Finance professionals from the banking and financial services sector expressed concern on AI algorithms in hiring process.
This is the findings of a new report by the ACCA, highlighting that over 56% of those polled also have doubts about the growing reliance of AI when selecting talent.
With such numbers, it can be deduced that finance leaders may need to consider how automated recruitment affects transparency, bias, accountability and access to talent.
The study also revealed ‘stark generational differences’ in working patterns that could have implications for talent development in financial services.
For APAC finance professionals, the report is relevant as it highlights how changes in workplace models, AI adoption, talent expectations and employee wellbeing are reshaping the finance workforce.
For CFOs and senior finance leaders, these trends have implications not only for HR, but also for talent retention, succession planning, productivity, skills development and the future structure of finance teams.
Other key highlights in the report are:
- Demand is high for finance jobs that drive social impact with 59% of respondents wanting their future finance jobs to assist in the environmental and climate challenge, and 64% wanting finance roles that make a difference to social impact.Â
- Demographic change will reshape the composition of the financial services workforce but recognition of the value that older workers bring to the sector is identified as the biggest diversity concern by respondents.
- ‘Cost of living’ tops the list of workplace fears as 54 % say they’re dissatisfied with their current compensation as cost-of-living challenges continue to exert wage pressures.Â
- Fears of AI replacing jobs remain high despite confidence in the ability to develop AI-related skills staying strong among finance professionals at 81%, but 52% of respondents remain worried about the potential impact of AI on their jobs.Â
- Mental health challenges are widespread as 57% say their mental health suffers due to work pressures
