Generation next

Young people reading this as 2017 approaches are probably thinking what does next year hold in store careerwise.

This very question was the starting point for ACCA’s recently-launched report Generation Next, one for the largest surveys across the world, delving into the profession and what the hopes and career dreams of 19,000 under 36-year-old finance professionals looks like.

Polling over 650 young people across the Caribbean alone, a key finding highlighted in the report is that our young professionals are amongst the most entrepreneurial in the world. Eighty-nine percent of young Caribbeans want to start their own business in their next career move or later in their careers, compared to 81% globally.

Generation Next has grown up in the age of the startup and they see themselves as part of it highlighted by such a large majority holding aspirations to go it alone.

Unemployment or fears of redundancy are often the catalysts for many people becoming self-employed. According to The World Bank, the Caribbean is a region of entrepreneurs, with nearly 70% of the workforce self-employed.

However, the majority of respondents in the Caribbean think that there aren’t enough roles available or enough capacity in where they want to go in future (44%). Job creation can be problematic especially when economic conditions are less favourable. A rising trend in many countries is to promote entrepreneurship and small business development to combat the lack of quality jobs available in the region’s larger or multinational businesses. This initiative is clearly being realised by much of the Caribbean’s youth.

Crucially, the research uncovered that training and development, career progression and promotion – and of course salaries - are their main priorities globally. Respondents also indicated they were more likely to stay with an employer if offered the opportunity to learn and develop skills (88%), career progression opportunities (88%) and a competitive financial remuneration package (87%).

What this shows is that future finance leaders are happy to seize the initiative in the labour market to achieve professional satisfaction. They know that demand for their skills is high and if their employer isn’t delivering, they won’t wait around. The results mean that employers can’t attract, nurture or retain the finance leaders of tomorrow in the same way they did the leaders of today.

This has clear repercussions for the labour market. The challenge for employers large and small is making sure they provide the sort of work environment and clear path for progression that the best of the next generation demand.

The ‘company woman’ Globally, while generation next employees of both genders sought rapid career progression, women respondents were more likely to show loyalty to their current employer than their male counterparts.

The research showed that women are more likely to be happy with their current remuneration (36%, compared to 30% of men) and to expect to stay with their current employer in their next role (42%, compared to 37% of men).

And while men and women were equally likely to seek roles on the basis of remuneration and career progression, the research indicated that women in generation next are still expecting to balance their job with family life. Women are more likely to accept a role on the basis of work life balance (87%, compared to 69% of men) and flexible working arrangements (75%, compared to 69% of men).

Rise of the robots Much has been written recently about the threat of automation to jobs. But generation next understands that automation will replace the need for human capital across a number of functions. They are not threatened by this, seeing it as an opportunity to free up time for strategic activities. More than half (57%) of respondents believe that technology will replace many entry level roles in the profession.

However 84% say that technology will enable them to focus on much higher value-added activity.

A great foundation on which to build There was global consensus amongst respondents that their training as a finance professional stands them in good stead for the future.

In the UK for example, 90% agree with the statement “a finance career background will be valuable for organisation leaders in the future.” Finance is clearly valued as a platform for future careers, whether someone stays in the finance function or not.

Our report also explains how to navigate a successful career in finance, from building your own brand, to looking for mentors to building your network. And we also offer guidance to employers based on this feedback. The loud and clear message from Generation Next is that career development opportunities are key to attracting and retaining talent.

It’s an optimistic outlook for the profession and for those with drive and determination working within it.