This is the biggest challenge in the finance and accounting sector

Not only recruitment, but also retention is a major challenge for employers in the finance and accounting sector, writes Grant Thornton. A survey by the ACCA, the professional body for finance and accounting professionals, reveals that 78% of employers in the financial sector are excited about the potential of artificial intelligence, while a third of employees are concerned about the pace of progress.

Responses to questions on mental health reveal that although many firms have launched wellbeing programmes, stress, anxiety and burnout remain common problems among workers. 57% of workers say that their mental health is adversely affected by pressure at work. Nearly half believe that mental health is not a priority for their employer.

The cost of living in the sector is also a significant challenge. 58% of respondents are planning to ask for a pay rise and half feel they have to change jobs to get a pay rise. According to Grant Thornton, hybrid working is slowly gaining ground in the sector, but there are also significant differences between workers' expectations and opportunities. 76% of workers would prefer a hybrid working pattern, but many employers still insist on full-time working.