SIX out of 10 finance professionals based in the Caribbean and half of those based in North America say that their mental health suffers because of work pressures, according to a major new global survey from ACCA.

Global talent trends 2024, which reflects the views of almost 10,000 finance professionals in 157 countries, shows a range of pressures on finance professionals and their employers worldwide as organisations continue to grapple with rapidly evolving technology, changing work practices and the rising cost of living.

Stress

Regional analysis of the results shows that work-related stress, anxiety and burnout is a particular problem in the Caribbean — 65 per cent of finance professionals in the region say that they would like more support from their employer on mental health, with 60 per cent saying they don’t believe their employer considers mental health to be a priority.

Finance professionals based in North America do not seem to be suffering to the same extent, but a third have considered resigning from their job because of well-being issues (the figure is 48 per cent for respondents in the Caribbean). Generational analysis shows that concerns over well-being are more pronounced among younger generations. Globally, 61 per cent of respondents under the age of 26 say their mental health is suffering because of work pressures, but only 40 per cent of baby boomers say the same.

The report speculates on the possible reasons for these mental health concerns and suggests that the impact of technology on the workplace may be a root cause.

Pressure points

It is clear from the survey that the onward march of artificial intelligence (AI) in the workplace is at the forefront of finance professionals’ minds. Respondents in the Caribbean, however, are among the most relaxed of all about the pace of tech change.

While 37 per cent of respondents globally say they are overwhelmed with the pace of change, this falls to just 24 per cent in the Caribbean; the 40 per cent figure in North America is slightly higher than the global average. While respondents accept that AI will enhance their role, 55 per cent of North Americans and 46 per cent based in the Caribbean are personally concerned about the implications for their own job (and younger generations are more likely to be worried).

The impact of inflation on salaries is by far the biggest workplace worry in the Caribbean

In the Caribbean, it appears that the rising cost of living could be responsible for the decline in mental health. The impact of inflation on salaries was raised by respondents across the globe but is by far the biggest workplace worry in the Caribbean, where 48 per cent named it as a top three concern.

Next steps

There is a potential talent crisis here for employers. Overall, 53 per cent of respondents in North America and 67 per cent of those in the Caribbean say that they are not satisfied with their current salary.

North American respondents appear to be tackling this dissatisfaction by asking their current employer for a pay rise (58 per cent say they will do so in the coming 12 months).

Caribbean respondents are less likely to ask for a pay rise (37 per cent) and are more likely to seek a new position with another employer: 54 per cent of Caribbean respondents say leaving their current employer is the best way to increase their salary.

A lack of career opportunities is also a factor in mobility decisions — only 47 per cent of North American respondents and 40 per cent of those in the Caribbean are satisfied with their career opportunities at their current employer, with 47 per cent in both regions worried they are not developing the right skills for the future workplace.

Almost half of respondents in both North America and the Caribbean say they intend to move to a new role in the next 12 months. Many intend that move to be an external one; 44 per cent of respondents in North America and 52 per cent in the Caribbean say their next move will be to a new company, with the need to earn more and better career opportunities cited as the primary reasons.

Home or office?

The survey also tracks how working patterns are changing in the wake of the pandemic. In the 2023 survey, 57 per cent of respondents globally said they were fully office-based, while 35 per cent were working on a hybrid basis. This year, 52 per cent are working in the office, while 41 per cent have a hybrid arrangement and 7 per cent work remotely.

There are marked differences from country to country, though — only a quarter of respondents in Canada are office-based, for example, compared with 60 per cent of those in Jamaica and 57 per cent in Trinidad & Tobago.

The report notes “big mismatches between how employees want to work and how they are working”, with a strong preference for a hybrid arrangement among all respondents. This can be seen especially clearly in the responses from the Caribbean, where only 32 per cent of respondents work on a hybrid basis at the moment but 75 per cent say they would prefer to.

Over 70 per cent of respondents in North America and 86 per cent of those in the Caribbean say they are in the office because their employer requires it, but 66 per cent and 74 per cent, respectively, say they feel more productive when working remotely.

It is possible that working arrangements will become the battleground for talent retention in the coming years as finance professionals look for a better work-life balance.

Author: Liz Fisher, journalist

Source: ACCA Accounting and Business magazine