In a survey conducted by the Institute of Singapore Chartered Accountants (ISCA), 89% of accountancy professionals indicated they have adapted to new ways of working and doing business — such as remote working, videoconferencing, and virtual collaboration — amid the pandemic, the accountancy body said recently.
Auditors, accountancy and finance professionals also remain cautiously optimistic about their organisation’s performance in early to mid-2022, according to this survey of close to 500 ISCA members.
Among those working in large companies, 54% expect to see improvements, while 41% of those in small companies are optimistic about their organisation’s performance for the first half of the year, survey results indicate.
With Singapore being more prepared for the challenges of the pandemic, the survey findings reinforce the importance for businesses and individuals alike to refocus on growth, said Kon Yin Tong, President of ISCA.
“I encourage businesses to tap the government grants and press on with their digital transformation journey, and for professionals to upskill and tap new opportunities in sustainability, such as green financing,” he noted.
While the accountancy profession is generally optimistic about the business outlook, reduced business profits, an unstable business environment, and burnout continue to worry auditors, accountancy and finance professionals, ISCA pointed out.
Top three concerns
The survey found that their top three concerns are the possibility of reduced income or pay cuts, potential job loss or retrenchment, and the lack of segregation between work and personal life.
When asked to rate the usefulness of government support measures in addressing their concerns, they appraised Skills Future Singapore training grants, the Covid-19 Recovery Grant and measures for lower wage/ junior workers as the top three useful government support measures, ISCA noted.
Among business owners, senior management and board directors, their top concerns are related to manpower issues, namely, staff attrition, foreign worker restrictions and rising wage costs, the organisation added.
Some respondents indicated that border restrictions brought by the pandemic and foreign worker quotas are some of the reasons for the talent shortage, ISCA said.
The demand for talent also led to rising wage costs, with recruiters offering higher salaries to attract talent, ISCA added.