles. This new report is intended to support a workforce of vibrant and dynamic public sector finance professionals to drive through essential public financial management reforms.”
“The timing of this research is appropriate for Pakistan, considering the growing emphasis on professionalization, technology-driven value creation, and green budgeting in the public sector. These are recognized as crucial elements in achieving a significant improvement in public sector financial management,” stated Assad Hameed Khan, head of ACCA Pakistan.
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