North America talent trends 2024

Key perspectives from employers at our Americas roundtable (North American and Caribbean)

On hybrid working: 
Big differences are seen between North American survey results and the Caribbean in terms of levels of hybrid working, which North American respondents much more likely to be working under these arrangements or entirely remotely.  There was however a general consensus that hybrid working is likely the way of the future, providing more employee flexibility and better staff engagement. However, again some employers continue to have concerns that in-person, team dynamic is lost with fully remote work, and there is ongoing recognition that service lines that involve more client interactions often require more in-office time. Decisions on arrangements are typically partner-driven. Yet recruits are now expecting and demanding flexibility, refusing roles that don't allow hybrid or remote options. Some employers identified different generational viewpoints, with older employees believing productivity requires in-office work, whereas younger staff view flexibility and work-life balance as imperative and non-negotiable. Managing these competing priorities around what is best for business versus employee engagement is an ongoing challenge.

On the cost-of-living:
Inflation and the rising cost of living is a major concern for workers. Salaries are not keeping pace with inflation, especially for entry level roles, contributing to higher attrition as workers change jobs seeking better pay. The gap is especially large in places with a high cost of living such as the Cayman Islands.  There are worries that accounting/finance salaries overall have not increased enough over the past 10-15 years to remain competitive with other industries in attracting top talent. Smaller firms in particular are struggling to find staff and keep up with salaries at larger firms.

On mental health and the role of technology:
While the survey data does not show mental health as a top cited concern in these regions, the reality based on conversations with candidates suggests there is pressure and stress inherent in accounting/finance work. However, there is also increased organizational awareness and support resources being made available. Yet there is optimism about AI and technology enhancing accounting roles by automating routine tasks, allowing accountants to focus more on strategic advice. However, there are concerns about maintaining foundational knowledge and whether technology dilutes professional boundaries. Technology continues to transform how services like auditing are delivered, with entire audits now conducted remotely in some cases.

On equity, diversity, inclusivity:
Unconscious bias is seen as an impediment with organisations increasingly thinking about how to redress this through training. Most participants report their organizations have strong commitments to DEI through various initiatives, but doubts remain about meaningful progress on career advancement and opportunities for marginalized groups. More work is needed around inclusivity particularly in leadership roles. One of the ways in which diversity can be improved is through immigration and talent flows across borders though some employers suggested that since the Covid-19 crisis, people seem more apprehensive to make big international moves due to fears of being stranded far from home.  Yet there was also recognition that the accounting and consulting firms believe they will need to depend more on international hiring to survive, due to declining domestic enrolment rates. One of the biggest barriers to this in some markets in the region is the delays and costs associated with immigration and visa processes. Firms want to hire and sponsor international talent but find government backlogs a major impediment.